Booming Commercial and Retail Property in Nagpur - By: Deepika B

Nagpur is popularly known as ‘Orange City’ for its abundance in succulent fruit. After Mumbai, Nagpur is the second capital of the state of Maharashtra. It has long been earning a reputation of being one of the fastest growing cities in terms of real estate developments-residential, commercial and retail.

Real estate in Nagpur is soaring high with demand generated by its strong commercial and industrial base. According to a recent Knight Frank Study, Nagpur ranked an amazing second in the listing of India’s top 15 emerging growth centers for realty investment. The entry of corporate and service sector leaders has opened up a huge reservoir for employment which in turn has impacted the demand for residential space. This has further lead to a spurt in construction activity in the city across all realty segments, be it residential, commercial or retail.

The primary reason for large scale developments in Nagpur real estate is its proximity to major cities like Mumbai and Pune. These metros are approaching a saturation point beyond which further realty developments are difficult. This has resulted in shifting the focus of property developers, investors and end users to the tranquil city of Nagpur. A host of residential, commercial and IT projects have been launched in the city by leading property builders and developers.

The key features of Nagpur that make it the most preferable realty destination after Mumbai and Pune are good infrastructure and excellent connectivity. It, thus, seems poised for an urban transformation that will completely change its landscape forever. The demand for residential property in Nagpur has been growing constantly to accommodate professionals and students migrating to the city to either pursue their career or higher studies. This rise in housing needs has pulled various national property developers in to the city to build residential and commercial property in Nagpur. This will enable meeting the realty demands of both corporates and individuals.

A spurt in construction activity has been noticed especially in the prime locations of the city like Civil Lines, Vardhman Nagar, Pratap nagar, etc. Residential property in Nagpur is witnessing coming up of high end bungalows, apartments, penthouses, 2/3 BHK flats, row houses, etc. They are all equipped with modern amenities, open spaces, greenery and other facilities to meet educational and recreational needs. Large numbers of residential flats projects are launched in the city by leading property developers to provide quality housing at affordable prices.

The commercial real estate of Nagpur is controlled by public and semi-public organizations. The supply of commercial space in the city is expected to be over a million square feet and absorption rate is around 60%. Even the retail property in Nagpur is at its best with high street retailing format being developed in the region. The supply of retail space is estimated to be around 2 million square feet and absorption rate is around 30%. Leading retail stores like Reliance Retail are also seen entering the Orange city along with Eternity Mall, Pantaloons, Globus, etc.

Multi million companies are seen focusing especially on tier-II and tier-III cities as they have a wider and better scope for real estate development. National realty developers like DLF, Raheja Universal, Hiranandani group, etc. are taking deep interest in developing commercial and retail property in Nagpur. They create both commercial and retail properties on large scale by pumping in huge investments. This in turn has lead to an increase in property prices in cities like Nagpur and Surat bringing them at par with mini metros.

Both property costs and rental values in Nagpur’s commercial segment have clearly spiraled up making it the next realty destination.

About the Author

Deepika Bansal writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. It is a forum where buyers, sellers and brokers can exchange information. At 99 acres, you can advertise a property, search for a property, browse through Nagpur property & other Properties

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