Nagpur, November 15, 2026: Maharashtra Chief Minister Devendra Fadnavis’s ambitious New Nagpur project is moving towards its next phase, with the Nagpur Metropolitan Region Development Authority (NMRDA) initiating the process to appoint transaction advisors for the proposed International Business and Finance Centre (IBFC).
The greenfield project is planned across approximately 1,710 acres in Godhani (Rithi) and Ladgaon (Rithi) villages of Hingna tehsil. It aims to transform Nagpur into a major destination for global businesses, financial institutions and technology companies.
Advisors to Prepare Project Roadmap
The appointed transaction advisors will develop the project’s financial, legal and commercial framework. They will assess market demand, prepare a development vision and identify opportunities to attract domestic and international investors.
A detailed financial model will also be prepared, covering project costs, potential revenue, cash flows and investment requirements. The advisors will recommend suitable funding options and an institutional governance structure for implementing the project.
IT, Data Centres and Finance in Focus
The proposed International Business and Finance Centre aims to attract investments across several sectors, including:
- Information Technology (IT) and IT-enabled services
- Global Capability Centres (GCCs)
- Data centres and corporate offices
- Financial services and international businesses
The project also envisages modern urban infrastructure, including smart water supply, sewage networks, district cooling, automated waste management, reliable power distribution and integrated digital connectivity.
Environmental, Social and Governance (ESG) standards will be incorporated into the development framework to make the business district attractive to international investors.
Land Acquisition and Development Plans
The project has faced opposition from some farmers over land acquisition. According to information cited by NMRDA, more than 195 land parcels have been registered, with compensation of approximately Rs 2,236 crore distributed.
The larger development plan envisages a 1,000-acre business district and 710 acres for future expansion, with implementation proposed in three phases over approximately 15 years.
The New Nagpur project received Maharashtra Cabinet approval in September 2025. NMRDA has also signed an MoU with NBCC (India) Limited for the project’s development.
Once implemented, the project could significantly strengthen Nagpur’s position as a business and investment destination while generating employment opportunities and boosting the regional economy of Vidarbha.
