USP's Of Nagpur (Why Nagpur Is Real Estate Destination)
Nagpur is an emerging metropolis. In 2004, it was ranked the fastest growing city in India in terms of the number of households with an annual income of Rs 1 crore (10 million) or more.
Nagpur is an emerging metropolis. In 2004, it was ranked the fastest growing city in India in terms of the number of households with an annual income of Rs 1 crore (10 million) or more. Nagpur has been the main center of commerce in the Vidharbha region since its early days and is an important trading location, it is connected with many districts and it is the main trade center of Vidharbha, Hence, it is an attractive real estate destination for the business men and other small scale industry owners of various districts and other states.
Biggest cargo hub in India (MIHAN) which will be the strongest growth factor of Nagpur real estate development. These industries attract people from other districts to migrate to Nagpur for the employment, which again is a growth factor of Nagpur real estate market. Only station in India where 400 train are passing every day .A total of 160 trains stop at Nagpur as it is the center of India
Being connected to all the major districts, it is city which attracts majority students population of nearby districts for higher education and Jobs, Nagpur is the biggest “Education Hub”, Nagpur had Best chemical engineering college in Asia ‘LIT’, Only city in Asia having biggest fire engineering college, VNIT 2nd biggest engineering college after ICE, hence this results to migration of lot of students from various districts and states for the higher education and which in turn increases rentals and boom in real estate. 3 times got award by Times of India as “Best city to live in India”, Nagpur is the 2nd “Cleanest and Greenest City” in India.
Nagpur is known as The “Orange city of India”, and is one of the most popular tourist destinations. Nagpur city is dotted with many natural and man-made lakes with Ambazari Lake being the largest, the clean and green road with trees and parks around it are one of the major attractions of the Nagpur city. The city of orange is surrounded by many parks and 3 famous wildlife sanctuaries, which are home for many wild animals including Royal Bengal Tiger and recently declared as “Tiger Capital of India.”
Rich in cultural ethos and diversity, the city is also home to many mosques and temples. The rich architectural heritage is evident at Deekshabhoomi, the hollow stupa is the largest dome shaped monument and an important place of Dalit – Buddhist movement
Nagpur is known as the “Winter Capital” of Maharashtra. It is the third largest city in Maharashtra and the 9th largest urban conglomeration in India. It is a fast growing metropolis and is the third most populous city in Maharashtra after Mumbai and Pune, and also one of the country’s most industrialized cities.
Inauguration of the biggest Swami Narayan temple had been done in Nagpur, which will be a major tourist attraction. This temple is constructed on 23 Acres of Land. The 750th Swami Narayan temple in India was inaugurated in the city on Monday 7th October 2013. Located in Wathoda near the Middle Ring Road, the temple is the largest among the over 1,000 temples that have been set up by Swaminarayan Sanstha across the world.
Current & Future Infrastructure Developement in Nagpur
From 2008 Nagpur market has been able to witness boom in its real estate market, this is mainly because of expansion of the city limits by introducing outer ring roads which is of 85.5 km connecting to Wardha road- Amrawati road- Kamptee road – Bhandara road, Road Network improvement with widening, ROBs, flyovers, Techno-feasibility of MRTS already in place. These are some of the growth stimulators changing the cityscape of Nagpur. Maximum activity in terms of planned residential, commercial and retail development can be witnessed in the western and central micro markets of Nagpur.
Nagpur Metro Rail project is announced by the state government of Maharashtra for the city with the expenses of 4,400 Cr and 3,800 Cr Rupees for its two phases of 25 km (from Sitabuldi to MIHAN and Butibori via Airport) and 20 km (Sitabuldi to Automotive Square in Kamptee) respectively.
Due to the city’s central location, Nagpur’s Air Traffic Control (ATR) is the busiest in India. Domestic airlines such as Indian Airlines, Jet Airways, and Kingfisher Red connect Nagpur with major cities like Mumbai, Delhi, Hyderabad, and Kolkata. Nagpur is set to be a prominent destination on India’s aviation map as the country’s first ever Multi-modal International Cargo Hub (MIHAN) is expected to contribute significantly to the development of the city as well as other regions
Butibori & Hingna Industrial estate houses approximately 900 small and medium industrial units. The existing land in Asia biggest industrial area is almost full therefore M.I.D.C is set to acquire another 4000 acres of land towards Hingna. Reliance Energy Ltd. has acquired 200 acres of land to setup a power plant in Butibori industrial area. ACC Cement, Voltas, KEC Internatinal, Indorama Synthetic India ltd., this are few prominent industries which are working at present in Butibori industrial area.
The Govt. of Maharashtra with the co-operation of Govt. of India is developing the existing Nagpur airport as Multi-modal International Passenger and Cargo Hub Airport at Nagpur (MIHAN) Project. This includes the up gradation of existing airport to an International standard and expanding it by constructing the second parallel runway, most modern passenger and cargo terminal building with the state of the art facilities for passenger, baggage and cargo handling.
Leading IT companies and other industrial and manufacturing companies have already booked the land in MIHAN, SEZ. Some of them are –M/s Satyam Computer Services Ltd, M/s Shapoorji Pallonji & Co, has already started its construction , M/s L & T Infocity has already started its operation; TATA Consultancy services have started its operation in Nagpur with 300 employees. Other companies which have registered their demands for land are Max Aerospace, Go Air, Tata Consulting Services, Patni Computer Systems Ltd. etc. Road and Rail Terminal spread over 400 Acres as logistical center taking geographical advantages of Nagpur.
Leading IT Companies like TATA Consultancy Services Ltd., HCL Technologies Ltd., M/s. Wipro Technologies Ltd. Hexaware Technologies Ltd. have taken land to set up their IT operations in the MIHAN, SEZ
Leading Developers like Land Infrastructure Development Projects Ltd., DLF Ltd., Shapoorji Pallonji and Co. Ltd., Rustomjee, Raheja has also got there huge land parcels for the future development, Ambuja Realty Development Ltd. and RMZ Corp. have been allotted land for setting-up IT park in the MIHAN, SEZLeading IT companies and other industrial and manufacturing companies have already booked the land in MIHAN, SEZ. Some of them are –M/s Satyam Computer Services Ltd, M/s Shapoorji Pallonji & Co, has already started its construction , M/s L & T Infocity has already started its operation; TATA Consultancy services have started its operation in Nagpur with 300 employees. Other companies which have registered their demands for land are Max Aerospace, Go Air, Tata Consulting Services, Patni Computer Systems Ltd. etc. Road and Rail Terminal spread over 400 Acres as logistical center taking geographical advantages of Nagpur.
NMC also started its biggest campaign “Cleaning of NAG River”, which will again increase the beauty of the City and will also help in development of Nagpur.
Other Infrastructure Initiatives
Integrated Road Development Project (IRDP): For the development of major roads of Nagpur city, the State Government with the help of MSDRC has provided Rs. 113.08 crores for construction of 106 km length of roads. The improvement in the roads included widening of the roads, providing drains on both sides, construction of footpaths, centralized dividers, signage, traffic channelizes and street furniture. The NMC has also taken up the work of beautification of squares. These roadways will provide major growth impetus in the respective regions of Nagpur. Real estate prices are likely to appreciate considerably in the areas around the project.
As an addition to the city development, a project of construction of flyover with shopping complex as passenger facility centre is undertaken. For this project an expenditure of INR 16.23 crores is estimated. The purpose of the flyover is to solve the traffic congestion in front of railway station, to reduce pollution and provide arrangement of seven lane traffic (3 on Flyover and 4 on roads below flyover). The project is in progress. About 45% of the work is completed.