Boom in the 'Orange city' - NAGPUR
Source: The Times of India
The proposed International Cargo hub (MIHAN) has made Nagpur a real estate hotspot, says Shilpa Sachdev
It is one of the fastest growing Tier III cities in India and believed to be India's future IT and Aviation city Nagpur is India's second capital and third big city in Maharashtra. It is famous for its oranges and hence is known as the 'Orange city'.
Recent developments have fuelled the growth of real estate in Nagpur. One of them is the proposed Multi-modal International Hub Airport that has suddenly spurred the interest of investors in commercial and residential spaces in the city Located in the centre of India, Nagpur is a strategic location for the Multi-modal International Hub Airport. Boeing's maintenance base is another development that has added to the real estate growth in the city
The upmarket zones of the city include areas like Dharampeth, Ramdaspeth, Gokulpeth, Ramnagar, ShivajiNagar, Byramjee town, Gandhinagar and Ravi Nagar. These places mostly have bungalows and large apartments. Reports say that some of the bungalows in these places have been sold for almost a crore. The demand on the residential side is huge. Developers are taking the opportunity with both hands and developing a string of residential projects for investors.
As a result, the residential supply in Nagpur has grown by almost 100 per cent over the last few years. The upcoming residential locations in Nagpur are on Kamptee Road in the northeast, Khamla and Hingna Road in the south-west and Besa and Wardha Road in the south. Majority of the new supply is concentrated in the southern zone (Wardha Road) near the upcoming Cargo Hub. Traditionally having more bungalows in the territory, local developers are now coming up with new apartment projects in Nagpur to meet the increasing demand for housing. Township projects too are getting a good response from local residents and investors.
Premium residential projects (catering to MIG and HIG) are predominantly coming in the west and southern parts of the city, while ordinary residential projects (catering to LIG and lower MIG) are coming in the north and east parts of the city. Development of MIHAN project consisting of International Airport, SEZ and Cargo Hub are the key reasons for projecting Wardha Road as the growth response from local residents and investors.
Premium residential projects (catering to MIG and HIG) are predominantly coming in the west and southern parts of the city, while ordinary residential projects (catering to LIG and lower MIG) are coming in the north and east parts of the city. Development of MIHAN project consisting of International Airport, SEZ and Cargo Hub are the key reasons for projecting Wardha Road as the growth corridor. Real estate development is likely to pick up along this road in the short and medium term. The target would be more towards middle and upper middle income segment population. Amrawati road, Kampte road and Katol road are the other growth corridors. Current prices range between Rs. 3000 to 5000. The response to MIHAN will decide the future prices in the city
On the commercial side too, Nagpur has shown impressive results. The commercial property market in Nagpur has witnessed steady growth in the last few years. There is a demand for quality commercial space across the city. The main commercial centers in Nagpur are Sitaburdi, Dhantoli, Sadar, Civil Lines, Gokulpeth, CA Road and Mahal. These areas have seen maximum appreciation. The appreciation in the rentals has been steady across Nagpur. IT and ITES are showing a lot of interest in Nagpur. The upcoming SEZ at MIHAN will have an IT park spread over 400 hectares that will house IT majors like Satyam Computers, TCS, Patni Computers as well as Microsoft. Dell too has evinced interest in Nagpur. Shapoorji Pallonji & Co has got 100 acres and L&T Infocity has got 120 acres for IT parks.
More is being built on the commercial front, as the existing supply is not enough. A cumulative 1.19 million sq ft of commercial office spaces is expected to come into the market by 2009.
Manan Bhondekar, MD, Grace Realities says, "Nagpur has a very strategic location as it lies in the centre of India. It is well connected to every part of the country After Chandigarh, Nagpur stands to have best infrastructure ratings. A Knight Frank report has given second position to Nagpur for infrastructure. The city is free from congestion. It is ready for development. With the International Cargo hub coming up here, it is set to be the logistics hub of the country Nagpur will be the aviation mode of the country and hence will assume great importance. National and international cargo will be accumulated and distributed from here. The amount of business generated will increase and it will become a business centre. There will be a lot of employment generation. It will soon become a metropolitan city Growth has just started to take place. This is the right time to invest in Nagpur; the returns will show after one and a half years. And the investments will give attractive returns to those who invest in Nagpur. We are hoping that it will become India's second commercial city after Mumbai."
The time is right for those who are looking beyond Mumbai and Pune. Nagpur has already begun to show up on the list of real estate fraternity The growth story has just begun!
The proposed International Cargo hub (MIHAN) has made Nagpur a real estate hotspot, says Shilpa Sachdev
It is one of the fastest growing Tier III cities in India and believed to be India's future IT and Aviation city Nagpur is India's second capital and third big city in Maharashtra. It is famous for its oranges and hence is known as the 'Orange city'.
Recent developments have fuelled the growth of real estate in Nagpur. One of them is the proposed Multi-modal International Hub Airport that has suddenly spurred the interest of investors in commercial and residential spaces in the city Located in the centre of India, Nagpur is a strategic location for the Multi-modal International Hub Airport. Boeing's maintenance base is another development that has added to the real estate growth in the city
The upmarket zones of the city include areas like Dharampeth, Ramdaspeth, Gokulpeth, Ramnagar, ShivajiNagar, Byramjee town, Gandhinagar and Ravi Nagar. These places mostly have bungalows and large apartments. Reports say that some of the bungalows in these places have been sold for almost a crore. The demand on the residential side is huge. Developers are taking the opportunity with both hands and developing a string of residential projects for investors.
As a result, the residential supply in Nagpur has grown by almost 100 per cent over the last few years. The upcoming residential locations in Nagpur are on Kamptee Road in the northeast, Khamla and Hingna Road in the south-west and Besa and Wardha Road in the south. Majority of the new supply is concentrated in the southern zone (Wardha Road) near the upcoming Cargo Hub. Traditionally having more bungalows in the territory, local developers are now coming up with new apartment projects in Nagpur to meet the increasing demand for housing. Township projects too are getting a good response from local residents and investors.
Premium residential projects (catering to MIG and HIG) are predominantly coming in the west and southern parts of the city, while ordinary residential projects (catering to LIG and lower MIG) are coming in the north and east parts of the city. Development of MIHAN project consisting of International Airport, SEZ and Cargo Hub are the key reasons for projecting Wardha Road as the growth response from local residents and investors.
Premium residential projects (catering to MIG and HIG) are predominantly coming in the west and southern parts of the city, while ordinary residential projects (catering to LIG and lower MIG) are coming in the north and east parts of the city. Development of MIHAN project consisting of International Airport, SEZ and Cargo Hub are the key reasons for projecting Wardha Road as the growth corridor. Real estate development is likely to pick up along this road in the short and medium term. The target would be more towards middle and upper middle income segment population. Amrawati road, Kampte road and Katol road are the other growth corridors. Current prices range between Rs. 3000 to 5000. The response to MIHAN will decide the future prices in the city
On the commercial side too, Nagpur has shown impressive results. The commercial property market in Nagpur has witnessed steady growth in the last few years. There is a demand for quality commercial space across the city. The main commercial centers in Nagpur are Sitaburdi, Dhantoli, Sadar, Civil Lines, Gokulpeth, CA Road and Mahal. These areas have seen maximum appreciation. The appreciation in the rentals has been steady across Nagpur. IT and ITES are showing a lot of interest in Nagpur. The upcoming SEZ at MIHAN will have an IT park spread over 400 hectares that will house IT majors like Satyam Computers, TCS, Patni Computers as well as Microsoft. Dell too has evinced interest in Nagpur. Shapoorji Pallonji & Co has got 100 acres and L&T Infocity has got 120 acres for IT parks.
More is being built on the commercial front, as the existing supply is not enough. A cumulative 1.19 million sq ft of commercial office spaces is expected to come into the market by 2009.
Manan Bhondekar, MD, Grace Realities says, "Nagpur has a very strategic location as it lies in the centre of India. It is well connected to every part of the country After Chandigarh, Nagpur stands to have best infrastructure ratings. A Knight Frank report has given second position to Nagpur for infrastructure. The city is free from congestion. It is ready for development. With the International Cargo hub coming up here, it is set to be the logistics hub of the country Nagpur will be the aviation mode of the country and hence will assume great importance. National and international cargo will be accumulated and distributed from here. The amount of business generated will increase and it will become a business centre. There will be a lot of employment generation. It will soon become a metropolitan city Growth has just started to take place. This is the right time to invest in Nagpur; the returns will show after one and a half years. And the investments will give attractive returns to those who invest in Nagpur. We are hoping that it will become India's second commercial city after Mumbai."
The time is right for those who are looking beyond Mumbai and Pune. Nagpur has already begun to show up on the list of real estate fraternity The growth story has just begun!
Comments
Post a Comment
Dear Reader, please comment & your comment will be really appreciating & encouragement to write such articles.