Nagpur the Dream Destination for Finest Living, Commercial
Growth and Industrial Development in Coming Decade. Nagpur
has the advantage of being centrally located and the regions
like Jabalpur, Raipur, Bilapur, Amravati, etc, offer a
strong economic and infrastructural support, fall within 150
km of the city. This makes available manpower that is around
15 percent cheaper when compared to metros like Bangalore or
Mumbai or Delhi.
As far as people working in Nagpur is concerned, people have
to find accommodation facilities in the city itself. Hence,
demand for real estate is increasing with the development of
the city. Nagpur is witnessing an economic boom in recent
times. There was an investment of Rs. 5,000 crore in 2004.
The Inland Container Depot at Nagpur run by Container
Corporation of India (CONCOR) is the fastest growing inland
port in the country. India's first ever Multi-modal
International Cargo Hub (MIHAN) has been completed near
Nagpur airport in 2006. This is a blessing to the city and
expected to contribute significantly to the development of
the city. The addition of this infrastructure will further
encourage people to buy property in the city.
The cost of living in Nagpur is comparatively lower than
most other cities and the cost of living is also very low.
This is an excellent time for buying residential property in
Nagpur. The living standard will be comparable to metros in
within a decade. The prices of the residential property will
become more than double as per the current property trends.
If one is not interested in living in Nagpur then also,
investment in real estate will earn huge profits.
In terms of space, real estate costs are considerably lower
than in most other cities. There is another reason for
people to buy residential property in Nagpur- property taxes
are lower than in most metros. Another benefit in Nagpur is
that- people do not have to spent a lot of time in commuting
as distances between different places are short.
A significant number of industries are located in Nagpur
city. Nagpur's Butibori industrial area is the largest in
all of Asia in terms of area covered. Hundreds of acre of
land is occupied by big and small scale industries. Nagpur
district's industrialization is mainly in urban area. Large
amount of industrial land is still available in Nagpur,
attracting industrialists to set up their base and expand.
People are involved in various occupations that include-
removing seeds of cotton, textile industry, wood cutting
manufacturing of paper and straw-board, chemicals and its
product ferro-manganese, tobacco, medicinal, machinery
tools, plastic etc. Nagpur is considered as the generator of
hand-looms. Nagpur, Kamptee, Umrer, Savner, Khapa,
Kalmeshwar are the areas where large scale production takes
place. The number of small scale and cottage industries are
rising as the government has taken initiatives to boast this
industrial category.
Nagpur has been the center of commerce since a very long
time. The city is a large trading center for a number of
commodities. City is witnessing several fresh constructions
and huge investments at the same time. Nagpur is the next
most favored IT destination in Maharashtra after Mumbai and
Pune. Infosys and Wipro are seriously considering Nagpur as
a possible destination for their fresh BPO centers. There
are several other plans that will require commercial
property for establishment.
Several entrepreneurs have been making innovative use of the
city’s biggest advantage—cheap, but highly skilled manpower.
Nagpur is a popular tourist destination that encourages
expansion of hotels and lodges. Beyond tourism brochures,
Nagpur has close to 40 educational institutes in the
vicinity and the city also features an international airport
in the making.
The government has also announced electrical duty exemption
to companies that are set up in the IT parks. Also, there
are separate sub-stations for the IT parks in Nagpur. This
is a clear invitation businessmen to go ahead with
investments. All these factors contribute to the overall
development of they city and an apparent increase in
commercial property prices.
Some of the companies acquiring space for their offices
include- Indo Rama Synthetics, KEC, Hyundai Unitech, ACC
Nihon Castings Ltd., Videocon, Food Park, Mahindra and
Mahindra, NECO Ltd., Bajaj Auto Group, Candico, Ajanta
Toothbrushes, Sanvijay Group, Vicco Laboratories, Dinshaws,
Haldiram, Satyam Computer Services and L&T Infocity.
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