Govt waives 2% ground rent on Gokulpeth Mkt, NIT Sanskrutik Sankul redevpt projects
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Nagpur: The Maharashtra govt has given the green signal for two major urban projects in Nagpur — the redevelopments of Gokulpeth Market, and Nagpur Improvement Trust's (NIT) Sanskrutik Sankul at Ambazari — by granting special financial relaxations to ensure the projects' viability.
The govt has waived off the 2% ground rent criteria for both projects, making them more viable for businesses.
The Gokulpeth Market project is moving forward on a 50-50 profit-sharing basis between Nagpur Improvement Trust (NIT) and Nagpur Municipal Corporation (NMC), following the Design, Build, Finance, Operate, Maintain, and Sale (DBFOMS) model.
Under the approved proposal, the govt has waived the ground rent (bhubatka) dues under the Nagpur Improvement Trust Land Disposal Rules, 1983, making the ambitious projects financially feasible.
According to a NIT official, NIT charges 2% ground rent per year to its leaseholders, which has now been waived off by the govt for these two projects. "This means that the businesses, which will buy into the new commercial complex, will not have to pay these charges, which was a burden on them. It makes the project more viable," said the official, adding that even the govt will not suffer as it is getting a one-time lump-sum payment in these projects.
According to the resolution, Rs50.88 crore worth of ground rent for Gokulpeth Market redevelopment, located at Mouza Gadga (Survey No. 28/1), has been relaxed. Similarly, for the redevelopment and renovation of the NIT Sanskrutik Sankul at North Ambazari Road, ground rent amounting to Rs25.34 crore has been waived.
A NIT official said that the Rs50.88 crore and Rs25.34 crore was waived off on the basis of current ready reckoner rates in these areas.
The state has used the special powers granted under Rule 26 of the 1983 regulations to provide this exemption, considering both projects' financial viability and public benefit.
A 14-member committee chaired by the NIT chairman and the NMC commissioner was earlier formed to oversee and make decisions related to the projects' financial structuring. The committee was empowered to submit proposals to the govt, which, after approvals from the NIT board, have now been cleared by the state authorities.
Officials say the redevelopment of the Gokulpeth Market, estimated to cost more than Rs1,100 crore, aims to transform the busy commercial hub into a modern facility with upgraded infrastructure, benefiting both vendors and shoppers. Similarly, the redevelopment of the NIT Sanskrutik Sankul, estimated to cost around Rs320 crore on North Ambazari Road is expected to revitalise the space as a key cultural and recreational landmark in the city.
The projects are expected to significantly boost Nagpur's urban landscape, with the govt intervention ensuring that financial hurdles no longer delay their execution.
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