Maharashtra's 'New Nagpur' Project Secures ₹11,300 Crore Boost

The Maharashtra government, on 8 September 2025, signed two landmark Memoranda of Understanding (MoUs) to fast-track the development of ‘New Nagpur’ as an International Business and Financial Centre (IBFC).

The agreements were formalized in the presence of Chief Minister Devendra Fadnavis, with the Nagpur Metropolitan Region Development Authority (NMRDA) partnering with NBCC (India) Ltd. and the Housing and Urban Development Corporation (HUDCO).

Under the MoU with NBCC, development will begin on 1,000 acres out of the total 1,710-acre master plan. The project will unfold in three phases over 15 years and will feature world-class, plug-and-play infrastructure—including underground utility tunnels, a district cooling system, automated waste collection, and dedicated zones for startups, MSMEs, and IT companies. NBCC has been appointed as the project management and consulting agency.

The second MoU, between NMRDA and HUDCO, secures ₹11,300 crore in funding, with ₹6,500 crore earmarked for land acquisition and infrastructure in New Nagpur, and ₹4,800 crore allocated for land acquisition for the Nagpur Outer Ring Road. In addition to financing, HUDCO will provide training and capacity-building support to enhance local capabilities.

Officials described the initiative as a “game-changer” for Nagpur’s economic future, positioning the region as a major hub for investment, innovation, and international business.

News by Rahul Yelligetti.