NIT to Redevelop Sanskrutik Sankul into 13-Storey Complex

10 Jan 2025 CW Team

The Nagpur Improvement Trust (NIT) has unveiled plans to redevelop its Sanskrutik Sankul property on North Ambazari Road into a 13-storey mixed-use commercial and residential complex. This project will be carried out through a Public Private Partnership (PPP) model, with the contractor being the highest bidder, offering an upfront payment of Rs 1.20 billion to NIT. The construction costs are expected to total approximately Rs 3.20 billion, including the premium paid.

The complex will be built on a plot of around 43,000 square feet and will feature over 1.75 lakh square feet of built-up space. The development will include commercial offices, residential units, parking facilities, and a starred hotel. Additionally, NIT鈥檚 office will be accommodated in the new building, and existing shopkeepers will be relocated to the new structure once completed.

The development is strategically located near the Metro Corridor, which will offer enhanced connectivity and ensure high demand for the commercial and residential spaces. The developer will also be responsible for setting rental or sale prices for the units. This project follows the success of similar redevelopment projects, such as the Gokulpeth Market redevelopment, positioning the Sanskrutik Sankul project as a significant addition to the region鈥檚 infrastructure landscape.

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