Key Points

These MoUs were signed in the presence of Chief Minister Devendra Fadnavis. The Maharashtra cabinet last week had approved the establishment of the International Business and Financial Centre (IBFC) under ' New Nagpur ' on 692.06 hectares in Godhani, Ladgaon, in Hingna taluka under Nagpur Metropolitan Region Development Authority.

As per the MoU signed between NMRDA and NBCC (India) Ltd, out of the 1,710 acres of the new Nagpur project, 1,000 acres will be developed. The remaining 710 acres have been reserved for future expansion. This development will be based on a plug-and-play model.

It will have various facilities, including Integrated underground utility tunnels, district cooling systems, automated waste collection and sorting projects, start-ups, MSMEs, IT companies, commercial centres, as well as residential and mixed-use projects. NBCC has been appointed as the project management and advisory body for this project.

The project will be implemented in three phases over the next 15 years. An empowered committee will be constituted for this, which will be chaired by the Commissioner of NMRDA, said the government release.

Another MoU was signed between NMRDA and HUDCO (Housing and Urban Development Corporation Ltd). HUDCO will provide funds worth Rs 11,300 crore.

This includes Rs 6,500 crore loan for land acquisition, commercial development and infrastructure for New Nagpur and Rs 4,800 crore for land acquisition for Nagpur Outer Ring Road.

This funding will help accelerate the concept of the "New Nagpur" project and infrastructure projects like the "Nagpur Outer Ring Road". The partnership will also include workshops, training and capacity building programs, said the release.

These MoUs will now accelerate the actual implementation as a decisive step has been taken towards making "New Nagpur" a state-of-the-art and world-class financial and business hub in the country. This project will be a "game changer" on the economic map of Nagpur, said the release.

- IANS