Nagpur: Nagpur Municipal Corporation (NMC) is seeking to secure its 50% share in profits generated from financial sources linked to the Nagpur Metro project, with the general body scheduled to take a decision on Aug 20 on the transfer of six NMC-owned properties on a freehold basis.The issue assumes significance as NMC has already committed a 5% financial contribution towards the Metro project. Under the funding framework approved in Jan 2024, the Centre and state govt are to contribute 20% each, while NMC and Nagpur Improvement Trust (NIT) are to contribute 5% each. The remaining 50% is to be raised through loans and other sources.With substantial civic land already committed to the project, the Aug 20 general body meeting is expected to focus on protecting NMC’s financial interests, particularly its entitlement to the 50% profit share, while deciding on the proposed freehold transfer of the six properties.The govt framework also provides that NMC and NIT will be entitled to a 50% share each in profits generated from the approved financial sources. The civic body has now reiterated its claim over the profit-sharing component while processing the transfer of its land for the project.NMC’s contribution includes land provided for Metro-related requirements. According to the proposal placed before the general body, eight NMC-owned properties had earlier been handed over for Phase-I of the Metro project, with a condition that 50% of the profits accruing from these properties would remain with NMC.The civic body has calculated that around Rs74.91 crore is required to be adjusted with MahaMetro against the value of land already contributed towards its 5% share. This includes about Rs69.75 crore towards properties already transferred, Rs93.10 lakh towards the Telephone Exchange Chowk property, and Rs4.23 crore towards another NMC-owned parcel.The latest proposal concerns six properties, including land at Somalwada, Indira Gandhi Hospital in Ambazari, Tulsi Hindi Primary School in Sitabuldi, NMC’s Santra Market in Sitabuldi and land near Mahatma Phule Market. The proposal seeks to transfer the properties on a freehold basis for the Metro project.The move follows MahaMetro informing NMC in July 2024 that the project would be implemented by Maharashtra State Infrastructure Development Corporation (MSIDC) instead of MahaMetro. NMC has cited the change while processing the ownership transfer.NMC had approved its 5% contribution to the Metro project through resolutions passed in 2013 and subsequently signed an MoU with MahaMetro in Jan 2019.
