Has the Maha Cabinet Approved the Establishment of IBFC Near Nagpur?
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Synopsis
In a groundbreaking move, the Maharashtra Cabinet, under Chief Minister Devendra Fadnavis, has approved the establishment of the International Business and Financial Centre in New Nagpur. This initiative, spanning 692.06 hectares, aims to transform the region into a commercial hub, generating over 5 lakh jobs and enhancing infrastructure for industrial growth.
Key Takeaways
- Maharashtra Cabinet approves IBFC establishment.
- Project spans 692.06 hectares in New Nagpur.
- Estimated cost: Rs 6,500 crore.
- Over 5 lakh jobs expected to be created.
- National Building Construction Corporation appointed as project manager.
Mumbai, Sep 3 (NationPress) The Maharashtra Cabinet, led by Chief Minister Devendra Fadnavis, has given the green light for the creation of an International Business and Financial Centre (IBFC) in New Nagpur, spanning 692.06 hectares in Godhani, Ladgaon within the Hingna taluka, under the supervision of the Nagpur Metropolitan Region Development Authority.
The estimated cost for this ambitious project is Rs 6,500 crore, which includes Rs 3,000 crore allocated for land acquisition and Rs 3,500 crore earmarked for the development of New Nagpur. To fund this initiative, a loan of Rs 6,500 crore will be sourced from the Housing and Urban Development Corporation Ltd (HUDCO), with a government guarantee already approved.
This initiative is poised to transform the city into a commercial hub by establishing industrial and service centres in the Nagpur metropolitan area, thereby attracting knowledge-driven industries, startups, and corporate offices. The project will focus on creating the necessary infrastructure for industrial and business centres, smart utility solutions, plug-and-play options, and a single-window approval system in a cohesive manner.
As a result, Nagpur is set to emerge as a smart, green, and inclusive corporate city, with over 5 lakh jobs anticipated to be generated, according to a government release.
The National Building Construction Corporation has been appointed as the project management consultant, and due to its classification as a state government flagship project, stamp duty has been waived for its execution.
Additionally, the cabinet approved the development of an outer ring road around Nagpur and four adjacent transport hubs (truck and bus terminals) through the Nagpur Metropolitan Region Development Authority.
This project is expected to cost Rs 13,748 crore, with a loan of Rs 4,800 crore sourced from HUDCO for land acquisition, complemented by a state government guarantee. The remaining Rs 8,948 crore will be provided as financial assistance from the state government.
The outer ring road will stretch approximately 148 km long and 120 m wide, linking all major highways to Nagpur, including the Amravati National Highway, Hingna State Highway, Samruddhi Highway, Hyderabad National Highway, Umred National Highway, Bhandara National Highway, Bhopal National Highway, Katol National Highway, and Jabalpur National Highway, along with truck and bus terminals at four strategic locations.
This new outer ring road will facilitate the diversion of heavy traffic from the Samruddhi Highway and other districts around Nagpur, thereby alleviating traffic congestion issues faced within the city, as stated in the government release.
Stamp duty has also been waived for contracts related to the Outer Ring Road and Truck and Bus Terminal projects. A detailed project report will follow the feasibility study, with the Nagpur Metropolitan Region Development Authority serving as the implementing body for this project.
Point of View
The establishment of the International Business and Financial Centre in Nagpur is a transformative step that not only promises infrastructural development but also job creation in a region that has long been underutilized. The government’s commitment to making Nagpur a commercial hub reflects a strategic approach towards balanced regional growth. As editors, we recognize the importance of such initiatives in fostering economic empowerment and enhancing the overall quality of life for the citizens.
NationPress
21/10/2025
Frequently Asked Questions
What is the estimated cost of the IBFC project?
The estimated cost of the International Business and Financial Centre project is Rs 6,500 crore.
Where will the IBFC be located?
The IBFC will be established in New Nagpur, specifically in Godhani, Ladgaon in Hingna taluka.
How many jobs are expected to be created by this project?
The project is expected to generate over 5 lakh jobs.
Who will manage the IBFC project?
The National Building Construction Corporation will act as the project management consultant for the IBFC project.
What other projects were approved alongside the IBFC?
The Cabinet also approved the development of an outer ring road around Nagpur and four adjacent transport islands.
