Rs 637Cr Stamp Duty & Regn Fees Waived For New Nagpur Project

Nagpur: The Maharashtra cabinet on Tuesday approved a complete waiver on stamp duty and registration charges on land acquisition transactions for the ambitious New Nagpur Business District and New Outer Ring Road projects. The move is expected to significantly accelerate implementation of the two mega infrastructure projects in Nagpur district.The decision was taken during a cabinet meeting chaired by CM Devendra Fadnavis. Private land required for both the projects will be acquired through direct purchase and mutual negotiations with landowners.According to the govt, stamp duty and registration charges for land transactions linked to the projects stood at around 637 crore. The exemption was granted under provisions of Maharashtra Stamp Act after Nagpur Metropolitan Region Development Authority (NMRDA) sought relief to speed up land acquisition process.The larger 11,300 crore New Nagpur Business District project is proposed over 692.06 hectares in Godhani and Ladgaon villages in Hingna taluka. The project includes development of an International Business and Finance Centre (IBFC), which is envisioned as a major commercial and economic hub for Central India.Officials believe the project has potential to transform economic landscape of Nagpur region by attracting industries, financial institutions, businesses, apart from generating employment opportunities on a large scale.Alongside the New Nagpur project, govt is also pushing ahead with the proposed 148km-long and 120metre-wide New Outer Ring Road around Nagpur. The corridor will connect major highways entering the city, including the Amravati National Highway, Hingna State Highway, Samruddhi Expressway, Hyderabad National Highway, Umred National Highway, Bhandara National Highway, Bhopal National Highway, Katol National Highway and Jabalpur National Highway.State govt has already approved an overall expenditure of 13,748 crore for the project. Out of this, 4,800 crore will be raised through a HUDCO loan backed by a state govt guarantee, while the remaining 8,948 crore will be provided as financial assistance by the state govt.The project also includes the development of four truck and bus terminals along the Ring Road corridor to improve logistics and connectivity around the city.Implementation of the Outer Ring Road project will be carried out in two phases. In the first phase, a 75km stretch will be constructed involving land acquisition from 50 villages, while the second phase will cover the remaining 73km with land acquisition from 49 villages.