It is the NRIs who are driving the realty market in Nagpur, with 20 to 25% of bookings in the city originating from the overseas market. Real estate agents of Nagpur are aggressively marketing Nagpur properties to NRI investors across the globe. The rising demand for residential property in Nagpur by NRIs is spilling over to agricultural and non-agricultural plots on the fringes of the city.

Amongst the several contemporary projects coming up in Nagpur, Empress City on 25 acres with provision for a 400 room 5-star hotel, shopping mall, multiplexes and 600 luxury apartments sized in the range of 1000 to 1,500 square feet area could be considered for investment. Likely to be completed by December 2007 and at rates of Rs. 4125 per sq. ft., this township is endorsed by the Tayals Group.

Real Estate Trends in Nagpur -

Residential Property:
The periphery of Nagpur, especially in the north-west, north-east and southern fringes is witnessing maximum construction activity. The old world charm of Civil Lines has not faded in the wake of new developments, and commands a rate of Rs.3,500 per sq. ft. Ramdaspeth, Dhantoli, Dharam Peth and Shankar Nagar  share the same platform, while emerging neighbourhoods of Vardhaman Nagar, Pratap Nagar and Surendra Nagar fetch rates of Rs.1200 to Rs. 2000 per sq.ft

As in Mumbai, defunct textile mills are throwing up opportunities to builders in Nagpur. The National Textile Corporation offloaded the 1.49 acre Model Mills property on the Main Umrer Road recently, while the Tata‘s Empress Mills property sale to KSL and Industries has set the ball rolling for a Rs. 400 crore investment in an integrated township

The Sahara and Satyam groups are among the several who have also invested in large stretches of land to develop townships in Nagpur. Hindustan Builders, Nikunj Builders (P) Ltd, Roshni Developers and Shewalkar Developers Ltd are some of the prominent builders in Nagpur.

Commercial Property:
While the Maharashtra Airport Development Authority (MADC) is offering Rs. 80,000 per acre, property prices in Nagpur’s upcoming commercial zones along NH 7 have touched figures of Rs.2 crore per acre. Commercial space of 0.8 million sq. ft has already been created here.

Traditional markets like Sitabuldi, Sadar, Central Avenue and Gandhi Baug are being challenged by newer centres in Dharampeth and Itwari. Shopping malls and multiplexes in Nagpur are getting popular as the city gets more consumerist currently 1.8 million sq. ft of mall space has been created. The success of the Poonam Mall in Wardhman Nagar fostered the development of the MHKS Mall in Chaoni, Mangalam Marvel at W.H.C. Road, The Triangle at Kingsway and Inland at Central Avenue.

Commercial and industrial growth is taking place in the vicinity of the Butiburi industrial estate towards Hingna, as the older localities of Nagpur have no land to spare for any expansion.

Appreciation -

IT and heavy industry are growing at a parallel pace to push Nagpur to 2nd highest rank in Knight Frank’s list of emerging cities. Service and industry have created enormous employment opportunities, pushing demand for residential and commercial property. Consequently, the city is pulling at the seams, creating new townships and colonies in the north-east, north west and southern ends of Nagpur.

Of about five lakh properties in Nagpur, 70,000 of these are commercial. Property prices in Nagpur shot up to an astounding 500% in 2006, driven not just by IT and MIHAN, but by a host of NRI investors. NRIs studying the Indian property market have found real estate in Nagpur the most promising amongst emerging cities. The city created employment for almost a lakh of people over the last 2 years.

NRI Real Estate in Nagpur

It is the NRIs who are driving the realty market in Nagpur, with 20 to 25% of bookings in the city originating from the overseas market. Real estate agents of Nagpur are aggressively marketing Nagpur properties to NRI investors across the globe. The rising demand for residential property in Nagpur by NRIs is spilling over to agricultural and non-agricultural plots on the fringes of the city.

Amongst the several contemporary projects coming up in Nagpur, “Empress City” on 25 acres with provision for a 400 room 5-star hotel, shopping mall, multiplexes and 600 luxury apartments sized in the range of 1000 to 1,500 square feet area could be considered for investment. Likely to be completed by December 2007 and at rates of Rs. 4125 per sq. ft., this township is endorsed by the Tayals Group.

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