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 an education and health hubs.

Deepak Nilewar of Vastu Vihar felt that the boom would continue till the cargo hub comes. He pointed out that 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.
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