Nagpur is known for their hubs of medium to heavy industry and the IT/ITes as well as BPO sector companies. Nagpur has various features like centrally located at zero milestone, with vacant land at affordable rates that are perfect for various industries including IT organizations. Since the location is close to the main city, its an additional advantages of the workforce as well that wish to enjoy comfortable lifestyle which is available in Nagpur. Famous big companies like Satyam, TCS, Hexaware, Wipro and Lambent, the Special Economic Zone (SEZ) coming soon in Nagpur will host among other aviation companies like Boeing’s 100 million dollar maintenance, repair and overhaul base for Asia.
Due to such establishments there are also other important facilities are growing including health, educational and recreational facilities in its fold. There is another expensive 7000 crore multimodal International Hub and Airport for Nagpur (MIHAN) is expected to be coming soon that require 3310 hectares of land area in which 1200 hectares exclusively for the Airport.
Real Estate Project in Nagpur
In Nagpur, the real estate developers have also started their projects to meet the growing demand of residential and commercial spaces. They are getting good response as the brisk buying and construction activity is beyond the expectations of real estate analysis that the professionals did earlier. After the news of MIHAN project coming in Nagpur, the property rates in nagpur went up almost 500% back in 2006. The NRI investors also saw nagpur as a reliable and profitable Tier II city. According to a survey, the blossoming real estate industry in nagpur has given 1 lakh people in past 2 years.
Residential Properties in Nagpur
Currently the north-east and southern areas of the city is having faster residential development going on which includes Civil Lines which is one of the premium residential locations. The rates are around Rs. 3500 per sq. ft. Other preferred locations for residential properties are Ramdaspeth, Dhantoli, Dharam Peth, Pipri and Shankar Nagar include similar rates. The cost of colonies in Vardhaman Nagar, Pratap nagar and Surendra Nagar are from 1200 to 2000 rupees per square feet. Many large real estate companies has invested for integral township projects as well that will have Hotel, shopping mall, multiplex, luxury apartments and much more facilities. One such township project is named Haappy Home Eden City which is spread on 22 acres land offering luxury features including spacious apartments, lush green surrounding, Bus service, Temple, shopping mall, hospital, banking services, educational institutes and much more. It is offering 1 BHK residential apartment in Nagpur and 2 BHK residential apartments in Nagpur with adorable price range.
Commercial Properties in Nagpur
Near NH-7, The Logistics Park is coming soon that have attracted investors that were willing to invest in the properties that are close to city side of the highway. The Maharashtra Airport Development Company (MADC) is selling land at Rs. 80 lacs an acres but in the newer parts of the city, the rates are around Rs. 2 crore per acre. Currently 0.8 million sq. ft. of the commercial space has been occupied and the current absorption rate is around 50 to 60 percent.
Some famous and recently build landmarks are MHKS mall chaoni, Mangalam Marvel at W.H.C. Road, The Triangle at Kingsway and Inland at Central Avenue. Nagpur is showing its latent to become india’s fastest growing cosmopolitan city and probably world city once the MIHAN project will be completed. Haappy Home Eden City Nagpur and similar high class projects are opening doors for investors and buyers that wish to move here and live in with complete happiness.
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I am happy to know that the prices are getting higher as i have some land which is near NH-7 and its rates are growing. i will soon sell it when the market will on peak. Thanks for this article. Good job.
R.P.