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Nagpur civic body auctions Orange City plot, fetches Rs 910 million
Real Estate

Nagpur civic body auctions Orange City plot, fetches Rs 910 million

06 Nov 2024 2 Min Read CW Team
The Nagpur Municipal Corporation (NMC) recently secured a significant financial boost by selling a prime plot within the Orange City Street project, raising Rs 910 million at a rate of around Rs 19,240 per square foot (or Rs 2,07,098 per square metre).

The fourth plot, measuring 4,294.05 square metres, drew competitive bids from two well-known builders, with Praful Ved Infra submitting the highest offer at Rs 910 million, surpassing the second-highest bid of Rs 820 million.

This deal was finalized on October 11, just before the model code of conduct for state assembly elections came into effect.

With three prior plot sales in Orange City Street already generating Rs 2.18 billion—exceeding the initial projection of Rs 1.98 billion—NMC has so far sold a total of 18,501.46 square metres of land.

This latest sale, which exceeded anticipated pricing, reflects strong market confidence and establishes a positive trend for future transactions within the project. Officials indicated that this revenue would be essential for improving civic amenities and supporting urban development efforts.

The Orange City Street project spans 75.34 acre and consists of 22 plots and 10 sections designated for a variety of uses, including residential, commercial, market areas, a medical zone, and a convention centre.

Among these developments, NMC has prioritized establishing a vegetable and mutton market in the Laxmi Nagar zone, as south-west Nagpur currently lacks an authorized market. To fill this gap, NMC has designated a 15,563.71 square metre plot within Orange City Street for a ground-plus-two-storey market, with an estimated project cost of Rs 1.93 billion.

While NMC intends to develop this market through a public-private partnership model, it has also sought Rs 1.28 billion in financial assistance from the Maharashtra government to support the project. An official associated with the project mentioned that the civic body is still awaiting a response regarding this funding request.

The Nagpur Municipal Corporation (NMC) recently secured a significant financial boost by selling a prime plot within the Orange City Street project, raising Rs 910 million at a rate of around Rs 19,240 per square foot (or Rs 2,07,098 per square metre). The fourth plot, measuring 4,294.05 square metres, drew competitive bids from two well-known builders, with Praful Ved Infra submitting the highest offer at Rs 910 million, surpassing the second-highest bid of Rs 820 million. This deal was finalized on October 11, just before the model code of conduct for state assembly elections came into effect. With three prior plot sales in Orange City Street already generating Rs 2.18 billion—exceeding the initial projection of Rs 1.98 billion—NMC has so far sold a total of 18,501.46 square metres of land. This latest sale, which exceeded anticipated pricing, reflects strong market confidence and establishes a positive trend for future transactions within the project. Officials indicated that this revenue would be essential for improving civic amenities and supporting urban development efforts. The Orange City Street project spans 75.34 acre and consists of 22 plots and 10 sections designated for a variety of uses, including residential, commercial, market areas, a medical zone, and a convention centre. Among these developments, NMC has prioritized establishing a vegetable and mutton market in the Laxmi Nagar zone, as south-west Nagpur currently lacks an authorized market. To fill this gap, NMC has designated a 15,563.71 square metre plot within Orange City Street for a ground-plus-two-storey market, with an estimated project cost of Rs 1.93 billion. While NMC intends to develop this market through a public-private partnership model, it has also sought Rs 1.28 billion in financial assistance from the Maharashtra government to support the project. An official associated with the project mentioned that the civic body is still awaiting a response regarding this funding request.

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