Nagpur – A Promising Real Estate Destination Of late, Nagpur has been in the news for creating tremors in Real Estate. Also know as city of oranges, Nagpur is not only a tourist destination but also has various other interesting attributions. The city has around 40 educational institutes in its vicinity and a technically proficient workforce that is available at a comparatively lower cost. The orange city has achieved second position among the emerging growth centers of India, according to a recent study conducted by a UK-based Global Property Consultancy firm and with increasing interest of NRIs in tier II cities; it is emerging as a preferable destination for techies. Though Nagpur is growing at a stead fast rate currently, it is expected to escalate further with the arrival of various IT companies and flow of FDI in huge amounts. Every now and then, one listens to the success stories of various IT companies who converted the disadvantages of the city into benefits for themselves. For instance, Premier Technologies, Persistent Technology Group, Lambent Technologies and Control IT India and a lot more companies are looking for an opportunity to make a firm stance in the city. And with IT companies striving to enter the city, the property prices of both commercial and capital values are expected to rise high. Nagpur, one of the most promising real estate investment destinations in Maharashtra after Mumbai, has attracted and established medium to heavy industry, IT, ITeS and BPO sector to the city. Nagpur has a many advantages in its favour. It is one of the centrally located cities, with profusion of affordable land and labour, which is very resourceful for most companies as they can easily set up a unit there. In the last few years, IT, ITeS and the BPO sector have made inroads in to the city with companies like Satyam, Hexaware, TCS, and WIPRO. One of the most noticeable investments in the city includes Boeing’s USD 100 million maintenance, repair and overhaul base for Asia. This project is expected to generate a number of job opportunities, talent movement to the state and thus residential development around the site of the project. One of the most talked about upcoming projects in the country, the Airport, is the largest economic development project underway in India. The project along with it has brought industry and real estate interest to the city. The Airport project attempts to make Nagpur, one of the most central locations in India, into a cargo hub with the development of the Cargo airport. The project would mainly be divided in two parts namely International airport (to act as a cargo hub) and a Special Economic Zone with residential zone covering a total area of 40.25 sq. km on the southern end of Nagpur. The city has witnessed immense commercial and residential development since the launch of the project in 2006. This in turn led to an increase in prices in the real estate in Nagpur. Residential sector in Nagpur Once a sleeping city, Nagpur has made rigorous commercial progress with Malls sprawling up and city coming alive, day and night. Areas like Dhantoli, Wardha, Marathahalli, Shankar Nagar and Amravati Road, Manish Nagar have seen extensive residential development and command good rates. The city of oranges has not only seen development in the city areas but has also expanded in the north, east and west. It has witnessed massive surge in prices owing to the rising demand. Civil Lines remains the city’s premium residential neighbourhood, fetching highest rates. Not only that, the city is seeing huge development in integrated townships. As the city boasts of abundance land supply, there are builders booking large pieces of land. For instance, Satyam Group and Sahara Group have shown interest in developing such projects, while DLF has undertaken to develop the SEZ Park in the city and aims to create over 50000 jobs in the city. Some local builders that are carrying out residential projects in the city include Hindustan Builders, Nikunj Builders (P) Ltd, Roshni Developers and Shewalkar Developers Ltd. Commercial sector scenario in Nagpur ‘High prices’ in the commercial real estate segment is the talk of the town in the city. Some of the most fascinating deals in this city include the sale of land by The Maharashtra Airport Development Company (MADC) at Rs. 80 lakh an acre. Even at this price, the demand has been constantly rising with absorption around 50-60%. NRIs have shown a special kind of interest in the city, as it is one of the most lucrative tier II cities in India.
Posted on: Tue, 27 Aug 2013 09:44:44 +0000
Trending Topics
Recently Viewed Topics
© 2015