The Maharashtra government on 08 September, 2025 signed two landmark memoranda of understanding (MoUs) to accelerate the creation of ‘New Nagpur’ as an International Business and Financial Centre (IBFC).

The agreements, inked in the presence of Chief Minister Devendra Fadnavis, involve the Nagpur Metropolitan Region Development Authority (NMRDA) partnering with NBCC (India) and Housing and Urban Development Corporation (HUDCO). Under the MoU with NBCC, development will commence on 1,000 acres of the 1,710-acre project. Spread across three phases over 15 years, it will feature plug-and-play infrastructure such as underground utility tunnels, a district cooling system, automated waste collection, and dedicated facilities for startups, MSMEs, and IT firms.

NBCC has been designated the project management and consulting agency. The NMRDA-HUDCO agreement secures Rs 11,300 crore in funding, including Rs 6,500 crore for land acquisition and infrastructure development in New Nagpur, and Rs 4,800 crore for land acquisition for the Nagpur Outer Ring Road. HUDCO will also offer training and capacity-building. Officials hailed the move as a ‘game-changer’ for Nagpur’s economy.