Maharashtra Chief Minister Devendra Fadnavis (second from left) and Deputy CM Eknath Shinde (L) with others during the signing and exchange of MoU between Nagpur Metropolitan Region Development Authority (NMRDA) and Housing and Urban Development Corporation Limited (HUDCO).
Credit: X/@CMOMaharashtra
Mumbai: In what would emerge as India’s next global financial hub, Naveen Nagpur is coming up in the Nagpur district - considered the geographical centre of the country.
As part of the initiative, Maharashtra Chief Minister Devendra Fadnavis presided over the MoU signing and exchange between the Nagpur Metropolitan Region Development Authority (NMRDA), Housing and Urban Development Corporation Limited (HUDCO) and NBCC (India) Limited.
Both HUDCO and NBCC are Navratna Central Public Sector Enterprise in India (CPSE) under the Ministry of Housing and Urban Affairs (MoHUA).
"These MoUs mark a major leap for Naveen Nagpur set to transform the city’s economic and commercial landscape,” said Fadnavis, who hails from Nagpur.
HUDCO will provide approximately Rs 11,300 crore, with Rs 6,500 crore earmarked for land acquisition, commercial development, and infrastructure for Naveen Nagpur International Business and Financial Centre (IBFC), and Rs 4,800 crore for the Outer Ring Road. The funding will accelerate key infrastructure, workshops, training, and capacity-building initiatives.
The NBCC agreement involves development of 1,000 acres for a world-class financial hub - of which 1710 acres will follow a plug-and-play model while the remaining 710 acres are reserved for future expansion.
The project will feature integrated utility tunnels, district cooling, automated waste management, start-ups, MSMEs, IT firms, commercial centres, and mixed-use residential projects. NBCC will manage the project in three phases over 15 years under a dedicated committee chaired by the NMRDA Commissioner.
“With Cabinet approval on 3 September 2025, these projects position Naveen Nagpur as a cutting-edge, global financial and business hub—a true game changer for the city,” said Fadnavis on Monday.
Deputy Chief Minister Eknath Shinde, who is the state’s Urban Development Minister, Minister for Water Resources (Vidarbha, Tapi Konkan) Girish Mahajan among others were also present during the signing ceremonies of MoUs.
The project will be located in Godhani (Rithi) and Ladgaon (Rithi) in Hingna tehsil of Nagpur district.