The Nagpur Metropolitan Region Development Authority (NMRDA) has begun the process of acquiring 1,710 acres of land on the city’s outskirts for developing the International Business and Finance Centre (IBFC) under the state government’s New Nagpur project. The initiative, backed by a ₹3,000 crore allocation from the Maharashtra government, aims to position Nagpur as a major financial and commercial hub comparable to Mumbai’s Bandra Kurla Complex (BKC) and Gujarat’s GIFT City.
Earlier this month, the state government earmarked ₹6,500 crore for the New Nagpur project, of which ₹3,500 crore is set aside for land acquisition. Out of this, ₹3,000 crore will be specifically directed toward acquiring land for the IBFC at Godhani Ladgaon (Rithi) in Hingna, near Nagpur. The project is planned to be developed in a phased manner over the next 15 years.
Officials said the financial centre is expected to attract knowledge-driven industries, startups, IT companies, MSMEs, and multinational corporations. It will also feature mixed-use developments, including commercial offices and residential zones, to support large-scale employment and urban growth.
The National Buildings Construction Corporation (NBCC) has been appointed as the project management consultant (PMC) for the New Nagpur project. On September 9, NBCC signed a Memorandum of Understanding (MoU) with NMRDA to oversee planning and execution. According to the agreement, the business district will initially cover 1,000 acres, while another 710 acres will be kept for future expansion.
NBCC said the project will be developed on a plug-and-play model with modern urban infrastructure such as integrated underground utility tunnels, district cooling systems, automated waste collection, and segregation facilities.
Land acquisition process
On September 14, NMRDA issued a public notice inviting landowners from villages in the project area for direct negotiations. Landowners have been asked to attend a meeting on September 19 with their identity documents and land records to register consent or raise objections.
Instead of issuing individual acquisition notices, the authority has opted for collective negotiations. Brokers active in the region said current land rates in the affected villages are between ₹1.5 crore and ₹2 crore per acre.
Strategic importance of IBFC
The proposed IBFC is expected to transform Nagpur’s role in Maharashtra’s economic map by creating a large-scale business and financial ecosystem outside Mumbai. Government officials said the project is being designed with a single-window clearance system to speed up permissions for companies setting up operations.
The New Nagpur project is also aligned with the Samruddhi Mahamarg (Mumbai–Nagpur Expressway), which has already triggered a surge in land values along its corridor. According to data compiled by Colliers earlier this year, land prices in the Samruddhi Circle area have risen 3.7 times between 2015 and 2024 and are projected to increase 5.2 times by 2035.
Nagpur has emerged as one of the top tier-2 cities attracting real estate and infrastructure investments along with Jaipur and Lucknow. Analysts point to projects such as Nagpur Metro expansion, the international airport upgrade, and the Samruddhi Expressway as critical drivers of its growth trajectory.
With the IBFC, the government is aiming to replicate the success of BKC and GIFT City by creating a consolidated commercial hub supported by modern utilities, institutional facilities, and real estate developments.
The IBFC is planned as a 15-year project with phased construction and expansion. In the first stage, focus will be on setting up core financial and commercial infrastructure. In later stages, supporting residential townships, social infrastructure, and mixed-use clusters will be added.
Officials said once operational, the financial centre could generate thousands of jobs and attract investments in banking, IT, fintech, and corporate services. The project is also expected to improve Nagpur’s standing as a central location for businesses looking to connect with markets across Maharashtra and the rest of India.
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