On Tuesday, the Maharashtra cabinet sanctioned a total waiver of stamp duty and registration fees for land acquisition transactions related to the ambitious New Nagpur Business District and New Outer Ring Road projects.
This initiative is anticipated to greatly expedite the execution of these two significant infrastructure projects in the Nagpur district. The resolution was made during a cabinet meeting presided over by Chief Minister Devendra Fadnavis.
The private land necessary for both projects will be obtained through direct purchases and negotiations with landowners. As per government sources, the stamp duty and registration fees associated with land transactions for these projects amounted to approximately 637 crore. The exemption was granted under the provisions of the Maharashtra Stamp Act following a request from the Nagpur Metropolitan Region Development Authority (NMRDA) to facilitate a quicker land acquisition process.
The larger New Nagpur Business District project, estimated at 11,300 crore, is planned to span 692.06 hectares in the villages of Godhani and Ladgaon within Hingna taluka. This project includes the establishment of an International Business and Finance Centre (IBFC), which is envisioned to serve as a significant commercial and economic hub for Central India.
Officials are optimistic that this project has the potential to reshape the economic landscape of the Nagpur region by attracting industries, financial institutions, and businesses, while also creating substantial employment opportunities. In addition to the New Nagpur project, the government is advancing plans for the proposed New Outer Ring Road, which will stretch 148 kilometers and measure 120 meters in width around Nagpur.
This corridor will link major highways leading into the city, including the Amravati National Highway, Hingna State Highway, Samruddhi Expressway, Hyderabad National Highway, Umred National Highway, Bhandara National Highway, Bhopal National Highway, Katol National Highway, and Jabalpur National Highway.
The state government has granted approval for a total expenditure of 13,748 crore for the project. Of this amount, 4,800 crore will be sourced through a HUDCO loan, which is secured by a guarantee from the state government, while the remaining 8,948 crore will be allocated as financial support from the state government. Additionally, the project encompasses the establishment of four truck and bus terminals along the Ring Road corridor to enhance logistics and connectivity in the vicinity of the city.
The execution of the Outer Ring Road project will occur in two phases. The first phase will involve the construction of a 75km segment, necessitating land acquisition from 50 villages, whereas the second phase will address the remaining 73km, requiring land acquisition from 49 villages.
