NIT eyes Rs 120 cr revenue from new building at Ambazari office site

 

 

 

Nagpur Improvement Trust (NIT) is going for replacement of Sanskrutik Sankul Complex on the Ambazari Road in a bid to encash premium land for development of a mixed-use commercial structure as it eyes a revenue of Rs 120 crore. The said land parcel is about 4083 sq.mtrs. and lies by metro corridor and hence would command a premium rate as the developer would be entitled for FSI of 4. As per projection of NIT, the building is cleared for height of 58 metres as approved by Airport Authority of India (AAI).

 

The plan is to demolish the existing banquet hall and adjacent G+1 structure opposite Ambazari Swimming Pool to make way for swanky new multistoried complex, that would be a mix of housing plus commercial units. Till now, NIT used to lease out its land to various parties and collect ground rent plus premium. But, now, in change of policy, the development agency is trying to encash the boom in realty market to get one-time premium from prospective developers by tying up for building swanky modern commercial complex with scope for housing units. Confirming the same, Prashant Bhandarkar, Superintending Engineer, NIT, said the Sanskrutik Sankul structure has become old and now, needs thorough renovation.

 

Now that additional FSI is available by way of Transit Oriented Development (ToD) policy, it was decided to maximise the land value through construction of modern building having latest features. The design prepared by the consultants appointed by NIT has laid out construction area at 39,964.31 sq.mtr with super built-up area of 28,900 sq.mtr. The land parcel adjoins 30 metre North Ambazari Road and 15 metre road that goes towards Ambazari Hill Top. The new building will be a Ground+13 floors, including three basements, exclusively meant for parking. At present, the current NIT building has 26 shops that would have to be accommodated in the new structure. The present site also houses NIT’s West Zone office that would also be shifted to the new building. It would be housed on the 5th floor and also, 6th floor having 10,881 sq.mtrs of area. Also, it would also have a Guest House as NIT proposes to make full use of the vast space. Till construction of the building, the developer will have to pay Rs 10,000/month for a period of 24 months or till completion of the building.

 

The developer would get 36 months for completing the construction of new building and till then, shopkeepers would continue to get displacement allowance in case they do not get possession of new units before that. To make the redevelopment deal more attractive, NIT also stated that developer can lease out spaces for commercial advertisement, as the land parcel is located on prime corner land and has connectivity of two prime roads. Till completion of construction of the new building, the developer can keep the revenue from leasing of site for putting up hoarding. Post completion, the separate societies, one for commercial and residential units and also the office segment, would take over the possession. The present location has a banquet hall that is well-patronised and in new structure also, the designers have earmarked two new halls for the same on 3rd floor. The first two floors are identified for retail outlets as NIT feels the location can be quite an attractive retail shopping front. Alongside, NIT has also proposed location of a hotel from 5th to 13th floor, in case any party evinces interest on setting up the same, as city is now seeing multiple forays into hospitality segment. Alternatively, the plan finalised by NIT also identified the upper floors from 7th till 13th floor for apartments, in case the hotel idea finds no takers.