Mumbai: An International Business and Finance Centre (IBFC) will be developed under ‘New Nagpur’ on an area of about 692.06 hectares at Godhani (Rithi) and Ladgaon (Rithi) in Hingna taluka under the Nagpur Metropolitan Region Development Authority. The land acquisition and expenditure provision for this project were approved in the cabinet meeting held today. The meeting was chaired by Devendra Fadnavis.Mumbai: Even as the Mumbai International Financial Service Centre at BKC is yet to take off, the state cabinet on Wednesday approved an International Business and Financial Centre (IBFC) in Nagpur. The state cabinet not only waived stamp duty for the project but also approved a govt guarantee for the entire loan of Rs 6,500 crore for the project.According to a govt press release, the Nagpur Metropolitan Region Development Authority will prepare a feasibility report and a detailed project report for the setting up of the project. The total cost is estimated at Rs 6,500 crore, of which Rs 3,000 crore is estimated for land acquisition and an estimated Rs 3,500 crore for developing New Nagpur on this site. For this project, a loan of Rs 6,500 crore was raised from the Housing Urban Development Corporation Ltd (HUDCO).The project envisages developing the city as a ‘commercial hub’ by creating industrial and service centres in the Nagpur metropolitan area and will promote knowledge-based industries, startups, and corporate offices, said the press release. A single-window clearance system will be set up to ensure hassle-free approvals. National Building Construction Corporation will be the project management consultant for this project.
