As the urban landscape in India gets re-defined, Nagpur emerges as India’s most promising location on every property consultant’s book.
Shedding its Orange city image, Nagpur’s property market has undergone a total makeover with the contemporary architecture that is mushrooming in new localities in the city. With medium to heavy industry already well entrenched, 60 IT and ITes have made inroads using the large reservoir of skilled manpower from the 40 –odd educational institutions. Premier Technologies, Lambent Technologies and Control IT India have utilised these resources to advantage. Nagpur satisfies all the requirements of the IT industry, in terms of cost of living, connectivity and power supply.
Real estate in Nagpur is set for big-time growth as the Rs.7,000 crore Multimodal International Hub and Airport for Nagpur (MIHAN) takes shape. The project, spread over 3310 hectares, would create a host of employment opportunities of which 1200 hectares would be dedicated to the international airport. The Special Economic Zone will harbour Boeing’s USD 100 million worth maintenance, repair and overhaul base.
Infrastructure and Facilities
Set up by the Government of Maharashtra and implemented by the MADC, MIHAN is a Special Economic Zone enclosing an Information Technology City, Health City, a Captive Power Plant and other manufacturing units in its precincts. The project is assured of support with world-class
infrastructure to make it an ideal centre for international operations.
Nagpur has been the choice for Singapore-based Ascendas’ International Tech Park in partnership with the MADC. To be located within MIHAN at an investment of Sing.$ 570 million to develop 4.5 million sq. ft of IT space in 5-7 years, the partnership is expected to transform the socio-economic landscape in the Vidarbha region. With such major investments taking place in the city, it is no wonder that Nagpur is the most sought-after investment destination for industrial and services sectors in the country.