In a major push for infrastructure and cultural development in Nagpur, the Maharashtra Government has cleared two important redevelopment projects — the Nagpur Market and the Sanskrutik Sankul by the Nagpur Improvement Trust (NIT) on North Ambazari Road.
According to a local daily report, the government has offered financial relief to boost the feasibility of these projects. It has waived the 2% annual ground rent usually charged to leaseholders under the Nagpur Improvement Trust Land Disposal Rules, 1983. This move is expected to reduce financial pressure on potential investors and make the projects more attractive and commercially viable.
As per NIT officials, the exemption from annual ground rent translates to a relief of Rs 50.88 crore for the Gokulpeth Market redevelopment and Rs 25.34 crore for the Sanskrutik Sankul project, calculated on the basis of current 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 redevelopment is being executed under the Design, Build, Finance, Operate, Maintain, and Sale (DBFOMS) model, with NIT and Nagpur Municipal Corporation (NMC) sharing profits equally. Estimated to cost over ₹1,100 crore, the project aims to upgrade one of Nagpur’s busiest markets into a modern commercial hub, offering improved infrastructure and enhanced amenities for both vendors and shoppers.
Meanwhile, the Sanskrutik Sankul project, with an estimated cost of ₹320 crore, aims to revitalize the cultural complex situated opposite the NIT swimming pool. Once redeveloped, the space is expected to emerge as a key cultural and recreational hub for the city.
The state government exercised its special powers under Rule 26 of the 1983 regulations to approve these exemptions, considering the financial feasibility and larger public interest. Earlier, a 14-member committee—comprising officials from NIT and NMC and chaired by the NIT Chairman and NMC Commissioner—was assigned to review the financial structure of both projects. Following the committee’s recommendations and approvals from the NIT board, the proposals received the state’s final nod.
These redevelopment projects are set to boost Nagpur’s urban infrastructure and contribute significantly to its evolution into a more modern and dynamic city. By removing key financial hurdles, the government’s intervention is likely to speed up implementation and attract greater investor interest.
👉 Click here to read the latest Gujarat news on TheLiveAhmedabad.com