Real Estate Nagpur
Nagpur, Maharashtra derived its name from the river Nag that flows through it. Also known as the 'Orange city' of India, Nagpur, once a small country town has in recent times metamorphosed into a metropolis with luxury apartments and condominiums, lavish showrooms, malls with multiplexes, hi-tech healthcare facilities and better infrastructure with smooth roads and flyovers. The data itself speaks for Nagpur real estate witnessing a major spurt.
Moreover, this transformation in lifestyle has also seen the surfacing of a more informed and aware new generation, more disposable incomes and an increase in elite millionaires. As the city gears up as the next hub for industries and service sectors like the IT, ITES and the BPO sector - its infrastructural facilities, strategic location and connectivity to the financial capital, Mumbai are few of the many factors attracting real estate investments to Nagpur.
Another favorable reason for investments into the city is the availability of workforce who are gradually shifting base to Nagpur following the growth of job opportunities and congestion in the nearby cities of Mumbai and Pune. This consistent migration into the city has led to large demand for residential spaces in the city. Housing in Nagpur is becoming simple due to real estate agents in Nagpur who know the city trends and are aware of Nagpur property prices.
Also following investments from some of the premier corporate houses and international IT and BPO companies, there has been an increasing demand for office spaces, initiating the developers to offer state-of-the-art offices at par with international standards. Most real estate developers from Nagpur and around the country are taking initiatives in constructing housing structures catering to all classes of people.
Still branded as an upcoming city, the property prices in Nagpur may not be as exorbitant as its cousin cities of Mumbai and Pune but due to all these factors there has been a significant moderation in the quality of residential and commercial properties in Nagpur leading to substantial price escalation in the last couple of years.
Nagpur, in recent times has developed into a centre of brisk business with several IT companies starting there operational bases in the city and there are reports of technology giants like Infosys and Wipro making serious consideration of expanding to the city.
Moreover, Nagpur gradually developing into a BPO hub in the lines of Pune as infrastructural facilities, skilled work force and easy accessibility to major destination cities in India and abroad proves advantageous. The recent foray of high players in the field like Genpact (formerly GE Capital) into the city is sure to bring major boot to the economic and realty sector of Nagpur.
Nagpur with its moderate weather conditions and congestion-free infrastructure has also won the bid over other Indian cities for the US aircraft manufacturer, Boeing's maintenance, repair and overhaul (MRO) base pertaining to its Asia operations. This proposed project to be developed in the Nagpur SEZ will have provision for setting up independent facilities for its operations and other amenities in the likes of educational institutions, healthcare and entertainment facilities.
There are also proposals for Satyam Computers to start their base in the SEZ. The Nagpur SEZ also an extension of the international airport, besides creating extensive job opportunities has a major role to play in the transformation of the city into one of the fastest growing cities in India.