Nagpur – GAINING THE EDGE
Nagpur has been awarded the Smart City status and is a major commercial and logistics hub in central India
TEXT: SREYASI MAITY
Nagpur, one of the fastest growing tier-II cities in India and Maharashtra’s second capital is becoming a sprawling center to meet the growing requirement for commercial and residential spaces. The abundant land at affordable rates works in favor of the developers for residential properties as well as industries for setting up sprawling office complexes. For example, TCS, Hexaware, Wipro, Lambent and Maharashtra SEZ are some of the huge offices set ups in this satellite city. Companies such as Mahindra Satyam, DLF, Sahara and Raheja have bought land to create townships. Also on anvil is the plan for Health City as a centre for healthcare.
Fuelling the real estate growth of Nagpur are, its vicinity to the Andhra Pradesh, Telangana, and Madhya Pradesh state lines apart from great connectivity within Maharashtra and upcoming Multi-modal International Hub Airport (MIHAN). It also has a tourism opportunity with tiger parks within striking distance.
ON THE GROWTH TRACK
Industry experts are optimistic about the demand in the housing segment, both luxury and affordable. The property appreciation has been in accordance with the MIHAN project, SEZ development and the impending Nagpur metro. As a matter of fact, the city has offered returns of around 20% on the property in the last couple of years.
The Nagpur Municipal Corporation (NMC) and the Nagpur Improvement Trust (NIT) have collaborated with different worldwide companies for a perfect metro rail system within the city to serve its increasing population in an improved way.
Many developers are moving to this city and developing projects for various segments. Hardik Patel, CEO, VrindavanRadha Madhav Developers stated, “We are mainly focusing on southern Nagpur region with further expansion towards Wardha road. Our township project in Southern Nagpur offers unparalleled residential facilities within the township. The projects under Vrindavan Township are Rukhmani, Gokul, Sudhama, Yashoda, Devaki, and Nand. The lavish 111-acre plot offers spacious, green and lavish apartments. Vrindavan stands-out not only because of the size of the plot but also for the quality of construction.”
The existing commercial domain – Hingna MIDC and Butibori MIDC has increased the demand for built-up properties in Nagpur, for commercial and residential purposes. The surge in interest has also been credited to the NRI investors who see Nagpur as a promising tier-II city.
Another developer Rachna Constructions has taken real estate landscape by storm in Nagpur with their premium housing projects like Rachna Nakshatra Ashwini, Rachna Sahira, Rachana Mithila, Rachna 24 Carat and Rachna Samruddhi. On the development of high-end ventures in Nagpur Shishir Diote, MD, Rachna Constructions said, “We have successfully completed several projects of various magnitudes in Nagpur from affordable to luxury housing.”
Apart from New Delhi, Nagpur is the only city with rail connection to all state capitals making at an ideal location for the logistics industry. Nagpur’s Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN) project add to the attractiveness of the city for the sector.
The lower property prices & cost of living and economic and infrastructure development is attracting young homebuyers, as they are assured of decent returns through rents and sale.
In the next 5 years, Nagpur is set to witness a considerable growth in the real estate sector due to the rise in urban population and economic growth. Nagpur has started creating job opportunities for ITs and it falls under the fastest growing cities under Tier II region.
OUTER RING ROAD (ORR) PROJECT
- The National Highways Authority of India (NHAI) is well on its way to open certain extends of the ORR venture for public use.
- Running 119 km interfacing the National Highway-7 (NH-7) (Nagpur-Jabalpur), the proposed 84-km ORR will connect the Amravati Road (NH-6), the Saoner Road (NH-69) and the Jabalpur Road (NH-7).
- ORR would also improve the chances of the pockets that get a Metro connectivity.
- 25- storey tower Traffic and Transit management centre (TTMC) opposite Yeshwant Stadium and Kasturchand Park
- 8-storey commercial complex at Prajapati Nagar station
- 20-storey tower at Zero Mile
- Five more commercial projects are in the offing located at Cotton Market, Santra Market, Gaddigodam, Jai Prakash Nagar and Neeri.