Key Trends Shaping Today’s Real Estate Market in Nagpur
In keeping with the economic development in India, Nagpur has also emerged as a major hub due to its geography. The zero milestone in Nagpur indicates that it is in the country’s center. This means all the major highways and railways connecting important hubs and cities pass through Nagpur. This makes Nagpur an important logistical hub for the country and government initiatives like Mihan are exploiting Nagpur’s strategic presence. The real estate market in Nagpur is growing due to the economic growth fuelled by infrastructure development.
This blog discusses the key trends shaping Nagpur’s real estate market.
1. Infrastructure Development
Infrastructure development has always had a positive effect on real estate development. The expansion of highways, metro connectivity, and airport development are major milestones in the development of Nagpur’s growth story. These are attracting the interest of local and national investors to invest in the new residential projects in Nagpur.
2. Rise of Affordable Housing
Leading developers are building many projects with affordable flats in Nagpur. This is due to government initiatives like the PMAY – Pradhan Mantri Awas Yojna which incentivizes homeownership for first-time home buyers and middle-income families to own their own homes. Hudkeshwar and Wathoda are emerging as hot spots for affordable housing projects.
3. Integrated Townships
Projects like Vrindavan City are on the rise as home buyers in Nagpur prefer township projects to stand-alone homes and apartments. The projects have schools, hospitals and shopping complexes within the project area. The residents do not have to venture out of their residential complex. This saves time and energy that can be used to pursue interests or socialize.
4. Commercial Real Estate
Nagpur is emerging as a logistics and warehousing hub due to its geographic location. MIHAN (Multi-modal International Cargo Hub and Airport at Nagpur) is boosting demand for high-quality commercial real estate. This is also a boost for the development of residential complexes near industrial hubs to meet the housing demand for the working population.
5. Sustainable Living
Home buyers in Nagpur prefer property projects with eco-friendly features for sustainable living. Projects that have been constructed using green building practices are in demand. Features like rainwater harvesting, solar panels, waste management systems, and water recycling are preferred by most home buyers today. Many 2 BHK flats in Nagpur have smart home features too.
The real estate trends in Nagpur are evolving every year. With the rise in demand for housing home buyers are gravitating to luxury and sustainable projects. The integration of technology in the new projects is increasing as more projects are including smart home features.