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

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

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.

India's Next IT Offshoring Development Centre, Nagpur – PatniProperties

Nagpur is Selected as The Next IT Offshoring Locations. Tier II Cities.

 

India's Next IT Offshoring Development Centre, Nagpur – PatniProperties

The report titled “India – The Next IT Offshoring Locations is Nagpur, Tier II Cities”, which is part of the firm’s World Winning Cities research, highlights these five cities including Nagpur as fulfilling the requirements that IT companies look for, when deciding on offshoring locations, namely availability, costs of labor and real estate, business environment as well as physical and social infrastructure.

Nagpur is witness to a sizeable NRI investment in the property market, with 20 to 25 per cent of bookings in the city originating from the overseas market. The rising demand for residential property in Nagpur by NRIs, Locals and National Citizens are spilling over to agricultural and non-agricultural plots on the fringes of the city.

IT and heavy industry are also growing at a parallel 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.

Nagpur is fast catching up on the real estate map of India to emerge as the tier I city with IT Companies, Integrated township,  5-star hotel, shopping malls, multiplexes, and luxury apartments. Nagpur  is emerging fast to the tier I city in India.

India's Next IT Offshoring Development Centre, Nagpur – PatniProperties

Real estate consultant in Nagpur is aggressively marketing Nagpur properties to NRI investors across the globe of Nagpur, especially in the north-west, northeast and southern fringes are witnessing maximum construction activity.

It is emerging as a preferred educational hub and IT-ITES sector is also coming up at dedicated IT parks near Butibori, Mihan and Parsodi areas of the city. As in Mumbai, defunct textile mills are throwing up opportunities to builders in Nagpur.

Shopping malls and multiplexes in Nagpur are getting popular as the city gets more consumerist. Of about five lakh properties in Nagpur, 70,000 of these are commercial. Property prices in Nagpur shot up to an astounding 500 per cent in 2006, 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.

According to a report by global consulting firm Nagpur, Ahmedabad, Chandigarh, Indore and Kolkata, the Tier II cities in India are best positioned to emerge as major centers for offshoring activities by IT companies, according to a recent global report.