Latest news with #Rs561
Time of India
24-05-2025
- Business
- Time of India
Gudadhe questions NMC land deals on Orange City Street
Nagpur: Former Congress corporator and AICC secretary Prafulla Gudadhe has alleged that the Nagpur Municipal Corporation (NMC) handed over prime city land worth Rs582.53 crore to private builders, while managing to recover just Rs47.86 crore—a mere 8.21% of the declared value. Slamming the civic body for what he described as a "giveaway disguised as development," Gudadhe claimed that the entire deal is tilted in favour of developers, at the cost of public interest and livelihoods of thousands of local street vendors. Addressing the media on Saturday, Gudadhe presented a detailed dossier alleging gross irregularities in NMC's sale of six out of 21 plots originally transferred to the civic body by the state govt for development of a public-commercial corridor dubbed "London Street," (now Orange City Street). These 2.38 lakh sqm of plots—formerly defence land—were meant to serve the public by promoting mixed-use development, including provisions for street vendors and low-income entrepreneurs. Gudadhe claimed the NMC has betrayed its public mandate by gifting away these strategic plots to private builders under a deceptive Build-Operate-Transfer (BoT) model. "They boast of earning Rs561 crore, but that's staggered over 10 years. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 나이들어 노안+백내장 절대 방치 하지 마세요! 부산백내장노안 전문안과 더 알아보기 Undo On the ground, only Rs47.86 crore has entered the public treasury. This is not revenue generation—it's revenue illusion," he said. As per Gudadhe, documents show glaring disparities in declared sale values and actual receipts. "One 12,500 sq.m. plot (Plot No. 3) was sold for Rs235 crore, yet NMC has only received Rs5 crore from the buyer. This pattern repeats across other plots, with developers benefiting from undervalued deals, deferred payments, and low upfront commitments, while gaining rights to develop high-end malls, showrooms, hotels, and corporate bazaars," he said. Gudadhe claimed the entire project is proceeding with no regard for the livelihoods of over 5,000 local street vendors who operate along the stretch. "In Jaitala Market, where over a thousand vendors earn daily wages, the NMC plans to build a mall, reserving only first floor for 202 vegetable stalls. This is tokenism. The rest will be swallowed by big brands," he said. Gudadhe claimed the move also violates Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014, which mandates surveys, designated vending zones, and non-eviction until vendors are accommodated—a process NMC has allegedly bypassed. "Without a public body in place for over three years, these backdoor deals are being pushed by bureaucrats in collusion with top state political leaders. The result is privatization of public land without transparency, accountability, or democratic consultation," Gudadhe thundered. He has demanded immediate halting of all private development on the Orange City Street land, full disclosure of contract terms, and rehabilitation of all affected vendors. "If these deals go through, it will not just be land, but the trust of Nagpurians that the NMC has sold out," he concluded.
Time of India
03-05-2025
- Business
- Time of India
Nagpur civic body sells 1.25 lakh sq ft plot for Rs 235 crore
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 Rs 18,784 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.
Time of India
02-05-2025
- Business
- Time of India
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
