Maharashtra Plans World-Class International Business And Finance Centre Under New Nagpur Project

Nagpur is set for a major transformation with the Maharashtra Cabinet approving the creation of an International Business and Finance Centre (IBFC) under the ‘New Nagpur’ project.

The development, to be spread across 692.06 hectares in Godhani (Rithi) and Ladgaon (Rithi) in Hingna taluka, was sanctioned at a cabinet meeting on Wednesday (3 September).

The Nagpur Metropolitan Region Development Authority (NMRDA) will take the lead in preparing a feasibility study and a detailed project report.

The project, estimated at Rs 6,500 crore, includes Rs 3,000 crore earmarked for land acquisition and another Rs 3,500 crore for developing the new township.

To finance this, the state has granted approval for a loan from the Housing and Urban Development Corporation Ltd. (HUDCO), with a government guarantee approved for repayment.

Envisioned as a world-class commercial hub, the IBFC aims to attract knowledge-driven industries, startups, and major corporate houses.

The plan includes smart utility systems, integrated infrastructure, plug-and-play facilities, and a single-window clearance mechanism.

Officials believe this will position Nagpur as a “smart, green and inclusive corporate city” and create employment for more than five lakh people.

The National Building Construction Corporation (NBCC) has been appointed as project management consultant.

Given the scale and significance of the initiative, the state government has granted a stamp duty exemption to ease its rollout.

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