Real Estate market in Nagpur
Nagpur – Maharashtra’s second capital is a sprawling hub for medium to heavy industry and the IT, ITes and the BPO sector. Centrally located on the zero milestone, with abundant land at affordable rates, industry, including IT, is showing a preference for Nagpur. This works to the advantage of the workforce as well, which enjoys the more relaxed lifestyle that Nagpur has to offer.Further to the large facilities set up by Satyam, TCS, Hexaware, Wipro and Lambent, the Special Economic Zone (SEZ) coming up in Nagpur will host, among other aviation companies, Boeing’s USD 100 million maintenance, repair and overhaul base for Asia.
The establishment will include health, educational and recreational facilities in its fold. Along with the Rs.7,000 crore Multimodal International Hub and Airport for Nagpur (MIHAN), this project is expected to infuse the city with a host of employment opportunities. Spread over 3310 hectares, the MIHAN project will utilize 1200 hectares exclusively for the airport.
Real Estate Projects in Nagpur
Property developers in Nagpur are gearing up to meet the growing requirement for commercial and residential spaces. Real estate in Nagpur is pulsating with brisk buying and construction activity, surpassing all projections by real estate analysts. The buoyancy has come in the wake of the MIHAN project, and has sent property rates in Nagpur shooting up to almost 500% in 2006. The surge in prices has also been attributed to the NRI investors who see Nagpur as a promising Tier II city. The real estate boom has employed almost 1 lakh people in the last 2 years.
Residential Property in Nagpur
Nagpur is fast expanding on its north-west, north-east and southern fringes. Civil Lines remains the city’s premium residential neighbourhood, fetching rates in the range of Rs. 3500 per sq. ft. Properties in Ramdaspeth, Dhantoli, Dharam Peth and Shankar Nagar command similar rates.
Colonies like Vardhaman Nagar, Pratap Nagar and Surendra Nagar are also sought after where residential property rates range between Rs. 1200 to Rs. 2000 per sq. ft.
