1.25L sqft plot on Orange Street goes for jaw-dropping Rs18,784/sqft
Nagpur: The city's widening sprawl and rising skyline is being equally complemented by spiralling land rates. In a landmark deal, the
Nagpur Municipal Corporation
(NMC) sold 1,25,107.1 sqft land (plot no. 3) on
Orange City Street
at a jaw-dropping rate of Rs18,784 per sqft — the highest price ever fetched by any land parcel in the city's recent history and swelling its coffers by Rs 235 crore.
The plot is set to be developed into a premium commercial complex. The deal not only sets a new benchmark for Nagpur's real estate market but also highlights the growing commercial appeal of Orange City Street corridor.
The project area is rapidly emerging as Nagpur's next major business district. With this latest deal, NMC has earned Rs561 crore so far by monetising select land parcels under the Orange City Street initiative — a key land-value unlocking effort aimed at funding urban infrastructure, said a senior official from NMC's project department.
Plot no. 3 has outperformed all previous land deals under the project in terms of per sqft rate. For instance, plot no. 1B (35,607.02 sqft) which houses Orange City Mall, was sold for Rs45 crore at approximately Rs12,638 per sqft. Similarly, plot 2A (36229.39 sqft) fetched Rs 42 crore at Rs11,593 per sqft. A mall-cum-commercial complex is currently under construction on that site, the official added.
So far, six plots have been sold through competitive bidding and tenders for several others at various stages of processing. Among the upcoming plots are 2B and 2C, both earmarked for hospitality-cum-commercial use, and plot no. 6 — a 181739.15 sqft tract — designated for mixed residential and commercial development. Plot No. 14, the largest parcel at 2,15,417.17 sqft is planned as a convention centre.
Officials said that the civic body's strategy of leveraging prime land along Orange City Street has proven highly effective in drawing both institutional and private developers. The funds raised will be reinvested in key city-wide infrastructure projects, including roads, drainage systems, public transport, and affordable housing.
These land deals reflect rising investor confidence and a strong market appetite for strategically located, highly-lucrative properties offered by the NMC.
The civic body also clarified that plot no. 20, originally tendered in 2019 for an economically weaker sections (EWS) housing project, was cancelled in 2020 due to a lack of funds. With several high-value plots still to be monetised, the Orange City Street project is expected to boost municipal revenues and transform the corridor into a modern commercial and residential hub.
Plot No --- Area (sqm) --- Revenue (Cr) --- Price per sqft (Rs)
1B --- 3,308 --- Rs45 Cr --- Rs12,637.97
2A --- 3,365.82 --- Rs42 Cr --- Rs11,592.81
3 --- 11,622.83 --- Rs235 Cr --- Rs18,783.92
4 --- 4,294.05 --- Rs80 Cr --- Rs17,308.25
5 --- 7,533.59 --- Rs111 Cr --- Rs13,688.36
18 --- 6,364.24 --- Rs48 Cr --- Rs7,006.89
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