News Brief
'New Nagpur' Project Secures Major Boost With NBCC And HUDCO MoUs For World-Class Business And Financial Hub
The partnership also includes workshops, training, and capacity-building initiatives.
The “New Nagpur” project, envisioned as Maharashtra’s International Business and Financial Centre (IBFC), received a significant push on Tuesday (9 September) with the signing of two crucial Memoranda of Understanding (MoUs) in the presence of Chief Minister Devendra Fadnavis.
The Nagpur Metropolitan Region Development Authority (NMRDA) inked agreements with NBCC (India) Ltd. and Housing and Urban Development Corporation Ltd. (HUDCO), paving the way for large-scale development and financing.
Under the agreement with NBCC, 1,000 acres of the 1,710 acre project site will be developed in the first phase, with 710 acres kept aside for future expansion.
The plan adopts a plug-and-play model, integrating world-class facilities such as underground utility tunnels, a district cooling system, automated waste management, and spaces for start-ups, MSMEs, IT companies, and commercial as well as mixed-use residential projects.
NBCC has been appointed as the Project Management and Advisory Agency, with execution planned in three phases over the next 15 years. An empowered committee chaired by the NMRDA Commissioner will oversee the project.
The partnership also includes workshops, training, and capacity-building initiatives.
Deputy Chief Minister Eknath Shinde, Water Resources Minister Girish Mahajan, NBCC Chairman K P Mahadevswamy, HUDCO Chairman Sanjay Kulshrestha, and NMRDA Commissioner Sanjay Meena were present at the signing.
Approved by the Maharashtra Cabinet on 3 September 2025, the agreements are expected to fast-track implementation.
