In a major step towards reshaping Nagpur’s economic landscape, the Nagpur Metropolitan Region Development Authority (NMRDA) has kickstarted the process of acquiring nearly 1,710 acres of land to build the International Business and Finance Centre (IBFC). Modeled after Mumbai’s Bandra Kurla Complex (BKC) and Gujarat’s GIFT City, this ambitious project aims to transform Nagpur into a next-generation business hub.
A ₹3,000 Crore Push for the IBFC
The Maharashtra government has earmarked ₹3,000 crore for land acquisition, with the IBFC forming a crucial component of the larger New Nagpur project. Out of the ₹6,500 crore allocated for New Nagpur, nearly ₹3,500 crore will be spent solely on this financial centre.
Located at Godhani Ladgaon (Rithi) in Hingna, the IBFC will be spread across 1,710 acres (692 hectares). Around 1,000 acres are reserved for the central business district, while 710 acres are kept aside for future expansion.
What Will the IBFC Offer?
Planned to be developed over the next 15 years, the IBFC will focus on:
- Establishing knowledge-based industries, startups, and MSMEs
- Providing a base for IT firms and corporate offices
- Offering residential and mixed-use spaces aligned with town planning norms
- Enabling single-window clearances for faster approvals
The project will follow a plug-and-play model, integrating world-class infrastructure like:
- Underground utility tunnels
- District cooling systems
- Automated waste collection and segregation plants
NBCC to Oversee Development
The National Building Construction Corporation (NBCC) has been appointed as the Project Management Consultant. An MoU has already been signed to oversee planning and execution. NBCC has called this project a landmark step in advancing Nagpur as a strategic financial hub, ensuring modern infrastructure and sustainable urban development.
Land Acquisition Updates
On September 14, NMRDA issued a public notice inviting landowners for direct negotiations rather than individual acquisition notices. A meeting was scheduled for September 19 for owners to present their documents, IDs, and register consent or objections.
As per local property brokers, land prices in the identified villages currently hover around ₹1.5–2 crore per acre, indicating the high-value nature of the project.
The Road Ahead
With this development, Nagpur is set to evolve beyond its identity as a logistics and educational hub into a vibrant commercial and financial powerhouse. If executed as planned, the IBFC will place Nagpur on the global map of business districts, offering opportunities not just to corporations but also to startups and emerging industries.
In a major step towards reshaping Nagpur’s economic landscape, the Nagpur Metropolitan Region Development Authority (NMRDA) has kickstarted the process of acquiring nearly 1,710 acres of land to build the International Business and Finance Centre (IBFC). Modeled after Mumbai’s Bandra Kurla Complex (BKC) and Gujarat’s GIFT City, this ambitious project aims to transform Nagpur into a next-generation business hub.
A ₹3,000 Crore Push for the IBFC
The Maharashtra government has earmarked ₹3,000 crore for land acquisition, with the IBFC forming a crucial component of the larger New Nagpur project. Out of the ₹6,500 crore allocated for New Nagpur, nearly ₹3,500 crore will be spent solely on this financial centre.
Located at Godhani Ladgaon (Rithi) in Hingna, the IBFC will be spread across 1,710 acres (692 hectares). Around 1,000 acres are reserved for the central business district, while 710 acres are kept aside for future expansion.
What Will the IBFC Offer?
Planned to be developed over the next 15 years, the IBFC will focus on:
- Establishing knowledge-based industries, startups, and MSMEs
- Providing a base for IT firms and corporate offices
- Offering residential and mixed-use spaces aligned with town planning norms
- Enabling single-window clearances for faster approvals
The project will follow a plug-and-play model, integrating world-class infrastructure like:
- Underground utility tunnels
- District cooling systems
- Automated waste collection and segregation plants
NBCC to Oversee Development
The National Building Construction Corporation (NBCC) has been appointed as the Project Management Consultant. An MoU has already been signed to oversee planning and execution. NBCC has called this project a landmark step in advancing Nagpur as a strategic financial hub, ensuring modern infrastructure and sustainable urban development.
Land Acquisition Updates
On September 14, NMRDA issued a public notice inviting landowners for direct negotiations rather than individual acquisition notices. A meeting was scheduled for September 19 for owners to present their documents, IDs, and register consent or objections.
As per local property brokers, land prices in the identified villages currently hover around ₹1.5–2 crore per acre, indicating the high-value nature of the project.
The Road Ahead
With this development, Nagpur is set to evolve beyond its identity as a logistics and educational hub into a vibrant commercial and financial powerhouse. If executed as planned, the IBFC will place Nagpur on the global map of business districts, offering opportunities not just to corporations but also to startups and emerging industries.
