The city is spread over an area of approximately 253 sq.km. and is the third largest city in the western Indian state of Maharashtra with a population of 2.1 million (2001 Census). Nagpur is undergoing major transformation and as a result of the Govt initiatives, the improving infrastructure and availability of land, Nagpur is witnessing a upward curve on the Real Estate front. According to the city’s municipal commissioner, Nagpur’s property market is on a growth curve aided in part by its improved infrastructure facilities, good roads and excellent network of education and healthcare facilities. "Nagpur will also witness a tremendous rise in demand for office spaces in approaching years", he adds.
The real estate prices, which had been inactive for many years, have witnessed a change with the announcement of the Rs 3,150-crore Multimodal International Hub Airport at Nagpur (MIHAN) in 2002-03. A number of locations around the proposed MIHAN project have seen high escalation in land and residential rates and one can also witness a multi-product Special Economic Zone (SEZ) adjacent, to be operational less than two years from now.
Revolutionizing Real Estate by empowering relationships
India’s second greenest city, Nagpur is not only a tourist destination but has various other attributions as well. Nagpur has almost 40 educational institutes in the vicinity, a technically apt workforce that is available at relatively lower cost, and the city also flaunts an international airport whose work is in progress.
Known across the country as the Orange City, a name it has earned for its famously succulent oranges, Nagpur, the second capital of Maharashtra, is now also earning a reputation as one of the fastest developing cities on the domestic real estate firmament. Ranked an impressive second by a recent Knight Frank Study listing India’s top 15-emerging growth centers for realty investment, Nagpur is currently riding the crest of demand generated by its strong industrial base and growing service sectors like IT, ITES and BPO players who are eagerly moving in. The coming of corporate and service sector majors has in turn opened up a huge reservoir for employment which in turn has impacted the demand for residential space, leading to a spurt in construction activity notably in the north-west, north-east and southern parts of the city. A prime example is the city’s upmarket Civil Lines area, where climbing property rates now range from Rs. 2000- 3500 psf. Nagpur has also witnessed a slew of new residential developments over the last few years with areas like Wardhaman Nagar offering a choice between high-end bungalows and apartments priced between Rs. 1500-2000 psf, followed by Surendra Nagar and Pratap Nagar where property prices are slightly more affordable in the Rs.1500-2000 psf range.
Nagpur is currently booming in terms of Real Estate and is expected to escalate further with the advent of various IT companies and flow of FDI in huge amounts. There are success stories of various IT companies who turned around the disadvantages of the city and used it to benefit themselves. To name a few, it can be Premier Technologies, Persistent Technology Group, Lambent Technologies and Control IT India and a lot more fumbling an opportunity to make a firm stance in the city. With IT companies striving to enter the city, the Real Estate prices of both commercial and capital values are likely to rise high.
Another major factor that has led to the soaring Real Estate prices is the NRI investment in the city.Fierce with which NRIs are investing in tier II cities along with the demand being created for both residential and commercial properties by this investment coupled with the high buying power of NRI’s the prices are being pushed beyond a reasonable limit in Nagpur.
What goes in Nagpur's favour is its central location—over 400 international flights pass daily over its skies, making Nagpur Air Traffic Control (ATR) the busiest in the country. Moreover, it is at the confluence of two major National Highways Kanyakumari-Varanasi (no 7) and Hawrah-Dhule (no 6) and all east-west and north-south railway lines.
Developers and various brokers are having a gala time and to add more to this they plan to tap other regions of the city which has a large number of NRIs with their roots from those areas. To implement this in a more professional fashion many developers and brokers hold exhibitions and fairs abroad to attract NRIs from UK, US, Dubai, Singapore etc.
Orange City, Nagpur achieved the second position on the emerging growth centers in India in a recent study conducted by a UK-based Global Property Consultancy firm and with increasing interest of NRIs in tier II cities, city emerging as a preference of IT people and with a series of other factors the Real Estate sector is expected to grow manifolds.
The real estate prices, which had been inactive for many years, have witnessed a change with the announcement of the Rs 3,150-crore Multimodal International Hub Airport at Nagpur (MIHAN) in 2002-03. A number of locations around the proposed MIHAN project have seen high escalation in land and residential rates and one can also witness a multi-product Special Economic Zone (SEZ) adjacent, to be operational less than two years from now.
Revolutionizing Real Estate by empowering relationships
India’s second greenest city, Nagpur is not only a tourist destination but has various other attributions as well. Nagpur has almost 40 educational institutes in the vicinity, a technically apt workforce that is available at relatively lower cost, and the city also flaunts an international airport whose work is in progress.
Known across the country as the Orange City, a name it has earned for its famously succulent oranges, Nagpur, the second capital of Maharashtra, is now also earning a reputation as one of the fastest developing cities on the domestic real estate firmament. Ranked an impressive second by a recent Knight Frank Study listing India’s top 15-emerging growth centers for realty investment, Nagpur is currently riding the crest of demand generated by its strong industrial base and growing service sectors like IT, ITES and BPO players who are eagerly moving in. The coming of corporate and service sector majors has in turn opened up a huge reservoir for employment which in turn has impacted the demand for residential space, leading to a spurt in construction activity notably in the north-west, north-east and southern parts of the city. A prime example is the city’s upmarket Civil Lines area, where climbing property rates now range from Rs. 2000- 3500 psf. Nagpur has also witnessed a slew of new residential developments over the last few years with areas like Wardhaman Nagar offering a choice between high-end bungalows and apartments priced between Rs. 1500-2000 psf, followed by Surendra Nagar and Pratap Nagar where property prices are slightly more affordable in the Rs.1500-2000 psf range.
Nagpur is currently booming in terms of Real Estate and is expected to escalate further with the advent of various IT companies and flow of FDI in huge amounts. There are success stories of various IT companies who turned around the disadvantages of the city and used it to benefit themselves. To name a few, it can be Premier Technologies, Persistent Technology Group, Lambent Technologies and Control IT India and a lot more fumbling an opportunity to make a firm stance in the city. With IT companies striving to enter the city, the Real Estate prices of both commercial and capital values are likely to rise high.
Another major factor that has led to the soaring Real Estate prices is the NRI investment in the city.Fierce with which NRIs are investing in tier II cities along with the demand being created for both residential and commercial properties by this investment coupled with the high buying power of NRI’s the prices are being pushed beyond a reasonable limit in Nagpur.
What goes in Nagpur's favour is its central location—over 400 international flights pass daily over its skies, making Nagpur Air Traffic Control (ATR) the busiest in the country. Moreover, it is at the confluence of two major National Highways Kanyakumari-Varanasi (no 7) and Hawrah-Dhule (no 6) and all east-west and north-south railway lines.
Developers and various brokers are having a gala time and to add more to this they plan to tap other regions of the city which has a large number of NRIs with their roots from those areas. To implement this in a more professional fashion many developers and brokers hold exhibitions and fairs abroad to attract NRIs from UK, US, Dubai, Singapore etc.
Orange City, Nagpur achieved the second position on the emerging growth centers in India in a recent study conducted by a UK-based Global Property Consultancy firm and with increasing interest of NRIs in tier II cities, city emerging as a preference of IT people and with a series of other factors the Real Estate sector is expected to grow manifolds.
1 comment:
Thanks for such an interesting article here. I was searching for something like that for quite a long time and at last I have found it here.
Jim Zaspel at blogspot.com
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