Kotak Mahindra Bank: RLLR: 0.75 | From: 8.7% - To: 10.5%
Union Bank of India: RLLR: 0.5 | From: 8.5% - To: 10%
Bank of Baroda: RLLR: 0.5 | From: 9.25% - To: 11%
HDFC Bank: RLLR: 0.75 | From: 8.5% - To: 8.8%

Location : Nagpur

Maharashtra inks INR 8,000 crore deal with Max Aerospace for helicopter unit in Nagpur

The Maharashtra government has signed an MoU with Max Aerospace and Aviation to set up a INR 8,000 crore helicopter manufacturing unit in Nagpur. Work on the project is slated to begin in 2026, with the initiative expected to create around 2,000 jobs. This will be Maharashtra's first facility for complete helicopter production, marking a major milestone in India's defence manufacturing drive. The unit will incorporate global technology for integration, testing, and customisation of rotary-wing aircraft. Strategically located near Nagpur airport, the plant supports 'Make in India' and 'Aatmanirbhar Bharat' goals, boosting both local infrastructure and aerospace self-reliance.Read more

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Nagpur introduces property tax rebates for green-certified buildings to promote sustainability

The Nagpur Municipal Corporation (NMC) has launched a new property tax rebate scheme designed to encourage environmentally sustainable construction across the city. This initiative provides tax discounts of up to 20% for buildings certified by the Indian Green Building Council (IGBC), reinforcing the city's efforts to tackle rising pollution and urban heat. The rebate applies in tiers, with Platinum-certified buildings receiving the highest reduction, followed by Gold and Silver levels. Property owners must apply with valid IGBC certification to avail these benefits, complementing existing incentives for eco-friendly building features such as solar energy and rainwater harvesting.Read more

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Nagpur's stamp duty collections fall 7% short of target for fiscal year 2024-25

Nagpur's stamp duty collections for the fiscal year ending March 2025 fell 7% short of the target, collecting INR 1,675 crore against the projected INR 1,800 crore. The shortfall is linked to a slowdown in real estate deals and modest 4-5% increases in ready reckoner rates. Rural collections also missed targets by 3%. Despite this, officials are hopeful after recent ready reckoner hikes of up to 10% in some areas, which could boost future revenues. Nagpur Municipal Corporation faces further financial strain from undelivered property tax bills and low tax recovery, leading to a penalty waiver scheme. Improving collection efficiency is vital for the city's finances and infrastructure development.Read more

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Maharashtra slashes stamp duty to INR 1,000 for Nagpur Smart City rehabilitation homes

A major reduction in stamp duty for homes given to families displaced by the Nagpur Smart City project was approved by the Maharashtra Cabinet earlier this week. The state has decided to charge only INR 1,000 as stamp duty for the registration of lease deeds for 28 homes in Mouza Punapur, part of the 'Home Sweet Home' rehabilitation scheme. Previously, stamp duty costs ranged between INR 40,000 and INR 45,000, putting a financial strain on the economically weaker beneficiaries. This decision is expected to ease the registration process and help families regain legal ownership of their new homes.Read more

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Asian Development Bank to support Nagpur in planning TOD zones around metro stations

The Asian Development Bank (ADB) is collaborating with the Nagpur Municipal Corporation (NMC) to develop a comprehensive framework for Transit-Oriented Development (TOD) zones around key metro stations. This initiative aims to transform areas like Sitabuldi into vibrant commercial, entertainment, and mixed-use hubs, promoting walkability, enhancing public transport access, and encouraging sustainable, high-density development. ADB's technical assistance includes revising TOD policies, preparing detailed project reports, and suggesting policy-level modifications. A dedicated steering committee will oversee the project, ensuring coordination among various stakeholders.Read more

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Nagpur Land Deals: Orange City Street plot sold for INR 235 crore as NMC monetizes key land assets

The Nagpur Municipal Corporation has set a new benchmark by selling a 1.25 lakh sq ft plot on Orange City Street for INR 235 crore-its highest-ever per sq ft rate at INR 18,784. The land, earmarked for a premium commercial complex, is part of NMC's monetization drive to fund infrastructure projects. So far, six plots have generated INR 561 crore, with rates steadily rising across sales. Strategically located and part of a growing commercial corridor, the Orange City Street initiative is attracting major investments, reinforcing Nagpur's emergence as a key urban and real estate hub in central India.Read more

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Nirmal Ujjwal Society fined INR 5 lakh for encroachment on public road in Nagpur

The Nagpur bench of the Bombay High Court has ordered the Nirmal Ujjwal Credit Co-operative Society to demolish unauthorized structures-including a transformer, substation, and water treatment plant-built on a 24-meter-wide Development Plan (DP) road in Mouza Harpur, Umred Road. The court imposed a fine of INR 5 lakh, payable within a week to the Raman Science Centre, and gave four months for the structures to be removed. Citing violations of the Maharashtra Regional and Town Planning (MRTP) Act and earlier directives, the court rejected the society's justification and warned against setting a precedent that undermines public land use. If the society fails to act, the Nagpur Municipal Corporation must carry out the demolition.Read more

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Nagpur faces INR 938 crore property tax shortfall as default rate crosses 67%

The Nagpur Municipal Corporation (NMC) is grappling with a significant financial shortfall, as property tax arrears have escalated to INR 938 crore by the end of the 2024-25 fiscal year. Despite collecting approximately INR 318 crore, the civic body faces a compliance gap, with over 67% of property owners defaulting. Zones like Ashi Nagar, Mangalwari, and Laxmi Nagar are the most affected, collectively accounting for nearly half of the total dues. In response, NMC has initiated an amnesty scheme offering an 80% waiver on penalties and is intensifying recovery efforts, including property seizures and legal actions.Read more

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Nagpur Housing: NMC to build 2,500 homes under Ramai Housing Scheme in FY 2025-26

The Nagpur Municipal Corporation (NMC) plans to build 2,500 new houses in 2025-26 under the Ramai Housing Scheme, which aims to support Scheduled Castes and Neo-Buddhists by providing affordable housing. So far, 5,795 families have benefitted, with INR 112.40 crore spent out of the INR 142.43 crore sanctioned. Under the scheme, families with an annual income of up to INR 3 lakh are eligible for a subsidy of INR 2.5 lakh towards construction. Around 1,500 new beneficiaries were added this year. Ashi Nagar has recorded the highest number of beneficiaries. In January 2024, NMC received about 2,500 new applications.Read more

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NIT seeks NMC takeover of 185 developed Gunthewari layouts in Nagpur

In a push to improve civic services, the Nagpur Improvement Trust (NIT) has proposed the transfer of 185 developed Gunthewari layouts to the Nagpur Municipal Corporation (NMC) for maintenance. Despite two reminders, NIT is awaiting a formal response from NMC. Residents in these areas face issues like poor road upkeep and garbage collection due to the delayed handover. Under the Gunthewari Act, NIT developed basic infrastructure in these layouts, but long-term maintenance falls under NMC's responsibility. With 406 more layouts nearing completion, the transfer marks a move toward streamlined urban governance and improved service delivery through unified municipal oversight.Read more

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Nagpur: NIT defends compliance with HC directives in Gunthewari layout plot regularisation

Earlier this week, the Nagpur Improvement Trust (NIT) reaffirmed its compliance with the Bombay High Court's directives on the regularisation of plots in the Gunthewari layout. NIT clarified that the open space requirements under the Maharashtra Regional and Town Planning (MRTP) Act do not apply as the layout is regularised under the Gunthewari Act of 2001. The case concerns the regularisation of five plots in Raghvendra Griha Nirman Sahakari Sanstha, Mouza Manewada, challenged by the Chinchmalatpure Nagar Nagrik Kruti Samiti, with construction already underway. NIT stressed adherence to legal provisions and earlier court orders that upheld individual rights of plot holders.Read more

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Nagpur's civic body earns record INR 414.52 crore through town planning receipts

The Town Planning Department of the Nagpur Municipal Corporation (NMC) reported its highest-ever revenue collection of INR 414.52 crore in the 2024-25 fiscal year. The majority of this income came through digital channels, with INR 376 crore received online. Key contributors to this milestone included premium charges for exclusions from FSI calculations, transit-oriented development premiums, and building development charges. The department's digital-first approach not only enhanced transparency and efficiency but also played a crucial role in boosting revenue. This development reflects the growing pace of urbanisation and structured development in Nagpur.Read more

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Nagpur to get luxury hotels from Taj, Hyatt, Hilton amid INR 6,100 crore investment inflow

Nagpur will soon host luxury hotels from Taj Gateway, Hyatt, and Hilton, following MoUs signed as part of over INR 6,100 crore worth of investments by more than 150 companies targeting projects in the district. The three hotel projects alone will bring INR 875 crore, with INR 400 crore earmarked for Taj, INR 300 crore for Hyatt, and INR 175 crore for Hilton. This initiative, part of a district-wide investment push, also includes proposals for four additional hotels and various industrial projects, ranging from MSMEs to large-scale units. Other major investments include over INR 1,100 crore by Xolopak India Limited for sustainable packaging units in Gondia and Nagpur, and a facility by Inventys Research to produce pharmaceutical input substitutes, reducing dependence on imports from China.

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Nagpur homeowners struggle with delays in Gunthewari land regularization

The Gunthewari Act's land regularization process in Nagpur has left over 1.5 lakh homeowners in limbo, facing bureaucratic hurdles and financial burdens. A major concern is the requirement to surrender 10% of land to NMRDA, delaying approvals. NIT has rejected 43,500 applications, citing zoning restrictions, while continuing to collect fees. Amid rising pressure, Deputy CM Shri Eknath Shinde has formed a high-level committee to streamline the process. Calls for NIT's dissolution and merger with NMRDA are gaining traction. Similar issues in Pune and Mumbai highlight nationwide challenges in land regularization, making this committee's recommendations crucial for reform.Read more

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Nagpur residents raise urban development issues at Lokshahi Din hosted by NIT and NMRDA

The Nagpur Improvement Trust (NIT) and Nagpur Metropolitan Region Development Authority (NMRDA) held a Lokshahi Din to address citizens' grievances on urban development. Around 15 residents attended, raising concerns over layout development, property regularization, and lease agreements. A key issue highlighted was the lack of infrastructure in Zingabai Takli, where 400-500 plot owners still await roads, sewage systems, and recreational spaces despite regularization. Officials assured action within days. While the initiative aims to enhance transparency and civic engagement, the low turnout signals a need for better outreach. As Nagpur expands, authorities are urged to prioritize sustainable urban planning and ensure timely execution of infrastructure projects.Read more

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Nagpur division to implement drone-based land surveys under Svamitva Scheme

The Nagpur division will conduct drone surveys across 6,116 villages under the central government's SVAMITVA scheme to issue property cards using geo-tagging technology. This initiative, covering nearly 20% of Maharashtra's participating villages, aims to modernize rural land records. With 4,447 villages completing final reviews, the scheme has already generated INR 12.96 crore in revenue, with total projections reaching INR 33.74 crore. Nagpur leads in surveys, followed by Gadchiroli and Chandrapur. With 407 camps set up to facilitate the process, the initiative is expected to reduce land disputes and empower rural communities with formal property documentation.Read more

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Nagpur civic body faces INR 234 crore property tax shortfall, launches amnesty scheme

The Nagpur Municipal Corporation (NMC) has collected only INR 194.47 crore in property tax as of January 29, falling short of its INR 429 crore target by INR 234.52 crore. To manage funding for infrastructure projects, NMC has taken a INR 500 crore loan. An amnesty scheme launched on January 1 offers an 80% waiver on penalties and interest on INR 770 crore in arrears, aiming to boost collections before the fiscal year ends. With uneven tax recovery across zones, stricter enforcement measures, including property attachments, may follow if collections remain low, raising concerns over the city's financial stability.Read more

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Nagpur: NMC offers 80% waiver on INR 770 crore property tax penalties under amnesty scheme

The Nagpur Municipal Corporation (NMC) is grappling with a massive property tax arrears issue, with state government departments emerging as some of the largest defaulters. According to data from NMC's property tax department, the total outstanding property tax has reached a staggering INR 850.1 crore as of December 31, 2024. Government departments alone owe INR 83.74 crore in arrears, with an additional INR 10.06 crore for the current financial year, taking their total liability to INR 93.81 crore.Read more

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Process to clear land for Nagpur airport expansion gains pace with demolition drive in Shivangaon village

The Maharashtra Airport Development Company (MADC) has intensified efforts to clear land in Shivangaon village for the proposed expansion of Nagpur airport, which includes the construction of a second runway. This drive, expected to conclude within a month, involves demolishing homes that are in the way of the runway. Though compensation was provided in the form of land and cash to displaced residents, many locals claim it was insufficient to rebuild their homes. As demolitions continue, some villagers are salvaging materials from their old homes for use in their new ones at Chinchbhuvan.Read more

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