The Nagpur real estate scene is currently on the road to revival. The developing infrastructural projects are leading to major realty demand here. The emerging market is fast becoming an investment destination for many property seekers from across the globe due its affordable prices. Its high return on investment is another factor that is enticing many to invest in properties here. If you don’t want to burn a hole in your pocket and yet want to own a piece of land in Nagpur then these are the localities that offer residential land for sale within a modest budget of INR 15 lakhs.
Plots in neighbourhoods like Hudhkeshwar Road, Wardha Road, Godhani Road and Butiburi are cited to be in high demand. Their scope for appreciation has further improved after the announcement of MIHAN. The multi model cargo hub airport boasts of having state of the art infrastructure. Large parcels of land are being used up by the growing number of SEZs and the expanding automobile sector.
While properties in Nagpur especially along Hudhkeshwar Road and Wardha Road are cited to hover between the price bracket of INR 7 lakhs and INR 15 lakhs. However, their proximity to the proposed special economic zone in Shankarpur is likely to push capital values further. In a span of just two years property values in Wardha Road have escalated by over 60% thus making the area an ideal investment destination. Similarly, capital values of residential plots in Hudhkeshwar Road have appreciated by over 41% in the past three years.
The growing commercial belt and the presence of a power plant nearby have aided in the growth of Butibori’s realty sector. On an average residential plots for sale here are estimated to cost anywhere between INR 4,500 and INR 5,500 per square yard. However, it’s not the affordable price that is driving the demand- it’s the high return on investments that is luring many investors to stock up on inventories here. According to recent reports, property values of plots here have witnessed a phenomenal escalation of 115% in the past two years. Developments and changes in the civic amenities too have played a pivotal role in booming the realty sector here.
Another promising stretch that is blinking high on the realty radar is Godhani Road and Umred Road. 1,000 square feet plots here are cited to cost an average of INR 12 lakhs. The high resale value of properties here is one of the elements that is pushing the realty demand. On an average, plots in Umred Road are documenting an increase of 75%.
Nidhi C Thacker for IndiaProperty.com
Image: “Diksha Bhumi” by Koshy Koshy from New Delhi, India – Diksha Bhumi. Licensed under CC BY 2.0 via Wikimedia Commons – http://commons.wikimedia.org/wiki/File:Diksha_Bhumi.jpg#/media/File:Diksha_Bhumi.jpg