Two MoUs signed for ‘New Nagpur’ project, Rs 11,300 crore funding cleared

Approved by the state Cabinet on September 3, the agreements are being hailed as a major step towards positioning Nagpur as a global commercial hub and a 'game-changer' for the region’s economy

By: Express News Service

Nagpur | September 8, 2025 10:58 PM IST

NMRDA Commissioner Sanjay Meena (IAS), NBCC CMD KP Mahadevaswamy, and HUDCO CMD Sanjay Kulshreshtha were present at the signing ceremony (X/@CMOMaharashtra)

The Maharashtra government on Monday signed two key Memoranda of Understanding (MoUs) to fast-track the development of ‘New Nagpur’ as an international business and financial hub (IBFC). The agreements were signed in the presence of Chief Minister Devendra Fadnavis between the Nagpur Metropolitan Region Development Authority (NMRDA) and two central public sector undertakings, NBCC (India) Ltd. and Housing and Urban Development Corporation Ltd (HUDCO).

Under the MoU with NBCC and NMRDA, development will begin on 1,000 acres of the 1,710-acre project, with the remaining land kept for future expansion. The project will be implemented in three phases over 15 years. This will include plug-and-play infrastructure such as integrated underground utility tunnels, a district cooling system, an automated waste collection plant, and facilities for startups, MSMEs, and IT firms. NBCC has been appointed as the project management and consulting agency.

The agreement with NMRDA and HUDCO secures Rs 11,300 crore in funding, Rs 6,500 crore for land acquisition and infrastructure development in New Nagpur and Rs 4,800 crore for acquiring land for the Nagpur Outer Ring Road. HUDCO will also conduct training and capacity-building programmes as part of the partnership.

NMRDA Commissioner Sanjay Meena (IAS), NBCC CMD KP Mahadevaswamy, and HUDCO CMD Sanjay Kulshreshtha were present at the signing ceremony.

Approved by the state Cabinet on September 3, the agreements are being hailed as a major step towards positioning Nagpur as a global commercial hub and a ‘game-changer’ for the region’s economy.

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