Experimental measurements and simulation of various radiation backgrounds at a new underground site have been presented. The experimental cosmic muon flux, measured at this site with the help of a muon telescope set-up, agree well with simulation results after accounting for the geometric effect of the detector assembly. The gamma ray background inside the laboratory space was measured to assess and optimize the required thickness of Lead for shielding. Neutrons, produced in the surrounding rock due to radioactive decay, followed by nuclear reactions with the rock constituents, and the faster neutrons, produced through interaction of the charged cosmic particles, propagate through the rock material to reach inside the laboratory. The neutron background flux was measured and GEANT4 simulations were carried out. The results were found to be in reasonable agreement with measurements.