Nagpur, the new mini metro that is bustling with realty opportunities

Big metro cities are soon losing their shield and with most of the metro cities reaching their saturation point- neighbouring cities are fast emerging as realty hubs. And one such hub that has caught the eye of many home buyers and real estate developer is Nagpur. The growing economic activities and the soaring properties prices in and around Maharashtra have converted this sleepy into an overnight property market that is favourable for both investors and end users.

Compared to its neighbouring counterparts like Mumbai where there is no land in large parcels- Nagpur on the other hand offers ample space for realty developments. Property developers from across the country are now purchasing plots for sale in Nagpur in large parcels only to create extra ordinary capital ventures here. The potential IT mini metro is also attracting a fair pool of floating population thanks to its enumerable employment opportunities.

Some of the prime locations for investments across Nagpur include Godhani, Manish Nagar, Civil Lines, Takali and Wardha Road. From high rise apartments to plots for sale in Nagpur - property seekers here are spoilt for choice. Depending on the layout and the design of the project capital values of properties here are estimated to hover anywhere between Rs 2,700 and Rs 5,900 per square feet. The booming industrial belt is further fuelling the realty demand here. Working professionals are now looking towards residing close to their office space - thus developing several fringe areas like Butibori.

Connectivity too has played a major role in flourishing Nagpur’s realty market. Its proximity to major metro cities like Mumbai, Pune and Hyderabad has roped in a lot of foreign investment. Major highways - National Highway - 6 (Hajira and Kolkata) and National Highway - 7 (Kanyakumari and Varanasi provide seamless intra-connectivity. Capital values of plots for sale in Nagpur along such arterial road has almost doubled in the recent past and the prices are cited to soar even further.

Apart from this, a few proposed infrastructure projects too have pushed realty demand here. The under development MIHAN (Multi Modal International Passenger and Cargo Hub Aircraft) has created several SEZs (Special Economic Zones) across the southern region of Nagpur. The proposed Nagpur metro rial project is likely to impact Butibori and Sitabuldi majorly. Capital values of residential plots for sale in Nagapur’s Butibori have escalated over 31% in the past one year. The current ongoing prices for plots here are estimated to cost anywhere between Rs 2,710 and Rs 3,962 per square yard. The under construction Meghdoot Project too has worked efficiently towards creating a modern township within Nagpur.

Nagpur’s robust rental market too is enticing several second home buyers and off shore investors to stock up inventories here. Properties in neighbourhoods like Laxmi Nagar, Civil Lines and Wardha Road generate high rental yields. A 2 BHK apartments in any of these above vicinities churn rental returns anywhere between Rs 10 and Rs 12 per square feet per month. So do not hesitate towards making realty investments in Nagpur!

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