Hi Dewakar,
I am a Realtor based in Andheri (W), Mumbai.
I had recently visited Nagpur in reference to a inspection of a couple of Plots, and to my view, it would be one of the most advisable place to enter now as far as land acquisition is concerned.
MIHAN, which is the Cargo project coming up in the vicinity of the Airport along with SEZ's and IT and Hotels seems to be a very promising project and much awaited for booming India's Air Cargo requirement. Work is progressing very fast there.
I believe Chandrashekhar was in charge of the Municipal Corporation in Nagpur for a few years and hence the Infrastructure is clearly visible and better than what you can see in other Tier II & Tier III cities in Maharashtra.
Other good options are Nasik and Ghazibad.
Best regards,
Dhiraj Mandal 