The second capital of Maharashtra, Nagpur is the largest city in central India. Nagpur is a popular tourist destination that is very famous for its oranges, educational institutes and proficient workforce. Nagpur is emerging as one of the most preferred investment options among tier-II cities for property investors both natives and NRIs.
Nagpur has been growing constantly at a quick pace and the trend is expected to continue in the coming years. With the arrival of various IT companies such as Premier Technologies, Persistent Technology Group, Lambent Technologies, Control IT India, etc. and flow of FDI in huge amounts, the city of oranges is welcoming a real estate boom. Many more companies from IT, ITes and BPO sector are looking forward to enter the city and this has resulted in escalation of prices of both residential and commercial properties.
Nagpur ranks among the most promising real estate investment destinations in Maharashtra. It attracts commercial industries because of the following two primary reasons: (a) it is a centrally located city which gives extra advantages due to its strategic location, (b) it has abundant workforce or labor to offer at lower prices and (c) it boasts of profuse land supply leading to bookings of large pieces of land.
Major industry leaders like Wipro, TCS, Hexaware, etc. are also setting up their business units in Nagpur. One of the most fascinating commercial deals of this city is the sale of land by MADC (Maharashtra Airport Development Company) at Rs. 80 lakh per acre. Even at such grand prices, the demand for property has not seen a slowdown, it has been constantly increasing. In addition to this, lot of development in integrated townships is also prevalent with various upcoming projects in the city. Satyam Group and Sahara Group are considering developing such projects while DLF has undertaken construction of an SEZ Park that aims at creating over 50000 jobs for the locals. Some local builders like Nikunj Builders (P) Ltd, Hindustan Builders, Roshni Developers and Shewalkar Developers Ltd are also carrying out residential projects in the city.
The demand for property by business class and immigrants is soaring high, as a result of which, the price of property in Nagpur is reaching towering heights. Moreover, NRIs have shown interest in real estate of Nagpur as it is soon becoming one of the most lucrative tier II cities in India. Their high buying power is the ideal opportunity for real estate developers to cash upon and so, these developers and brokers are looking forward to tap a larger base of NRIs. The property market of Nagpur is hot with prices shooting through the roof and price of even a plot of land has rocketed, making both the local builders and real estate agents happy with this unprecedented rise. Once a sleeping city, Nagpur is now on a highly progressive path in both residential and commercial sectors.
The residential areas such as Dhantoli, Marathahalli, Wardha, Shankar Nagar, Manish Nagar and Amravati Road have seen extensive residential development and good hike in property rates. The city has expanded majorly in the northern, eastern and western regions and is thus seeing a massive surge in prices owing to the rising demand. Civil Lines remains a premium residential neighborhood of the city, fetching maximum rates.
The spurt in price is due to the growing industrial belt in the city which has caught the eyes of investors who are now trying to pour in with their businesses. It is both cost effective and easier to start anew in Nagpur than in other Maharashtrian cities like Pune and Mumbai.
With this speedy pace of development, Nagpur property market is the emerging hotspot of western India.