Published On: Fri, Feb 6th, 2015

Demand Assessment : Nagpur 2

nagpurmapiBy Accommodation Times Research

Nagpur: This orange city set to taste real estate boom in upcoming years. Already existed and upcoming aviation, automobile and IT industry would create a great residential and commercial demand. Butibori Industrial estate, which is the largest in all of Asia in terms of area and Hingna industrial estate are comprised with automobile, power transmission, manufacturing, textile and other small units. According to Jones Lang LaSalle, the city would be the next favored destination for IT industry in Maharashtra after Mumbai and Pune. In future, the city will enjoy Rs 10,000 crore Special Economic Zone (SEZ) that already attracted some IT giants. The city’s most ambitious project is Multi-modal International Passenger and Cargo Hub Airport (MIHAN), which would be give boost to every segment of real estate- residential, commercial, hospitality and retail. Along with MIHAN, Boeing and other three aviation companies have shown will to set up their MRO at Nagpur. All national major real estate players have entered in Nagpur’s real estate arena. Companies like DLF, Parsvnath, Satyam Realities, Nagarjuna , Sahara city, Reatox Developers have started work for townships and shopping malls.  BSEL with the his partner Unity Infrastructure Ltd has started developing six malls, multiplexes, star hotels, industrial and commercial park with gross built-up area 2.3 million sq ft with an about cost Rs 2750 crore. Reward Real Estate Company Ltd has began its ambitious project, which comprises information technology park, a 400 room five star hotel, shopping malls, multiplexes and 600 luxury residential apartments. DLF has acquired 153 acres of land from Maharashtra Airport Development Company (MADC) to build a hub for IT and IT enable services at SEZ. The company has an arrangement with the companies like GE, Nokia, Ericsson, and ABN Amro , under which these companies would buy space in the areas developed by it. Nagpur Housing has always been a preferred location for many homebuyers as well as leading housing companies in the state. The city is also important in India with the state-of-the art infrastructure and employment opportunities that have made it a popular housing destination for people from all over India.   Rental services in Nagpur have been catering to the housing demand from students and professional who come to Nagpur too explore educational and career options. This is so to its central location, the city has also acquired a cosmopolitan culture. Many societies like Shankar Nagar, Giri Peth and Hanuman Nagar that offer rental accommodation in the city with good amenities.

 

USP Hot Residential Place Hot Commercial Space Infrastructure Future
Nagpur is located the centre point of India Dharampeth, Ramdaspeth, Gokulpeth, Ramanagar, Shivajinagar, Byramjee town, Gandhinagar and Ravinagar are up market zones for residential property. The main commercial centers in Nagpur are Sitabuldi, Dhantoli, Sadar, Civil Lines, Gokulpeth, CA Road and Mahal. Being located at the cetre of the country and well connected with all means of transport modes and best infrastructure developed by the city administrator. The global major Boeing is setting up it $ 100 million MRO facilities, which is expected to create up to 3,000 highly paid jobs and another 30,000 jobs indirectly.
Well connected by road, rail, and air to all major cities and other states. Ramadas Peth, Civil Path, ByramjeeTown, Chavni and Daga Layout  are high-end residential area where flots are sold at over Rs 1 crore A cumulative 1.19 million sq ft of commercial office spaces is expected to come into the market by 2009. MIHAN would be the milestone in the city’s infrastructure development. Both MIHAN and the Boeing MRO are fuelling the real estate growth in the city.
The city has adopted cosmopolitan culture. Kamptee Road in the north-east, Khamla and Hingna Road in the south-west and Besa and Wardha Road in the south are upcoming residential location. The city is full of hospitals, education institutes, sport clubs, recreation facilities. Leading IT firms are setting up IT Parks in the city.
Nagpur is being boomed in aviation, IT and automobile. The concept of developing large-scale township projects is getting a good response from local residents and investors. Major national developers are constructing townships, malls, multiplexes and office space which will give further boom to Nagpur’s real estate.

 

Glance at Nagpur:

population: 2,420,000 (2006)Climate: 12°C to 48 °CRivers: NagRiver ,PenchRiver ,WaingangaRiver and ChandrabhagaRiverArea: 218 km2 (84 SQ MI)Languaes: Marathi, Hindi and English

 

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