What Recent MoUs Have Been Signed for New Nagpur Development?

Mumbai, Sep 8 (NationPress) On Monday, two Memoranda of Understanding (MoUs) were officially signed between the Nagpur Metropolitan Region Development Authority (NMRDA) and two Navratna Public Sector Undertakings of the Central government, namely NBCC (India) Ltd and HUDCO, focusing on the development of “New Nagpur” as the upcoming International Business and Financial Centre (IBFC) for Maharashtra.

These agreements were finalized in the presence of Chief Minister Devendra Fadnavis. The Maharashtra cabinet had recently given its nod for the establishment of the IBFC under “New Nagpur”, covering an area of 692.06 hectares in Godhani, Ladgaon within Hingna taluka under the jurisdiction of the NMRDA.

According to the MoU between NMRDA and NBCC (India) Ltd, a total of 1,710 acres will be allocated for the New Nagpur project, with 1,000 acres set for immediate development. The remaining 710 acres is reserved for future growth. This initiative will be executed using a plug-and-play model.

The development will encompass a variety of facilities including integrated underground utility tunnels, district cooling systems, automated waste collection and sorting systems, as well as spaces for start-ups, MSMEs, IT firms, commercial centers, and a mix of residential projects. NBCC has been designated as the project management and advisory entity for this endeavor.

The implementation is projected to unfold in three phases over the next 15 years. An empowered committee, chaired by the Commissioner of NMRDA, will oversee the project, as stated in the government release.

In addition, another MoU was signed with HUDCO (Housing and Urban Development Corporation Ltd), which will extend financial support totaling Rs 11,300 crore.

This funding consists of Rs 6,500 crore allocated for land acquisition, commercial development, and infrastructure for New Nagpur, along with Rs 4,800 crore earmarked for land procurement for the Nagpur Outer Ring Road.

This financial backing will expedite the realization of the “New Nagpur” vision and bolster infrastructure projects such as the “Nagpur Outer Ring Road”. The partnership will also feature workshops, training sessions, and capacity-building initiatives, as per the release.

These MoUs will significantly fast-track the practical execution of “New Nagpur”, marking a pivotal advancement toward establishing a modern and world-class financial and business hub in India. This project is poised to be a “game changer” for Nagpur’s economic landscape, as highlighted in the release.