Every investor, small or big is curious about the property prices in various investment destinations in India. Nagpur has also been the focus of investors. Here is an informative article for you forum readers on the 'realty price trend in NAGPUR'. Hope it gives u an actual scenario of realty in Nagpur ;)

Property prices are sliding across India, but Nagpur's different. In the past year its property prices have scaled higher than ever. Builders say land in prime locations is quoting at Rs 8,000 to Rs 10,000 a square foot.

And as for land on Khamla Road, near the airport, landowners are said to be getting offers of up to Rs 22 crore an acre.

Says Executive Director, N Kumar Group, Vijay Kumar, "For a place like Khamla, which is on the border of the city and near the airport, our company is developing a mall. We have got an offer to sell the land for more than Rs 5,000/ sq ft but we see more opportunity in developing it than parting with the land."

Residential property prices have also risen. Property prices in prime locations have risen by Rs 1,000 to Rs 3,000 a square foot in the past 12 months. That's an increase of 35 to 150 per cent.

Industry watchers say property prices have climbed because of companies' increasing commitment to the city.

In three to four years, 20 million square feet of office space is set to hit the city.

Says Deputy MD, Cushman & Wakefield, Sanjay Dutt, "The commitment of the corporate world is in place. It has actually happened. It is not something that is waiting. Almost 650 acres has been committed by developers and corporates like Satyam and many others who will develop and create jobs."

Industry experts say the phenomenal escalation in realty prices will continue. That's because Nagpur has not only attracted a lot of corporate interest, it is also backed by strong social and physical infrastructure. Small wonder then, Nagpur still commands the big bucks.

Source: IBN Live.com
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  • Next Govt Plan will be crucial

    I think, the plan for city and MIHAN by new govt will be crucial. In from past few months, growth has been consistent and it is really different from other city like Pune, Hyderabad. The central region need a growth center be it Indore, Bhopal, Raipur or Nagpur. Prices will stablize here also and as most of them investors, they will hold the price range and it will start increasing 2010.
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  • Prices has started increasing again in places touching wardha road and Outer Ring Road as construction work for Outer RIng road from Wardha and Umred Road has started.

    --;)
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