Known across the country as the Orange City, a name it has earned for its famously
succulent oranges, Nagpur, the second capital of Maharashtra, is now also earning
a reputation as one of the fastest developing cities on the domestic real estate
firmament. Ranked an impressive second by a recent Knight Frank Study listing
India's top 15-emergng growth centers for realty investment, Nagpur is currently
riding the crest of demand generated by its strong industrial base and growing
service sectors like IT, ITES and BPO players who are eagerly moving in.
The coming of corporate and service sector majors has in turn opened up a huge
reservoir for employment which in turn has impacted the demand for residential
space, leading to a spurt in construction activity notably in the northwest, north-east
and southern parts of the city. A prime example is the city's upmarket Civil Lines
area, where climbing property rates now range from Rs. 1800- 2500 psf.
Nagpur has also witnessed a slew of new residential developments over the last
few years with areas like Vardhaman Nagar offering a choice between high-end bungalows
and apartments priced between Rs. 1500-2000 psf, followed by Surendra Nagar and
Pratap Nagar where property prices are slightly more affordable in the Rs.1200-1500
The rising demand for quality residential space here can be gauged from the fact
that buyers, who were earlier reluctant to purchase property even at throw away
rates about a decade ago, are now not averse to purchasing high-end flats at the
prestigious Empress City project, where deals are now being struck for prices
as high as Rs. 1 crore-plus. According to the city's municipal commissioner, Nagpur's
property market is on a growth curve aided in part by its improved infrastructure
facilities, good roads and excellent network of education and healthcare facilities.
"Nagpur will also witness a tremendous rise in demand for office spaces in approaching
years", he adds. Not surprisingly, major local players like Rachana Constructions,
a company which boasts of over 65 completed projects over the last two decades,
has not one but four ongoing residential projects to feed the rising demand. "All
our four projects, namely, Rachana Jheel, Rachana Vishwa, Rachana Madhuban and
Rachana Srushti cater to different budgets and tastes," informs Nilima Diote,
executive director, Rachana Constructions.
"Jheel offers a choice between 2/3 BHK flats and penthouses that offer a lake
view while Vishwa is on Katol Road offering a 1 / 2/3 BHK configuration. Madhuban
is located about two km from Poonam Chambers, Koradi Road and features a multi-storied
apartment scheme of 1 /2/3 BHK flats, while Rachana Srushti at Katol Road offers
the same configuration with the option of opting for spacious duplexes on the
6th and 7th floor," she adds. Aryaman Builders & Developers project at Saroj Nagar
offers the perfect choice for buyers looking for row houses.
Elaborating further, Prasad Rao, the project-in-charge, reveals, "The project
features a DP road accessible from both Friends Colony and LAD College Seminary
Hills. As part of the developed layout, we have also made arrangements for amenities
like street lights, tar roads, stormwater drains and sewage lines with septic
tanks. The project also has adequate water supply through a common well (fitted
with electric pump and stand by diesel pump) and a municipal water connection."
Other amenities on offer here include ample play area for children, shopping mall,
covered car parking for all units, schools (Kendriya Vidhyalaya, BKVV, Sandipani
within 1-2 kmns) and leisure spots like the Botanical Garden, Telangkhedi Lake
and a nearby deer park.
TALK OF THE TOWN
One of the most talked about projects in the city's residential space is the Lake
View Enclave on Amravati Road, about five km from Ravi Nagar Square, by Sandeep
Dwellers Pvt. Ltd. According to the company's executive director Anil
Agarwala, the project has been designed on the lines of a mini-township. "Normally,
such a concept is possible only a little far away from the city as it is difficult
to find a big land close to the city at an affordable price," he explains. "We
were really delighted when we found this delightful location with an adjoining
lake, and so close to the city."
Spread over five acres, the project has 2/3/4 BHK apartments, limited row houses,
shops/offices with separate entrances and ample ground space for roads, parking,
gardens, pathways and plantations. "The nearby lake provides a great opportunity
to create a beautiful sit-out to calm the mind," adds Agarwala. "There is also
a proposal to develop a swimming pool and huge garden in the 'Open Space' provided
in the land subject to permission from concerned authorities. There is a well
planned big Club House in our own land with party hall, 2 BHKD guest house, equipped
gym etc." Alternately, the company also has an option in the form of Chitrakoot
on the fast developing Wardha road. "Our re-entry into the middle class housing
is highlighted with this project," says Aganvala.
The Chitrakoot is purely a residential complex of 60 flats across to two wings
offering a choice between 2/3/4 BHK apartments. The extra utilities provided in
this scheme include earthquake proof construction, 24 hrs water supply, ample
parking, 4000 sq. ft landscaped garden, two KONE lifts with a generator back up
and a recreational area.
Internal amenities on offer at this project include two designer toilets per apartment,
full vitrified ceramic flooring, granite kitchen platform with stainless steel
sink, aluminium sliding windows, separate toilet block for male/ maid servants
on ground floor and a three-phase power supply. PREM G, a prominent real estate
management group, also has multiple projects nearing completion. These include
Dream Heights, which offers 1&2 BHK apartments, and shops and offices at Besa
Square. Another project, Saibaba Prem G Towers, featuring 1,2 & 3 BHK flats and
shops near Nirankari Bhavan, opposite the Panchpaoli flyover, is also fast nearing
At the very top end of this segment is the fast upcoming Empress City project
spread over 25 acres which also marks the real estate debut of KSL Industries
Ltd., the flagship company of Saurabh Tayal Enterprises, through its realty subsidiary
Reward Realty. Being developed on land acquired from the now defunct Empress Mills,
this estimated Rs. 800-crore project will corn-prise a 3.5 million sq. ft. IT
park, a five-star hotel, shopping mall, multiplexes and 800 luxury residences.
In addition, the project will also feature other premium facilities like a clubhouse,
swimming pools, a health club, jogging park, playgrounds, community halls, a temple
and an emergency post. On completion, the company plans to sell residential apartments
and the IT park rink the rest will be given out on lease so as to generate an
emulated Rs 300 crores annually. Elaborating on the rationale behind the move,
the company's CMD Saurabh Kumar Tayal Nagpur is the seventh largest city in India
with a population of over 40 lakhs. Its significance from various angles makes
a whole lot of strategic business sense for us." The company sees much business
potential with the international airport and the Butibori special economic zone
coming up nearby. "Besides, Nagpur also has a large agricultural community whose
spending power has been growing of late," adds Tayal.
The Mumbai-based Soham Group is also said to have firmed up plans for a mega township,
spread across 400 acres of land off Wardha road. The group intends to bring in
FDI from a London-based investor, who is ready for an exposure of upto Rs 1,500
crores. The Nagpur project, expected to be completed within five years of receiving
the FIPB nod for FDI, will be the biggest venture for Soham Builders, which has
thus far developed about 4 million sq. ft. primarily at Thane.