Nagpur: In a major boost to the Nagpur’s infrastructure and cultural landscape, the Maharashtra Government has approved two significant redevelopment projects in Nagpur — the Gokulpeth Market and the Nagpur Improvement Trust’s (NIT) Sanskrutik Sankul on North Ambazari Road — by granting key financial exemptions aimed at improving project feasibility, a local daily reported.
To make these projects more investor-friendly, the state has waived the 2% annual ground rent that is typically charged to leaseholders under the Nagpur Improvement Trust Land Disposal Rules, 1983. This exemption has effectively reduced the financial burden on potential stakeholders and made the projects more commercially viable.
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26 May 2025
According to NIT officials, the waived charges amount to Rs 50.88 crore for the Gokulpeth Market redevelopment and Rs 25.34 crore for the Sanskrutik Sankul revamp — both based on prevailing ready reckoner rates. “Businesses investing in these commercial complexes will no longer have to pay the yearly ground rent, making it more attractive for them. Even the government benefits as it receives a one-time lump-sum amount,” said a senior NIT official.
The Gokulpeth Market project is being implemented on a 50:50 profit-sharing basis between NIT and Nagpur Municipal Corporation (NMC) under the Design, Build, Finance, Operate, Maintain, and Sale (DBFOMS) model. The redevelopment, estimated to cost over ₹1,100 crore, will transform one of Nagpur’s busiest marketplaces into a modern facility with better infrastructure and amenities for both traders and shoppers.
On the other hand, the Sanskrutik Sankul project, estimated at Rs 320 crore, will rejuvenate the cultural complex located opposite the NIT swimming pool. The revamped space is set to become a prominent cultural and recreational destination for the city.
The state government invoked its special powers under Rule 26 of the 1983 regulations to grant these exemptions, taking into account both the financial viability and broader public interest. Earlier, a 14-member committee comprising officials from NIT and NMC, and chaired by the NIT Chairman and NMC Commissioner, had been tasked with examining the financial structure of both projects. After the committee’s recommendations and NIT board approvals, the proposals were finally cleared by the state.
These redevelopments are poised to enhance Nagpur’s urban ecosystem and mark a step forward in the city’s transformation into a more vibrant, modern urban centre. The government’s intervention is expected to accelerate execution by eliminating major cost-related bottlenecks.
