Initiated with 2nd fifth year plan Indian Steel Cities have experienced a rapid development at starting. After 2000s it started to experience a steady declination due to various national and international socio economic and market related issues. Thus, to tackle it a revitalization project needs to be implemented. A revitalization project, by virtue of its nature consists of two aspects i.e. planning and project management. As a revitalization project includes huge resources and its dynamic nature, it needs a proper structured management plan for effective utilization. The study has tried to establish a planning and administrative framework which is useful to properly implement and monitor the revitalization project. Involvement of Project Management Body of Knowledge (PMBOK), phasing of project are included in methodology. Empirical relation between resources and project phase completion status imparts the way of future monitoring. Stakeholder's involvement through expert's opinion and Analytic hierarchy process (AHP) have moulded the framework. Study shows participation of Planning and designing to the development project is having the largest contribution. Also, Land development proves itself to be the key element from where most critical issues have the chance to evolve during the project. Phasing also provides a guideline showing the interdependency of the stages which can further be used for better outcome and to tackle dynamic nature of the project. Study provides the iterative path of future analysis based on expert's perception and administrative input.