Two Major MoUs Signed Between NMRDA, NBCC, and HUDCO for the Development of New Nagpur in the Presence of CM Devendra Fadnavis

Mumbai, Sept 2025 – The grand project of “New Nagpur”, envisioned as Maharashtra’s future International Business and Financial Centre (IBFC), has gained significant momentum. In the presence of Chief Minister Devendra Fadnavis, two major Memoranda of Understanding (MoUs) were signed today between the Nagpur Metropolitan Region Development Authority (NMRDA) and two of the Government of India’s Navratna public sector companies – NBCC (India) Ltd. and HUDCO.

These agreements will accelerate the world-class development of New Nagpur, offering a transformative opportunity to reshape Nagpur’s economic and commercial landscape.

MoU with NBCC – International Financial Services Centre on 1,000 Acres

As per the MoU between NMRDA and NBCC (India) Ltd., out of the 1,710 acres earmarked for the New Nagpur project, NBCC will take up development on 1,000 acres, while the remaining 710 acres will be reserved for future expansion.

This development will be based on a plug-and-play model, featuring:

• Integrated underground utility tunnels
• District cooling system
• Automated waste collection and segregation project
• Facilities for start-ups, MSMEs, IT companies, and commercial centers
• Residential and mixed-use projects

NBCC has been appointed as the Project Management and Consultancy (PMC) agency. The project will be implemented in three phases over 15 years, overseen by a high-powered committee chaired by the NMRDA Commissioner.

MoU with HUDCO – Financing of ₹11,300 Crores

The second important MoU was signed between NMRDA and Housing and Urban Development Corporation Ltd. (HUDCO). Under this agreement, HUDCO will provide ₹11,300 crore in funding, including:

• ₹6,500 crore for land acquisition, commercial development, and infrastructure for New Nagpur
• ₹4,800 crore for land acquisition for the Nagpur Outer Ring Road

This funding will help accelerate the vision of the “New Nagpur” project as well as key infrastructure projects like the Nagpur Outer Ring Road. The partnership will also include workshops, training, and capacity-building programs.

Present on the occasion were NBCC (India) Ltd. Chairman & Managing Director K. P. Mahadevaswamy, HUDCO Chairman & Managing Director Sanjay Kulshrestha, NMRDA Commissioner Sanjay Meena (IAS), and other dignitaries.

These projects were approved by the Maharashtra Cabinet on September 3, 2025, and with today’s agreements, their implementation will now gather pace. With these two MoUs, “New Nagpur” takes a decisive step toward becoming one of the country’s most advanced, world-class financial and business hubs. These projects are set to be true game changers on Nagpur’s economic map.