The Nagpur Metropolitan Region Development Authority (NMRDA) has initiated the process of acquiring around 1,710 acres of land on the outskirts of Nagpur to establish the International Business and Finance Centre (IBFC) under the New Nagpur project. The IBFC project will be developed on the lines of the Bandra Kurla Complex (BKC) in Mumbai and GIFT City in Gujarat.
The IBFC project, estimated to cost ₹3,000 crore, is part of the Maharashtra government’s larger plan to establish an IBFC at Godhani Ladgaon (Rithi) in Hingna, near Nagpur.
Earlier this month, the state government allocated ₹6,500 crore for the New Nagpur project, of which about ₹3,500 crore will be spent on land acquisition for the IBFC.
What is IBFC?
The IBFC project aims to transform Nagpur into a major commercial hub by developing industrial and service centres across the metropolitan region. The project is planned to be executed over the next 15 years.
The project is designed to encourage the growth of knowledge-driven industries, startups, and corporate offices. To streamline the process, a single-window clearance system will be introduced for quick and hassle-free approvals.
The National Building Construction Corporation (NBCC) has been appointed as the project management consultant to oversee and execute the development.
{{/usCountry}}The National Building Construction Corporation (NBCC) has been appointed as the project management consultant to oversee and execute the development.
{{/usCountry}}The NBCC announced on September 9 that it had been appointed as the Project Management Consultant for the New Nagpur project. The project covers an area of around 1,710 acres (692 hectares), for which it has signed a Memorandum of Understanding (MoU).
According to NBCC's statement, the business district will be spread across 1,000 acres, and 710 acres will be reserved for future expansion. Naveen Nagpur will be developed on a plug-and-play model featuring state-of-the-art infrastructure such as integrated underground utility tunnels, a district cooling system, automated waste collection, and a segregation plant.
The project will focus on building commercial establishments for start-ups, MSMEs, IT companies, and commercial offices, along with residential and mixed-use developments aligned with town planning guidelines. The statement said the MOU marks a landmark step in advancing Naveen Nagpur as a planned IBFC, laying a strong foundation for its strategic growth and development.
Also Read: How will the Mumbai-Nagpur Samruddhi Expressway transform Maharashtra's real estate markets
Land acquisition process
The NMRDA on September 14 issued a public notice inviting landowners for direct negotiations rather than sending individual acquisition notices. Landowners have been asked to attend a meeting on September 19 with documents and identity proof to register their consent or objections.
According to local brokers, land in the villages where the IBFC will be developed is currently priced at ₹1.5–2 crore per acre.
Infrastructure boost in Tier 2 cities
Nagpur, along with Jaipur and Lucknow, ranks among the top 30 emerging cities for real estate growth and investment due to rapid infrastructure advancements, according to a January 2025 analysis by Colliers.
The report highlighted Nagpur’s ongoing developments, including the Metro Line expansion and the Nagpur International Airport, as key growth drivers. Land prices in the Samruddhi Circle area have already surged 3.7 times between 2015 and 2024, and are projected to rise 5.2 times by 2035.
Currently, the average land price for graded plotted developments in Samruddhi Circle stands at ₹3,300 per sq. ft., with projections indicating an increase to around ₹17,213 per sq. ft. by 2035, the report said.