In a major development that promises to transform economic and commercial landscape of Nagpur and its neighbouring areas, the Maharashtra Government is developing a major financial hub — Naveen Nagpur in the Nagpur Metropolitan Region (NMR).
As part of the initiative, a Memorandum of Understandings (MoUs) were signed among the Nagpur Metropolitan Region Development Authority (NMRDA), Housing and Urban Development Corporation Limited (HUDCO) and NBCC (India) Limited, in the presence of Maharashtra chief minister Devendra Fadnavis, to develop “Naveen Nagpur” as a planned Business and Finance Centre (IBFC). Both HUDCO and NBCC are Navratna Central Public Sector Enterprises in India (CPSEs) under the Ministry of Housing and Urban Affairs (MoHUA). “The MoUs mark a major leap for Naveen Nagpur which is set to transform the city’s economic and commercial landscape,” Fadnavis, who incidentally hails from Nagpur, said.
On its part, the state-run HUDCO will provide approximately `11,300 crore, with `6,500 crore for land acquisition, commercial development, and infrastructure for Naveen Nagpur International Business and Financial Centre (IBFC). It will provide another Rs 4,800 crore for the Outer Ring Road. The funding will accelerate key infrastructure, workshops, training, and capacity-building initiatives.
The pact involves development of 1,000 acres for a world-class financial hub - of 1710 acres will follow a plug-and-play model while the remaining 710 acres are reserved for future expansion. The project will feature integrated utility tunnels, district cooling, automated waste management, start-ups, MSMEs, IT firms, commercial centres, and mixed-use residential projects. NBCC will manage the project in three phases over 15 years under a dedicated committee chaired by the NMRDA Commissioner.
“With this development, Naveen Nagpur is set to become a cutting-edge, global financial and business hub — a true game changer for Nagpur,” Fadnavis said.
