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

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

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.

Next Story
Infrastructure Urban

NBCC bags construction order worth Rs 5 Bn

NBCC India said it has bagged a construction order worth Rs 5 billion from the Bureau of Indian Standards. As per the order, NBCC will construct buildings at BIS headquarters in New Delhi, central laboratory, Sahibabad, National Institute of Training for standardisation, Noida, Northern Regional Laboratory, Mohali and Bangalore Branch Laboratory, Bengaluru. On Monday, November 4, the company said its subsidiary Hindustan Steelworks Construction Ltd (HSCL) bagged work orders worth Rs 650 million in Bengaluru. As per the order, Hindustan Steelworks Construction will undertake development work o..

Next Story
Infrastructure Urban

India formally sent LoI to host 2036 Olympics

India took a significant step toward potentially hosting the 2036 Olympic and Paralympic Games. On October 1st, the Indian Olympic Association (IOA) officially submitted a Letter of Intent to the International Olympic Committee's (IOC) Future Host Commission, sources told news agency IANS. This action follows repeated expressions of interest from Indian Prime Minister Narendra Modi, who sees the Games as a potential boon for the nation. "Prime Minister Narendra Modi's vision of hosting the Olympic and Paralympic Games in India in 2036 has taken a significant step forward," a source stated. Th..

Next Story
Infrastructure Energy

NTPC, ONGC collaborate on green energy

In a significant move towards renewable energy, Maharatna PSUs NTPC and ONGC have partnered to form a 50:50 Joint Venture Company (JVC) through their respective green energy subsidiaries, NTPC Green Energy Ltd. (NGEL) and ONGC Green Energy Ltd. (OGL). The collaboration aims to expand their footprint in the renewable energy sector, encompassing a range of green technologies and projects, from solar and wind energy to green hydrogen and sustainable aviation fuel. The formal Joint Venture Agreement was signed on February 7, 2024, during India Energy Week, followed by approvals from the Departmen..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000