In a major push for the redevelopment of Gokulpeth market, Maharashtra Government has decided to partner with two development bodies of the city by contributing equity for the project and also sharing the profit. Fifty per cent share of the project’s profit will be of Nagpur Improvement Trust (NIT) and Nagpur Municipal Corporation (NMC), while the other 50 per cent will be of the State Government. The total area available for development is 14,205.55 sq m at Mouza Gadga, and the land is spread around Laxmi Bhuwan to Coffee House Square, opposite the erstwhile Saroj Talkies located on West High Court Road. NIT has a sprawling complex at the said place, a few shops of which were leased out by NMC long back. Similarly, NMC also has open land behind the NIT Complex on WHC Road where vegetable and meat market is functioning.

 

The proposal was prepared by NIT long back and a perspective plan was also finalised. However, the shop owners in the area and also the vegetable vendors were opposed to the new development. As per details, a 21-storeyed commercial complex has been planned at the site. Meanwhile, as per the new development, Urban Development Department (UDD), have constituted a committee to oversee the mega development project. The committee will have NIT Chairman as its chief while Municipal Commissioner will be the Joint Chairman. There will be 10 members, five each from NIT and NMC, which will include General Manager, Superintending Engineer (Headquarters). Deputy Director (Town Planning), Executive Officer, and Chief Accounts and Finance Officer from the NIT; while from NMC, there will be Deputy Commissioner (Property), NMC, Superintending Engineer, Dy Director, Town Planning, Establishment Officer, and CAFO. Thereafter, Executive Engineer (West), NIT, and EE (Projects), NMC, will act as Co-ordination Officers. Similarly, as per guidelines of NITI Ayog, a Transaction Advisor will be appointed to draw the fair value of the project and sharing of revenue.