Nagpur: Once a Maoist hotbed where few dared to tread, Gadchiroli is now seeing land rates soaring in its interiors. The district clocked real estate transactions of more than Rs600 crore in the last fiscal, mopping up over Rs30 crore as stamp duty on realty deals. Sources say, rates of farmland have touched Rs 10-15 lakh an acre.The demand is fuelled by the steel industry which finds Gadchiroli a preferred destination. As the state govt is acquiring land on behalf of steel players like JSW, rates in the periphery too have gone up as a chain reaction. Like cities, smaller plots are being carved out of farmlands even in the interiors and being sold on a per square feet basis, which was unprecedented till a few years ago, said sources.A 5% stamp duty is levied on purchase of real estate in rural parts and for urban areas it is 6%. Considering an average 5% rate of stamp duty, the value of realty transactions on which duty has been paid caps Rs 600 crore, said sources. A target of collecting Rs30 crore was fixed for the district, which was surpassed, said sources.From a Left-Wing Extremism (LWE)-hit district, Gadchiroli has emerged as the most favoured destination for the steel industry.During the 2024-25 fiscal, a target of Rs30 crore as stamp duty was set for the district. However, actual collections came to Rs24 crore then. This comes to an estimated Rs 480 crore in terms of value of transactions, considering 5% duty. The state govt too has initiated a massive land acquisition drive for industrial units in the district. This includes JSW Steel’s facility dubbed to be the largest in the world. Over a decade ago, the govt offered huge land parcels for a nominal Re 1 at MIDC estate in Gadchiroli town, but many players bought land but started no activity.Now, govt’s land acquisition and sprouting steel units has spurred real estate activity. It’s not only the companies whose land purchase is contributing to realty deals, even individual investors are scouting for land in the interiors.Majority of the buying is happening in rural areas. It’s either in the mining pockets like Surjagarh Hills or areas like Chamorshi or Konseri, where steel industries are coming up, said sources. Apart from bigger players like Lloyds Metals and Energy Limited (LMEL), which is running an iron ore mine and building a steel plant, or JSW, even smaller companies are buying land in the district, a source in the steel sector said. The demand is riding on future development prospects, the source said.“In areas where investors would once fear to venture, tribals have begun carving smaller plots out of farmlands and scouting for investors. Largely, a forested area and limited availability of land is fuelling rates too,” said Ravi Ramgundewar, a resident of Allapalli, an interior pocket of the district.Amid the realty hype, Maharashtra Industrial Development Corporation (MIDC) move to acquire land for JSW’s proposed steel plant is being opposed by Congress. The party’s district president Mahendra Bramhanwade said over 3,500 hectares spread over 12 villages is being acquired by MIDC. Recently, as a gesture of protest, a group of residents gathered at the district headquarters and tonsured their heads. Bramhanwade claimed residents are not ready to give up land, even if a higher price is offered.
