The Future of Nagpur Real Estate
Nagpur is one of the fastest-growing cities in the country and is designated as a smart city by the government of India. The city has the zero milestone which means that it is located exactly at the geographical center of the country. This inherent feature has attracted the attention of government and industry alike to make it the transportation and logistical hub.
The city is seeing significant activity in recent times by the state and central government in improving infrastructure and facilities to foster overall economic development. These factors enhance the development of all industries including Nagpur real estate.
Some of the important factors that make Nagpur an important real estate investment destination are discussed below.
Excellent Connectivity
The city has excellent connectivity by rail, road, and air to the rest of the country. Nagpur offers the primary transport hub for the Vidarbh region. The International Airport and the Nagpur-Mumbai Communications Expressway are set to further improve the city’s proximity to Mumbai, other major cities, and international destinations. 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.
Infrastructure
The development of physical infrastructure in the form of roads, expressways, and airports, in Nagpur, has seen rapid industrial development. Major IT hubs host IT behemoths like Infosys and TCS. Other industries like automotive, aviation, logistics, defense, and textile are growing. These developments attract a skilled workforce creating employment opportunities and increasing demand for residential projects in Nagpur.
Industrial Hub
Asia’s largest industrial estate- the renowned Butibori industrial estate is situated in Nagpur. It is home to major industrial brands like ACC, Nihon Castings, Hyundai Unitech, and Rama Synthetics. Nagpur West boasts of more than 900 industrial facilities belonging to reputed brands like Vicco, Haldiram, Mahindra and Mahindra, and Ajanta. Nagpur is a mineral-rich region with the presence of major government-run mining firms.
Rapid Urbanization
Nagpur is known to be the third greenest city in the country. With pleasant weather, employment and economic opportunities, sound infrastructure, and accessibility, the city is a prime destination for real estate investment and growth. The fast-improving social infrastructure with upcoming educational institutes, hospitals, and malls are factors that make it an attractive destination to settle down. Reputed developers are offering affordable housing to fill the gap in demand for residential property.
Tourism
Orange City Nagpur known for oranges is also a major holiday destination as it offers well-known tourist spots like temples, lakes, and historical locales. Known as the tiger capital of India, the city is close to many tiger reserves which attracts a constant flow of tourists.
Nagpur Real estate is set to boom in the future due to the above-mentioned reasons. The city offers a complete experience in terms of living conditions, education and employment, and leisure activities. Major developers are grabbing the opportunity to offer affordable projects in Nagpur.