This is our initiative to summarize the Real Estate Scenario in Nagpur, which is one of the most upcoming and prospective investment destinations for investors today. The city offers good infrastructure, excellent education and health care facilities, upcoming IT parks, new and abundant employment opportunities and favorable government policies which places Nagpur one of the foremost in the II tier cities for Investment in India. 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.
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. 1800- 2500 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.1200-1500 psf range.