Nagpur Real Estate

Real Estate in Nagpur

 

Nagpur Property Rate

( Rate are per Square Feet in Indian Currency )

Location	Flats/Apartments Sq.ft	Lands/Plots
Ajni-Chhatrapati Square	3500-4000	1900
Chhatrapati-Hotel Pride	4000-4500	1500
Beside Hotel Pride	700-750	700
Ramdaspeth & Civil Lines	8000-10000	3500
Dhantoli	8000-10000	3000
Byramji Town	2000-3000	2200
Raj Nagar	1100-1400	1500
Pratap Nagar & Swavalambhi Nagar	1500-2000	1100
Shri Nagar & Narendra Nagar	1500-2000	750
Hindustan or Navjeevan Colony	1500-2000	1300
Zingabai Takli & Mankapur	1500-2000	700
Shankar Nagar & Amravati Road	3500-4000	2900
Dharampeth & Shivaji Nagar	3500-4000	3200
Surendra Nagar & Laxmi Nagar	3500-4000	1800
Kadbi Chowk - Automotive	2500-3000	1100
Friends Colony	2500-3000	700
Koradi Road	1000-1500	800
Besa	650-850	950

                               Above chart shows 2011 Plots Rates

Boom time for real estates in Nagpur

It is a boom time for real estate in Nagpur and the prices here have now been climbing at a breakneck pace, surpassing analyst's expectations day by day.

The sudden boom in the real estate could be gauged from the fact that people of Nagpur who were reluctant to buy a flat 10-15 years ago, instead, preferred to purchase a plot for constructing own houses, few flats in the prestigious Empress City near the Railway Station were even sold out for a price of above Rs one-crore.

Moreover, lands rate on Wardha Road that 20 kms from the city, saw prices increase over 500 per cent this New Year alone.

The much-publicised International Cargo Hub, MRO unit of Boeing and several other industries are coming up in Butibori area on Wardha Road, along with a special economic zone. At least 100 real estate developers have engaged several female-male sale executives, who are now tempting middle class Nagpurians for investing money on real estate by convincing that it would be more beneficial than depositing money in banks.

Surprisingly, when the residential property space rate in good localities in several other big cities, like Kolkata is hardly Rs 2,500-3,000, the rate at Nagpur has reached to Rs 3,500 per sq feet, in areas, like Ramdaspeth, Civil Lines, Dhantoli, Dharampeth and Shankar Nagar. Top of it, the residential space at Empress City of Tayals is over Rs 4,125 per sq feet.

As a business, the real estate had started nose-diving in 2003 when it was finalized that the international cargo hub will be set up at Nagpur. Other factors which contributed a lot for the boom because of its strategic location, better infrastructure and turning the city as aneducation and health hubs.

In a recent survey conducted by the Associated Chambers of Commerce and Industry of India (ASSCHAM), Nagpur city, along with some other mini-metros, emerged as one of the major investment destinations in the current real estate scenario.

The Nagpur Municipal Commissioner, Lokesh Chandra said that the city is showing mark improvement in every sector with the largest in its property market, thanks to its exceptional good infrastructure, roads, better education facilities and an extra-ordinary healthcare services. With an increasing demand for commercial as well as residential property, property dealers are making fast bucks.

Chandra said that, many reputed builders are looking forward to develop a number of buildings and commercial malls. A large portion of demand for property in the city seems to come in from the domestic and international retail chains to set an upward trend in the commercial market. "Nagpur will certainly see a tremendous rise in demand for office spaces in approaching years", he further said.

The Nagpur market got again in shot in arms when the in the city ranked second in the top list of country's emerging growth centres on real estate investment in a New Knight Frank Study of 15 cities.

Many real estate companies including some local ones were inclined to develop townships here. Works on some such elaborate residential clusters has also started.

Nagpur's IT scenario

Tier III cities: The next location for IT offshoring

Ahmedabad, Chandigarh, Indore, Kolkata and Nagpur, the Tier III cities in India are best positioned to emerge as major centres for offshoring activities by IT companies over the next five years, according to a recent Jones Lang LaSalle report.

The report titled "India - The Next IT Offshoring Locations. Tier III Cities", which is part of the firm's World Winning Cities research, highlights these five cities as fulfiling the requirements that IT companies look for, when deciding on offshoring locations, namely availability, costs of labour and real estate, business environment as well as physical and social infrastructure.

Comparison :

Nagpur currently provides a cost advantage of about 15 per cent over Kolkata, which offers a 10 per cent cost advantage over Pune. From a real estate perspective, Kolkata provides the largest availability of grade A office space, with large developers such as DLF and Unitech, who have traditionally operated in Tier I cities now operating in Kolkata.

From a facility cost view, Nagpur and Ahmedabad provide a 25 to 30 per cent cost advantage over Kolkata and Delhi. Ahmedabad and Chandigarh provide the highest cost advantage amongst the Tier III cities and are therefore likely to attract occupiers that place a high weight on the cost factor.

Nagpur's Real Estate scenario

The city is spread over an area of approximately 253 sq.km. and is the third largest city in the western Indian state of Maharashtra with a population of 2.1 million (2001 Census). Nagpur is undergoing major transformation and as a result of the Govt initiatives, the improving infrastructure and availability of land, Nagpur is witnessing a upward curve on the Real Estate front. According to the city’s municipal commissioner, Nagpur’s property market is on a growth curve aided in part by its improved infrastructure facilities, good roads and excellent network of education and healthcare facilities. "Nagpur will also witness a tremendous rise in demand for office spaces in approaching years", he adds.

The real estate prices, which had been inactive for many years, have witnessed a change with the announcement of the Rs 3,150-crore Multimodal International Hub Airport at Nagpur (MIHAN) in 2002-03. A number of locations around the proposed MIHAN project have seen high escalation in land and residential rates and one can also witness a multi-product Special Economic Zone (SEZ) adjacent, to be operational less than two years from now.

Revolutionizing Real Estate by empowering relationships

India’s second greenest city, Nagpur is not only a tourist destination but has various other attributions as well. Nagpur has almost 40 educational institutes in the vicinity, a technically apt workforce that is available at relatively lower cost, and the city also flaunts an international airport whose work is in progress.

Known across the country as the Orange City, a name it has earned for its famously succulent oranges, Nagpur, the second capital of Maharashtra, is now also earning a reputation as one of the fastest developing cities on the domestic real estate firmament. Ranked an impressive second by a recent Knight Frank Study listing India’s top 15-emerging growth centers for realty investment, Nagpur is currently riding the crest of demand generated by its strong industrial base and growing service sectors like IT, ITES and BPO players who are eagerly moving in. The coming of corporate and service sector majors has in turn opened up a huge reservoir for employment which in turn has impacted the demand for residential space, leading to a spurt in construction activity notably in the north-west, north-east and southern parts of the city. A prime example is the city’s upmarket Civil Lines area, where climbing property rates now range from Rs. 2000- 3500 psf. Nagpur has also witnessed a slew of new residential developments over the last few years with areas like Wardhaman Nagar offering a choice between high-end bungalows and apartments priced between Rs. 1500-2000 psf, followed by Surendra Nagar and Pratap Nagar where property prices are slightly more affordable in the Rs.1500-2000 psf range.

Nagpur is currently booming in terms of Real Estate and is expected to escalate further with the advent of various IT companies and flow of FDI in huge amounts. There are success stories of various IT companies who turned around the disadvantages of the city and used it to benefit themselves. To name a few, it can be Premier Technologies, Persistent Technology Group, Lambent Technologies and Control IT India and a lot more fumbling an opportunity to make a firm stance in the city. With IT companies striving to enter the city, the Real Estate prices of both commercial and capital values are likely to rise high.

Another major factor that has led to the soaring Real Estate prices is the NRI investment in the city.Fierce with which NRIs are investing in tier II cities along with the demand being created for both residential and commercial properties by this investment coupled with the high buying power of NRI’s the prices are being pushed beyond a reasonable limit in Nagpur.

What goes in Nagpur's favour is its central location—over 400 international flights pass daily over its skies, making Nagpur Air Traffic Control (ATR) the busiest in the country. Moreover, it is at the confluence of two major National Highways Kanyakumari-Varanasi (no 7) and Hawrah-Dhule (no 6) and all east-west and north-south railway lines.

Developers and various brokers are having a gala time and to add more to this they plan to tap other regions of the city which has a large number of NRIs with their roots from those areas. To implement this in a more professional fashion many developers and brokers hold exhibitions and fairs abroad to attract NRIs from UK, US, Dubai, Singapore etc.

Orange City, Nagpur achieved the second position on the emerging growth centers in India in a recent study conducted by a UK-based Global Property Consultancy firm and with increasing interest of NRIs in tier II cities, city emerging as a preference of IT people and with a series of other factors the Real Estate sector is expected to grow manifolds.

 Sukhkarta Developers & Builders

Office Add: Shree Tower,Opp. Somalwada, Wardha Road, Nagpur.
Mobile: 9370183760, 9326954596

SANDEEP DWELLERS PVT.LTD.
Office Add: 3-B,Gulmohar,Temple Road,Civil Lines,Nagpur 4400 01
Mobile: 9823264348, 098231 11700

Pioneer Infrastructures Co. Pvt. Ltd.
Nagpur Office: Pioneer House, 263, WHC Road, Bajaj Nagar, Nagpur-10
Mobile:9860093530, 9860093527, 9349133522

Chintamani Builders
Office Add:Omkarnagar Chowk, Manewada-Ring Road, Nagpur.
Mobile:9422106394, 9850340449, 9822946542

Rachana Construction Co. (Nagpur) Pvt. Ltd.
Office Add:Rachana Classic , Plot No.78, Abhayankar Nagar, Opp. Petrol Pump, Near Shraddhanandpeth Sq., Nagpur.
Mobile:9822265722, 9850565729

Sandesh Infrastructure Pvt. Ltd.
Office Add:P.S. Agarwal Marg, Santra Market, Nagpur-18
Mobile: 9823137403, 9325606060

Mantri Matrix
Office Add:"Gharkul.com", Sardar Patel Square, Ghat Road, Nagpur-440018 Mobile:9326999956, 9422808274

Harihar Housing Agency
Office-G-3, Amar Palace, Dhantoli, Nagpur-440012
09860093262, 09325609911

 

"Gharkul.com", Authorized Sales Associate of Sahara City Homes,
Office-Shobha Tower, Sardar Patel Sq., Ghat Road, Nagpur-44001
Mobile: 9326999956, 9422808274, 9890444245


A Vatsalya Realties
201, Ganesh Chambers, 2 nd Floor, Mehadia sq., Dhantoli, Nagpur
Mobile : 9975493346, 9370911533

Abhijit Construction Company
S-001, Jayanti Mansion-1, Plot No. A-1, A-2, Radhakrishna Society, Manish Nagar, Nagpur
Mobile : 9822250555, 9371464635

Aditya Realtors And Developers
Flat No. FC, Plot No. T-1, Laxminagar Appt., Behind Suyog Mangal Karyalaya, 8 Road Square, Laxminagar, Nagpur-440022.
Mobile : +91-9822361512, 9822222572

 

Aideal Builder & Developers
308-309, N.I.T. Complex, Sitabuldi, Nagpur
Mobile : 9371023682, 9371136811, 9372131942, 9822225547

Alankar Real Estate
4th Floor, Girish Heights, Besides Bharat Talkies, Sadar, Nagpur
Mobile : 09823101252, 09823020323

Apoorva Real Estate
35, Madhunanda Apartmant, Kotwal Nagar, Ring Road. Nagpur.
Mobile : +91-9422803915, 9822228827

First Indian Realtors
102, Pramila Apartment, 15, Pande Layout, Sahakar Nagar Road, Nagpur-440025
Mobile : 9860108272, 9860747901

Four Edge Realtors
Plot No. 267, "SULAXMI" Bunglow, Trikoni Garden,
Behind Ram Mandir, Ram Nagar, Nagpur

Ghodkhande Developers Pvt. Ltd.
WHC Road, 32, Surendra Nagar, Nagpur
Mobile : 9823094684

Gruhlaxmi Construction & Land Develoopers
3rd Floor, Quazi House, Central Avenue,
Opp. Chandralok Building, Near Devani Dharmshala, Nagpur-440002
Mobile : 9373285029

Gudadhe Housing Developers & Promoters
51/C, N.I.T. Lay Out, Trimurti Nagar, Ring Road, Nagpur.
Mobile : 9372221103, 9822200366

Arafat Dweller & Developers
48, Central Avenue, Azam Shah Chowk, Nagpur-440002
Mobile : 9421707163, 9421707169, 9422439437, 9325176211

Aryaman Builders And Developers
24 NIT Complex, Gokulpeth Nagpur
Mobile : +91-9373588855, 9370555553

Ashtalaxmi Real Estate
Opposite Yashwant Stadium, Dhantoli, Nagpur-12
Mobile : 9373083475, 9422106106

Bhoyar Developers
202,Chatrapati Nagar, Ring Road, Nagpur-440015

Dreams Infrastructure Inc.
Ganesh Chambers, Opposite Yashwant Stadium, Dhantoli, Nagpur-12
Mobile : 9372755272, 9423594235, 9850340449

 Real Estate in Nagpur

 

This page informs you about the real estate properties of Nagpur, the real state agents that help in buying such property and names of a number of property dealers with their addresses. Real estate is an immovable property that covers plot of land and residential buildings or buildings used for trade and commerce.

As a result, the price of real estate in Nagpur is towering to an unreachable height. The price of a plot of land in Nagpur has rocketed and the local builders and real estate agents consider it to be unprecedented and cannot be sustained. There are a number of real estate agents or real estate brokers that help the interested buyers to purchase home or sell flat, apartment or homes. But the buyers should always look for reliable property dealer who will guide them in purchasing a property at a competitive price. The real estate agents are aware of real estate market so they are the best people to guide one in purchasing a property in Nagpur. . Raj Green Land Consultancy Pariwar Apartments, Corporation Colony, North Ambazari Road, Nagpur - 440 010, India Phone: +(91)-(712)-2231448 Gigeo Real Estate Buty Palace, Sangam Chawl, Munje Square Sitabuldi, Nagpur - 440 012, India Phone: +(91)-(712)-2554794 Trans Techno Contruction Private Limited Acharaj Tower, 1st Floor, Chaoni, Sadar, Nagpur - 440 010, India Phone: +(91)-(712)-2594897 

  

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


The reason for this astronomical rise are not difficult to fathom:
The Asian sub-continents' biggest multi-modal logistic hub
The Multi-Modal Imitational Hub Airport, Nagpur (MII-IAN), incorporating
Special Economic Zone, International Airport, IT Parks, etc.
It is acknowledged as 2nd fastest growing and 10th wealthiest city in India
One of the cleanest and greenest cities of the country
Recipient of the nation award for urban infrastructure
Unique geographical position; absolutely the geographic center of India
Offering one of the best Rail, Road and Air connectivity within the
county
One of the finest Education centers with Engineering Colleges,Management Colleges etc. churning out a vast pool of highly educated talent every year
Cosmopolitan Culture