Tuesday 23 September 2014

NRI Investments In India’s Commercial Realty - PatniProperties



Nagpur is the Next destination for NRIs Commercial Investment


NRI Investments In India’s Commercial Realty - PatniProperties
NRI Investments In India’s Commercial Realty - PatniProperties

It is the NRIs who is driving the realty market in Nagpur, with 20 to 25% of bookings in the city originating from the overseas market. Real estate agents of Nagpur are aggressively marketing Nagpur properties to NRI investors across the globe. The rising demand for land for development use in Nagpur by NRIs is spilling over to agricultural and non-agricultural plots on the fringes of the city.

As in Mumbai, defunct textile mills are throwing up opportunities to builders in Nagpur. While the Maharashtra Airport Development Authority (MADC) is offering acres at reasonable prices, property prices in Nagpur's upcoming commercial zones along NH 7 have touched figures of Rs.2 crore per acre. Commercial space of 0.8 million sq. Ft has already been created here.

Commercial land near Butibori, Katol road, Hingana road, Amravati Road are being challenged by IT companies, developers and Constructors. Shopping malls, multiplexes, resort and industries in Nagpur are getting popular as the city gets more consumerist currently 1.8 million sq. Ft of mall space has been created.

Commercial and industrial growth is taking place in the vicinity of the Butiburi industrial estate towards Hingna, as the older localities of Nagpur have no land to spare for any expansion.

NRI Investments In India’s Commercial Realty - PatniProperties
NRI Investments In India’s Commercial Realty - PatniProperties

IT and heavy industry are growing at a fast pace to push Nagpur to 2nd highest rank in Knight Frank's list of emerging cities. Service and industry have created enormous employment opportunities, pushing demand for residential and commercial property. Consequently, the city is pulling at the seams, creating new townships and colonies in the northeast, northwest and southern ends of Nagpur.

Of about five lakh properties in Nagpur, 70,000 of these are commercial. Property prices in Nagpur shot up to an astounding 500%, driven not just by IT and MIHAN, but by a host of NRI investors. NRIs studying the Indian property market have found real estate in Nagpur the most promising amongst emerging cities. The city created employment for almost a lack of people over the last 2 years.

Real Estate Agents in Nagpur are aggressively marketing Nagpur properties to NRI investors across the globe. The rising demand for residential property in Nagpur by NRIs is spilling over to agricultural and non-agricultural plots on the fringes of the city.
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33 comments:

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