WHY NAGPUR
Here are some compelling reasons to buy a home in Nagpur -
Excellent connectivity
Nagpur shares excellent connectivity across the country via road, rail and air. The Nagpur Metro work is in progress which will be providing seamless connectivity across the city. The International Airport and the Nagpur-Mumbai Expressway are some of the other connectivity highlights.
Industrial hub
Nagpur is known for its mining industry, with many government-owned mining companies headquartered here. The famous Butibori Industrial Estate, which is the biggest industrial estate in Asia, located in the outskirts of Nagpur, and houses companies like Gammon India, Hyundai Unitech, Rama Synthetics etc.
Social infrastructure
Nagpur is equipped with sound social infrastructure that includes schools, hospitals, and healthcare facilities, shopping malls and retail outlets. The city has shaped itself into an education hub, with top-quality educational institutes located here.There are already more than 13 medical and 27 engineering colleges.
Tourist attractions
A popular tourist destination, Nagpur is dotted with famous sites like Sitabuldi Fort, Seminary Hills, Deeksha Bhoomi, Maharajbhaj Zoo, Aadasa Temple, Ambazari Lake, Shukrawari Lake, and Futala Lake. The city is also known for its many tiger sanctuaries-- Bor Tiger Reserve, Pench National Park etc.
Quality of life
With affordable property prices, sound social infrastructure, excellent connectivity, a wide range of real estate projects and pleasant weather, Nagpur offers its residents an unparalleled quality of life. It is also the third greenest city in India.The popularity of MIHAN as an investment destination is rising steadily.
Green City Of India
Nagpur is known for its greenery and was adjudged the cleanest and second greenest in India after Chandigarh in 2010.Nagpur city is dotted with natural and artificial lakes. The largest lake is Ambazari Lake. The city of Nagpur graces the natural beauty due to its location.
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) 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.
In February 2014, the Government of Maharashtra gave approval for the Metro Project, Nagpur Metro is an under construction rapid transit system for the city of Nagpur, India. It is estimated to cost Rs.86.80 crores. All stations roof tops, Depot boundary walls, vacant ground spaces, will be mounted Solar panels to make Nagpur Metro to be the greenest and environment friendly metro in the country. Nagpur going to have integrated Rail, Road, Air terminal at MIHAN (Multimodal International Hub and Airport at Nagpur). Metro may also be linked. There is a plan for expansion or absolutely new Airport for Nagpur.
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. The Maintenance, Repair and Overhaul facility constructed at Nagpur by Boeing as part of MIHAN is only the second such facility in the world, after Shanghai. MIHAN itself is the biggest project of its scale in terms of economic investments in India.
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. The National Textile Corporation has offloaded defunct properties into the Nagpur real estate in the recent past, such as the 1.49 acre Model Mills property on the Main Umrer Road. The Tata‘s Empress Mills property sale to KSL and Industries has led to an investment of Rs. 400 crore to develop an integrated township. “Empress City” on 25 acres has a provision for a 400 room 5-star hotel, shopping mall, multiplexes and 600 luxury apartments sized in the range of 1000 to 1,500 square feet area. The project, led by the Tayals Group, is expected to be ready for occupation by December 2007. Rates hover around Rs. 4125 per sq. ft. at the Empress City.
Commercial Property in Nagpur
The logistics park coming up on NH 7 has attracted investment in real estate in Nagpur in multiples of the original investment on the city side of the highway. The Maharashtra Airport Development Company (MADC) is selling land at Rs. 80 lakh an acre, but in the newer parts of the city, land rates touch Rs. 2 crore per acre. Currently, 0.8 million sq. ft of commercial space has been created, and the absorption rate hovers around 50 to 60%. The city’s shopping needs are met by markets in Sitabuldi, Sadar, Central Avenue, and Gandhi Baug. Dharampeth and Itwari have emerged as a popular alternative. The total area covered by shopping malls in Nagpur is currently around 1.8 million sq.ft. INOX at the Poonam Mall in Wardhman Nagar initiated the multiplex to the city. The Goel Ganga Group has an upcoming shopping mall in Sitabuldi on 10 lakh sq. ft with a hotel, recreation centre and multiplex theatres built in.