The Nagpur Municipal Corporation (NMC) recently sold a prime plot in the Orange City Street project for INR 91 crore, surpassing expectations. This deal, finalized just ahead of the state assembly elections, follows previous sales that totalled INR 218.76 crore. Covering 75.34 acres, the project includes various designated zones, including plans for a vegetable and mutton market in the Laxmi Nagar area. To support this market's construction, the NMC has sought INR 128.51 crore in funding from the Maharashtra government. This successful initiative not only enhances local amenities but also serves as a model for other municipal corporations looking to utilize land assets for urban development.
The Nagpur Municipal Corporation (NMC) secured a significant financial gain from the sale of a prime plot at the Orange City Street project, generating INR 91 crore at a rate of approximately INR 19,240 per square foot (or INR 2,07,098 per square meter). Plot number four, covering an area of 4,294.05 square meters, received bids from two notable builders, with Praful Ved Infra winning as the highest bidder at INR 91 crore, surpassing the second-highest bid of INR 82 crore.
The agreement was finalized on October 11, just days before the model code of conduct for state assembly elections took effect. Previously, three plot sales at the Orange City Street project had generated INR 218.76 crore in revenue, exceeding the initial forecast of INR 198 crore. So far, the NMC has sold a total of 18,501.46 square meters of land. This recent sale, which surpassed the anticipated price, demonstrates strong market confidence and establishes a promising benchmark for future transactions within the project. According to officials, the revenue generated will be vital for improving civic amenities and supporting urban development efforts.
The Orange City Street project spans 75.34 acres and consists of 22 plots and 10 sections designated for various purposes, including residential, commercial, market areas, a medical zone, and a convention centre. The NMC is particularly focused on creating a vegetable and mutton market in the Laxmi Nagar area, as there is currently no authorized market in south-west Nagpur. To fill this gap, the civic body has allocated a land parcel of 15,563.71 square meters within Orange City Street for a market that will feature ground plus two additional stories, with an estimated project cost of INR 193 crore.
The NMC intends to develop this market project using a public-private partnership model and has requested INR 128.51 crore in financial support from the Maharashtra government to help finance the initiative. However, according to an official involved in the project, the civic body has not yet received a response to this funding request. The Orange City Street project continues to be a key revenue source for the NMC, and interest in the remaining plots is anticipated to remain strong. This achievement serves as an example for other municipal corporations aiming to capitalize on land assets to foster urban development.
The successful sale of the plot at the Orange City Street project highlights the Nagpur Municipal Corporation's effective strategy in leveraging land assets for significant financial returns. The anticipated development of a dedicated market in Laxmi Nagar addresses a crucial need in the community, promising to enhance local services and infrastructure. As the NMC awaits funding support from the Maharashtra government, the strong interest in remaining plots indicates ongoing confidence in the project's potential. This initiative not only supports urban growth but also serves as an inspiring model for other municipalities aiming to enhance their economic and civic landscapes through strategic land management.
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