The present study was carried out during 2021-2022. The study aimed to document and highlight the important species of the study area around the Hydropower project. A total of 77 economically important species were documented from the area, out of which 76 species were recognized as Angiosperms and one as a Gymnosperm. Also, 4 species out of the total species recorded were used as medicine, 37 fuelwoods, 29 fodder, 29 wild edible, 19 timber, 8 agricultural implements, 6 religious, 07 fibres, and 6 dye. Apart from the survey, various quantitative methods were applied to determine the value of medicinally important species in the community in terms of their Use Value, Relative Frequency of Citation as well as Fidelity Level. The Use Value of the species recorded in the study area ranged from 0.25 (Murraya koenigii, Mentha sylvestris) to 1 (Synedrella nodiflora). The Relative Frequency of Citation ranged from 0.012% (Phyllanthus emblica) to 0.116% (Rumex hastatus). The Fidelity Level of the species ranged from 25-100% and the species with 100% FL were Bauhinia variegata, Murraya koenigii, Mentha sylvestris, Grewia optiva, and Citrus limon which were used against healing wounds, treating dysentery diarrhoea, headache, indigestion and dental problems. Therefore, it is evident to conclude that the species with high ethnobotanical importance have a greater risk of getting affected by the developmental project. Thus, various conservation strategies need to be planned and adopted to ensure that the species do not extinct and are available for future generations.