NAGPUR: The Nagpur Municipal Corporation (NMC) achieved a major financial boost with the sale of a prime plot at the Orange City Street project, fetching Rs91 crore at a rate of approximately Rs19,240 per square foot (or Rs2,07,098 per square metre).
Plot number four, measuring 4,294.05 square metres, attracted bids from two prominent builders, with Praful Ved Infra emerging as the highest bidder at Rs91 crore, outpacing the second-highest offer of Rs82 crore.
The deal was locked on October 11, just a couple of days before the model code of conduct for state assembly polls came into force.
Three previous plot sales at at Orange City Street has already generated Rs218.76 crore revenue, surpassing the initially projected Rs198 crore. To date, NMC sold 18,501.46 square metres of land.
This latest transaction, which exceeded the projected price, signals robust market confidence and sets a favourable precedent for future sales within the project. According to officials, this revenue will be instrumental in enhancing civic amenities and supporting urban development initiatives.
The Orange City Street project, spread over 75.34 acres, includes 22 plots and 10 sections designated for diverse uses, such as residential, commercial, market areas, a medical zone, and a convention centre.
Among these, the NMC has been particularly focused on developing a vegetable and mutton market in Laxmi Nagar zone. Currently, there is no authorised market in south-west Nagpur, and the civic body aims to address this gap with a new, dedicated market. For this, the NMC has earmarked a land parcel of 15,563.71 square metres within the Orange City Street for a ground plus two-storey market, with the project cost estimated at Rs193 crore.
While NMC plans to execute this market project under a public-private partnership model, it has also requested Rs128.51 crore in financial aid from the Maharashtra govt to help fund the development. However, the civic body is yet to receive a response regarding this funding request, according to an official involved with the project.
The Orange City Street project continues to be a substantial revenue source for the NMC, and demand for remaining plots is likely to persist. This success serves as a model for other municipal corporations aiming to leverage land assets to support urban development.
