NIT Set to Transform Gokulpeth Market with ₹1,072 Crore Redevelopment Project
Nagpur’s ₹1,072 crore Gokulpeth redevelopment project finally begins, featuring modern towers, retail spaces, and vendor rehabilitation.
by Nagpur Trends Team | Published on 2024-12-12 14:30:23
Nagpur, India: After more than 20 years of delays, the Nagpur Improvement Trust (NIT) has made significant progress in launching the ₹1,072 crore Gokulpeth market redevelopment project. The ambitious project has been awarded to M/s Maathi Developers Private Limited, a sister concern of Pune-based real estate giant Goel Ganga Group, known for its 1.5 million square feet World Trade Centre in Sitabuldi, Nagpur.
In a recent board meeting, NIT approved the proposal, marking a major milestone for the project that had been stalled due to administrative and political hurdles. The developer agreed to a premium of ₹1 crore over the upfront asking price of ₹490 crore, emerging as the highest bidder with a quote of ₹2,491 crore.
The redevelopment will be executed under a public-private partnership (PPP) model using a design-build-finance-maintain-sell (DBFMS) framework. The project is expected to feature the tallest mixed-use towers in Central India, with parking facilities extending from the basement to the 7th floor. M/s Hiten Seth and Associates (HSA) have been appointed as design architects and project management consultants.
Key Features of the Project:
- 1. Timeline: Construction is expected to be completed within 60 months, and the sales phase will wrap up in 72 months.
- 2. Rehabilitation: Existing lease or license holders in the market will be rehabilitated on the lower floors of one tower. A total of 5,795.72 square meters of carpet area has been allocated for this purpose, valued at ₹31 crore. Allocations will be made through a lottery system.
- 3. Commercial and Retail Spaces: The complex will include showrooms, shops, multiplexes, banquet halls, restaurants, and offices.
- 4. Design and Area: Spread over 14,205.55 square meters, the project includes parking facilities and additional FSI as per regulations, allowing a construction area of 1.73 lakh square meters.
The new towers aim to transform the Dharampeth market zone with modern infrastructure. Residents and businesses can look forward to swanky showrooms, vibrant commercial spaces, and a fresh vegetable and retail market, redefining this elite commercial district.
With work set to begin soon, the project is poised to become a landmark development for Nagpur, boosting its urban infrastructure and commercial appeal.