Nagpur Property

Nagpur is the biggest city in whole of central India, and is the second capital city of Maharashtra state. The city’s estimated UA population is around 24,20,000, and it has been considered to be the 13th major urban assemble in India at the moment.

Every real estate builder- small or big- will be normally very interested to know about the property prices in major investment destinations in India. The Nagpur real estate market, of late, has joined the gang of hotspots for the developers.

The Secret to its Steady Growth

Over the past few years, Nagpur city has been able to attract huge number of potential investors towards it. In the following sections, we are making an attempt to help you get an idea about the present realty trends in Nagpur by providing pricing details of Nagpur properties in some of the prime locations, and also discussing about the latest projects that are coming up in this hot and happening city.

Many realtors operating in this region believe that it is the NRIs who are the main driving force for the Nagpur real estate market at present, with a maximum of 20 to 25 percent of property bookings in the town originating mainly from the overseas investors. So, real estate negotiators of Nagpur are quite assertively selling properties to NRI buyers across the world.

Property Developments in Nagpur

The increasing demand for Nagpur residential property is trickling over to both agricultural and non-agricultural lands located on the borders of the city. The well-known Tayals Group has developed a modern Empress City on a total area of around 25 acres, which provides provision for a 5 Star Hotel that houses 400 rooms, multiplexes, shopping mall and nearly 600 lavish apartments measuring a land space of around 10000 to 15000 Square feet. The land price within the new Empress City starts at Rs. 4125 per square feet.

The fringes of Nagpur, particularly in the north-east, north-west and southern borders, are observing highest construction activities. The most significant aspect is that rise of many latest developments has not weakened the old-world appeal of Civic lines, and it has been able to command a price of around Rs. 3.5K per square feet.

Where to Invest in Nagpur ?

The new promising areas of Pratap Nagar, Vardhaman Nagar, and Surendra Nagar carry land rates of around Rs 1.2K to 2K per square feet. Satyam and Sahara groups are the main real estate builders who have invested on huge stretches of land property in Nagpur in order to develop new residential townships in the city.

Roshni Developers, Hindustan Builders, Shewalkar Developers Limited and Nikunj Builders Private Limited are some of the other prominent real estate firms operating in Nagpur.

Coming to commercial properties, the land rates of upcoming Nagpur’s commercial zones located along National Highway (NH) 7 have been able to touch the mark of Rs. 2 Crore per acre of land. Commercial land area of almost 0.8 million has been already generated in the city. In recent times, multiplexes and shopping malls are getting more and more famous, and presently 1.8 million square feet of mall area has been generated in Nagpur.

Latest Commercial Projects

Industrial and commercial growth of Nagpur property is now taking place in the neighborhood of the Butiburi industrial estate located towards Hingna, since the older areas of the city have no land space to spare for further expansion.

Many IT and heavy industries are rising at a matching pace with the real estate in order to drive Nagpur to obtain the second highest rank in the famous Knight Frank’s catalog of emerging cities. Many recently established industries have been able to generate huge employment opportunities, which in turn has developed demand for both commercial and residential property in Nagpur.

With growing industrial estates, the city has been able to generate nearly 1 lakh new job opportunities over the past few years. The new constructions that are coming up in Nagpur sport a fashionable and contemporary architecture, and in the process they are helping to attract more potential investors to the city. Therefore, investing in the Nagpur real estate sector can be a wise idea looking at the current uptrend; just make sure that you don’t invest blindly on an inexperienced player. Also, ensure that you go with the renowned ones like Shewalkar.