All eyes on MIHAN

Nagpur, the alternate capital of Maharashtra, is a fast growing city. Strategically it is located in the central part of India and is accessible by rail, road and air. The adjoining districts are Bhandara on the east, Chandrapur on the south, Amravati and Wardha on the west and in the north it shares the boundary with Madhya Pradesh. All major highways NH-7 (Varanasi - Kanyakumari ) & NH-6 (Mumbai - Sambalpur - Calcutta) and major railways trunk route (Mumbai, Chennai, Howrah , Delhi) pass through the city.

Unlike many other cities in India, Nagpur is in the middle of an unprecedented real estate boom as is evident with the large volume of construction work being carried out across the city with an intensity not known before. Being one of the largest cities of Maharashtra, Nagpur has acquired a significant status in the economy and other segments of the state.

The prevailing rates for residential properties are:

Location	Independent Houses(Rs per sq. yd.)	Apartments (Rental) (Rs per sq. ft.)
Central	3300-7500	6000-22000
North	1300-4200	4000-12000
South	1300-4200	7000-13000
West	3000-6000	5500-15000

The increasing tempo of real estate activities will prove beneficial to a large section of the people living in the state, as the current property market here poses a rosy picture of high return and assured benefit in the years to come. It is an opportunity for real estate investors to gain the maximum out of the profit that the industry is likely to yield in the near future.

The home buyers are also set to gain as they now have more options before them. The efforts of builders, developers, property dealers and various real estate professionals have provided the city with a complete range of accommodation facilities. There are luxury apartments, condos, independent houses, plots and affordable homes to cater to the individual requirement of a person seeking a residential property in Nagpur.

Infrastructure

Infrastructure wise, the city is endowed with broad roads, Seamless traffic movement, hassle free parking, and good quality housing (Rs 1500-3500 per sq ft as rental). There is no shortage of power and Nagpur gets 70% of Maharashtra’s generated power. There is also abundant water supply, has good connectivity with other cities.

IT infrastructure

• Three software technology parks are ready, and one more is coming up

• An Infotech Tower that is a landmark for the city is in a 70,000 sq ft building and has 100% DG-backup.

Nagpur offers all the amenities of a metro, without the hustle-bustle of large cities. While cities like Bangalore, Mumbai and Pune are getting congested, polluted and unmanageable, Nagpur is clean, green and has good resources. A Study has revealed that currently Chandigarh leads the way on the real estate front, owing to its ready availability of quality residential and office space with good prospects for future development.

Kochi is witnessing hectic real estate development and is being actively promoted as an IT/ITES destination by the state government. Bhubaneswar, Ahmedabad, Nagpur and Mysore follow in the list.

MIHAN

The Multi-modal International Hub Airport at Nagpur (MIHAN) project, is the ongoing dream project of the government of Maharashtra and consists of a Special Economic Zone comprising of an Information Technology City (IT Park), Health City, International School, Residential and Commercial Area etc.

MIHAN is expected to not only generate employment opportunities for thousands of skilled and unskilled labour but also prove to be a shot in the arm for the real estate industry in Nagpur.

(With inputs from Rahul Agarwal, Nagpur)