Nagpur Real Estate Overview

Nagpur is an upcoming real estate hub in India due to its strategic location and post-pandemic resurgence in demand for quality housing. The city witnessed the return of many migrants back to their hometowns after the pandemic as remote working became the new trend. The low operational costs and access to the talent pool saw many businesses set shop in the city. These trends picked up on the already increasing demand for residential real estate coupled with a boost in infrastructural developments.

Let us have an overview of the real estate landscape:

1. Geographic location

Nagpur city has the zero milestone which means that it is located exactly at the geographical center of the country. This inherent feature has increased its potential to become the major transportation and logistical hub. The city is poised to be the center of the country’s logistics with the prestigious MIHAN Project (The Multimodal International Hub Airport Nagpur) underway. The city has seen significant activity in recent times by the state and central government in improving infrastructure and facilities to foster overall economic development.

2. Growth drivers

Some of the major growth drivers for real estate sector are –

a. Presence of reputed institutions like IIM, VNIT and GMC

b. Transport hub for Vidarbha region with excellent road, rail, and air network

c. International connectivity via Dr Babasaheb Ambedkar Airport

d. Two major industrial hubs at Hingana and Butibori

e. Increasing presence of major IT companies like Tech Mahindra and TCS

3. Homebuyer preferences

Multi-storey apartments have the highest demand followed by independent houses and residential plots for sale in Nagpur. Affordable and

mid-segment homes that are priced at or below 5000 INR are the most preferred. 2 BHK and 3 BHK apartment configurations with sizes of 1000 to 1500 sq.ft are preferred by home buyers in Nagpur. First-time homebuyers prefer 1 BHK flats in Nagpur with basic amenities and facilities. Integrated residential developments offering luxury flats in Nagpur with amenities, healthcare facilities, and recreational amenities to create self-sustained townships are on the rise.

4. Future Growth

Amongst all the cities in Maharashtra, Nagpur has recorded the highest demand for real estate. Property prices are on the rise in prime areas like Civil Lines, Ramdaspeth, and Dharampeth. At the same time, there is a surge in the growth of satellite towns and suburbs like Hingna, Wardha Road, Manish Nagar, and Besa with modern residential developments offering the best of amenities and green spaces. There are several infrastructure projects underway in Nagpur that will determine the city’s potential to attract large businesses and industries.

Nagpur is one of the fastest-growing real estate markets. The expressways, metro rail projects, and infrastructure proposed within the city are some developments to look forward to. The future of the real estate sector is dependent on how fast these infrastructure projects materialise fuelling economic growth propelling the real estate sector.