Why Choose Nagpur?
Nagpur is a city in the state of Maharashtra, and is the largest city in the tribal central India and also the third largest city by population in the state of Maharashtra. With a population of around 2,420,000; Nagpur UA is the 13th largest urban conglomeration in India, the 114th largest city in world, and the 143rd largest urban area in world in terms of population. The city is also the seat of annual winter session of Maharashtra Vidhan Sabha. Nagpur is also the major commercial and political center of the backward Vidarbha region of Maharashtra, and is also famous throughout the country as "Orange City" for being a major trade center of oranges. The city assumes political importance from being the headquarters for the Hindu nationalist organisation RSS and an important location for the Dalit Buddhist movement.
Nagpur lies precisely at the center of the country with the Zero mile marker (indicating the geographical center of India) located here. The city was founded by Gond people but later became part of Maratha Empire under the Bhonsles. The British East India Company took over Nagpur in 19th century and made it the capital of Central Provinces and Berar. After first states' reorganization, the city lost the capital status but as per informal "Nagpur Pact" between political leaders; was made the second capital of Maharashtra.
Real Estate Nagpur
Nagpur, Maharashtra derived its name from the river Nag that flows through it. Also known as the 'Orange city' of India, Nagpur, once a small country town has in recent times metamorphosed into a metropolis with luxury apartments and condominiums, lavish showrooms, malls with multiplexes, hi-tech healthcare facilities and better infrastructure with smooth roads and flyovers. The data itself speaks for Nagpur real estate witnessing a major spurt.
Moreover, this transformation in lifestyle has also seen the surfacing of a more informed and aware new generation, more disposable incomes and an increase in elite millionaires. As the city gears up as the next hub for industries and service sectors like the IT, ITES and the BPO sector - its infrastructural facilities, strategic location and connectivity to the financial capital, Mumbai are few of the many factors attracting real estate investments to Nagpur.
Another favorable reason for investments into the city is the availability of workforce who are gradually shifting base to Nagpur following the growth of job opportunities and congestion in the nearby cities of Mumbai and Pune. This consistent migration into the city has led to large demand for residential spaces in the city. Housing in Nagpur is becoming simple due to real estate agents in Nagpur who know the city trends and are aware of Nagpur property prices. Also following investments from some of the premier corporate houses and international IT and BPO companies, there has been an increasing demand for office spaces, initiating the developers to offer state-of-the-art offices at par with international standards. Most real estate developers from Nagpur and around the country are taking initiatives in constructing housing structures catering to all classes of people.
Still branded as an upcoming city, the property prices in Nagpur may not be as exorbitant as its cousin cities of Mumbai and Pune but due to all these factors there has been a significant moderation in the quality of residential and commercial properties in Nagpur leading to substantial price escalation in the last couple of years.
Nagpur, in recent times has developed into a centre of brisk business with several IT companies starting there operational bases in the city and there are reports of technology giants like Infosys and Wipro making serious consideration of expanding to the city.
Moreover, Nagpur gradually developing into a BPO hub in the lines of Pune as infrastructural facilities, skilled work force and easy accessibility to major destination cities in India and abroad proves advantageous. The recent foray of high players in the field like Genpact (formerly GE Capital) into the city is sure to bring major boot to the economic and realty sector of Nagpur.
Nagpur with its moderate weather conditions and congestion-free infrastructure has also won the bid over other Indian cities for the US aircraft manufacturer, Boeing's maintenance, repair and overhaul (MRO) base pertaining to its Asia operations. This proposed project to be developed in the Nagpur SEZ will have provision for setting up independent facilities for its operations and other amenities in the likes of educational institutions, healthcare and entertainment facilities.
There are also proposals for Satyam Computers to start their base in the SEZ. The Nagpur SEZ also an extension of the international airport, besides creating extensive job opportunities has a major role to play in the transformation of the city into one of the fastest growing cities in India.
MIHAN - Multi-modal International Cargo Hub and Airport
MIHAN is the biggest economical development project currently underway in India in terms of investment. MIHAN is spread over an area of 4354 Hectares. MIHAN is an Ideal business hub, located in the geometrical centre of India and easily accessible to all the metro cities of India. A final destination for all your business related needs, supported by excellent infrastructure, easy and fast procedural systems and continuous support and service through one window operation.
MIHAN Project consists of two parts namely International airport to act as a cargo hub and a Special Economic Zone with residential zone covering a total area of 40.25 sq. km on the southern end of Nagpur. Maharashtra Government formed a special purpose entity in the name of Maharashtra Airport Development Company (MADC) for development of MIHAN. The project is financed by multiple Indian banks with total loan amount of INR 3,000 million along with investment from state government and Airports Authority of India. With a projected target of serving 14 million passengers and handle 0.87 million tones of cargo this is one of largest aviation project in India. The estimated capital cost of the project is INR 2581 crores (by year 2035) and is supposed to generate revenues INR 5280 crores.
The proposed plan for the upcoming international airport and cargo hub.
To meet the increase in demand of air traffic in India and provide the required world-class infrastructure for the aviation sector, the existing airport of 400 hectares would be expanded to 1364 hectares. The project consists of widening and extending the present runway (3200 meters x 45 meters) to (3600 meters x 45 meters) to meet international standards. Also it will have provision for a similar runway (4000 x 60 m) in the future. The airport will have parking space for 50 aircraft at any time with 50 additional bays at fringe areas more .
Special Economic zone:
A new SEZ of 2086 hectares, largest multi-product SEZ in India, would be built along side the airport. Out of 2086 hectares, 1472 hectares would be used by various processing units to be set-up and remaining 614 hectares for service sector unit. Like all SEZs it will have financial incentives and soft taxation policy to attract investment. The initial set-up material for these units and later raw material will be duty-free. Major sections of SEZ would be -
•Information Technology Park spread over 500 hectares and would include all necessary infrastructures for IT companies.
•Health city spread over 40 hectares that will have multi-specialty hospitals along with training institutes for nurses and medical technicians.
•Manufacturing industry unit that would include industries from sectors like textile and garment, gems and jewelry, food processing, pharmaceuticals and bio-medical. It would also have units for finance and insurance service companies.
Central Facility Building will have administrative offices of various government departments working for MIHAN project and main office of Development Commissioner of MIHAN. It will also have other government offices like post office, Customs and excise office. The total area of CFB would be 22,200 sq.ft and it would located at main entrance of SEZ. Building will have 3 main blocks and 2 small blocks connecting the main blocks. Thus it will resemble “W” in elevation. Water demand for the project would be met using dual supply. Water from Wadgaon reservoir would be brought in along with water from 2 small lakes which lie within premises of MIHAN. The two small lakes would be deepened, cleaned and beautified to store and supply fresh water to MIHAN. Project will also have its own sewage water treatment plant(STP) to reuse water for non-domestic purpose. Storm drainage work consists of 10 km long channel and 9 cross-drainage work. Separate telephone exchange building is being build for telecommunication related infrastructure. The entire MIHAN project would be having fiber optics cable laid. MIHAN will have 2,4 and 6 lanes road with total internal length of roads at 51 km. Two flyovers would be built over the NH-7 which runs on one-side of project. The two flyovers would help connect MIHAN with other side of highway without causing traffic congestion at the main entrance.