Nagpur News

NIT Unveils ₹1,072 Crore Redevelopment Plan to Transform Gokulpeth Market

After more than 20 years of delays, the Nagpur Improvement Trust (NIT) has made remarkable strides in launching the ₹1,072 crore Gokulpeth market redevelopment project. This ambitious initiative has been awarded to M/s Maathi Developers Private Limited, a subsidiary of the Pune-based real estate giant Goel Ganga Group, renowned for its 1.5 million square feet World Trade Centre in Sitabuldi, Nagpur.During a recent board meeting, NIT approved the project proposal, marking a significant milestone for a plan that had been stalled by various administrative and political hurdles.
The developer has committed to a premium of ₹1 crore over the initial asking price of ₹490 crore, emerging as the highest bidder with a total quote of ₹2,491 crore.The redevelopment will be carried out under a public-private partnership (PPP) model, utilizing a design-build-finance-maintain-sell (DBFMS) framework. The project is set to feature the tallest mixed-use towers in Central India, complete with parking facilities that extend from the basement to the seventh floor. M/s Hiten Seth and Associates (HSA) have been appointed as the design architects and project management consultants.

Key Features of the Project:

  1. Timeline: Construction is expected to be completed within 60 months, with the sales phase concluding in 72 months.
  2. Rehabilitation: Current lease or license holders in the market will be relocated to the lower floors of one tower. 5,795.72 square meters of carpet area has been allocated for this purpose, valued at ₹31 crore, with allocations determined through a lottery system.
  3. Commercial and Retail Spaces: The complex will feature showrooms, shops, multiplexes, banquet halls, restaurants, and office spaces.
  4. Design and Area: Spanning 14,205.55 square meters, the project will include parking facilities and additional Floor Space Index (FSI) as per regulations, allowing for a construction area of 1.73 lakh square meters.

The new towers aim to transform the Dharampeth market zone with modern infrastructure, offering residents and businesses access to upscale showrooms, vibrant commercial spaces, and a fresh vegetable and retail market. This redevelopment will redefine the elite commercial district of Nagpur.With construction set to commence soon, the project is on track to become a landmark development for the city, significantly enhancing its urban infrastructure and commercial appeal.

Ziya Khan

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