The current dip in the real estate sector is perhaps affecting the sale of residential properties. However, considering India’s high rate of economic growth, many experts are optimistic about the demand in the luxury and affordable luxury housing segments. At present, a key city that is seeing the highest demand is surprisingly not part of the list of metropolitan cities of India. Making waves in the housing market is Maharashtra’s second capital city– Nagpur. This upcoming metro offers a wide spectrum of choices in real estate, and assures future capital appreciation and healthy returns on investment. A plethora of new projects in Nagpur that belong to the affordable luxury segment, offer 3 and 4 BHK apartments and penthouses with artistic landscaping schemes replete with plush amenities. Some of these residential projects are located in the heart of the city, like the medical square area, which enjoys excellent connectivity to major commercial and non-commercial establishments. A few projects have also incorporated an innovative ‘no vehicle’ rule into their design to ensure safe and open spaces.
The rising focus on this city’s real estate market can be attributed to several factors. The prime reason, however, is its entry into the coveted list of the Government’s flagship Smart Cities project. Besides the earmarked US$ 7.5 Billion for the development of 100 Smart Cities, the government of France has collaborated with the Indian government and made a commitment to invest an additional Euro 2 Billion towards the development of 2 smart cities, one of which is Nagpur. (Reference Link: http://www.indiainfoline.com/article/news-top-story/investing-in-the-indian-infrastructure-industry-heres-what-to-look-out-for-116032700012_1.html). This investment coupled with the government’s institutional policy and framework is likely to provide a good springboard for the construction as well as infrastructure sectors. Real estate activities would receive a boost, thereby fuelling the demand in Nagpur’s real estate market.
These initiatives will not only open the corridors for development but also provide a fillip to the property market of Nagpur (any one of these two highlighted sentences would suffice). Thus, buying property in Nagpur has become a highly lucrative option for real estate investors.