The NMC has successfully sold Plot No. 2 of the Orange City Street Project, earning Rs 51.5 crore and bringing the total revenue from the project to Rs 207 crore. The buyer has already commenced work at the site, which was auctioned six months ago for Rs 13,166 per square foot. NMC has now floated an EoI for the sale of Plot No. 4, expecting to fetch Rs 48–50 crore. With 17 more plots yet to be auctioned, the project has become a highly profitable venture for the civic body. The NMC also plans to auction three additional plots in the near future.
The financially strained Nagpur Municipal Corporation (NMC) has successfully sold Plot No. 2 of the Orange City Street Project, adding Rs 51.5 crore to its revenue and bringing the total earnings from the project to Rs 207 crore. The plot was auctioned six months ago for Rs 13,166 per square foot, and the buyer has already commenced work at the site. In an effort to maximize its profits, the civic body has issued an expression of interest (EoI) for the sale of Plot No. 4, with expectations of fetching Rs 48–50 crore. This visionary initiative has emerged as a radiant symbol of financial triumph for the corporation.
There are still 17 plots remaining to be auctioned in the Orange City Street Project, spanning a distance of 5.5 km from Jaiprakash Nagar Metro station to Rajendra Nagar. The revenue generated from the sale of Plot No. 2 (38,736 sq. ft.) is one of the highest recorded in the city, second only to the sale of Plot No. 5, which fetched Rs 112 crore. Interestingly, the enterprising builder, Praful Deshmukh, has acquired both Plot No. 2 and Plot No. 5. Deshmukh had previously purchased Plot No. 1, located adjacent to the Jaiprakash Nagar Metro rail station, for Rs 44 crore. The new commercial complex, currently under construction by Deshmukh, matches the height of the first one, demonstrating a clear and deliberate design choice for seamless integration.
NMC has also initiated the EoI process for the sale of Plot No. 18, situated on Jaitala Road. However, due to height restrictions imposed by the Airport Authority of India (not exceeding 12 metres), the expected revenue from this sale is relatively low. The 65,636-square-foot plot is projected to fetch around Rs 48–50 crore, with the bid submission deadline set for July 20. NMC is determined to extract the maximum value from its assets and fuel sustainable economic expansion. Furthermore, it is making preparations to auction three more plots in the near future.
NMC acquired the land for the Orange City Street Project from Ordnance Factory Ambajhari in 2007. Previously utilized as a railway track, the land remained abandoned until its transformation into a vibrant commercial complex. With an unwavering spirit of innovation propelling its endeavours, NMC blazes a trail of transformative urban development, revitalizing Nagpur with a sense of dynamism, prosperity, and limitless possibilities.
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