Monthly Archives: July 2015

Why Is Investing In Nagpur A Smart Investment Decision..?

 

 

Why Is Investing In Nagpur A Smart Investment Decision..?
KPN photo

Nagpur: According to a recent survey done in US and published by Silicon India, Nagpur has been rated as the best city to live in India based on factors such as quality of life, public transportation, greenery and health care services. Nagpur is the third most populous city in Maharashtra. It is famously known as the orange city of India due to the famous Nagpur Oranges which grow here and are imported all over the country.

The literacy rate in Nagpur is very high. It is about 93 per cent which makes it one of the most literate cities in India. Housing here is available across various price ranges. If you are planning to invest in Real Estate Nagpur, this article will tell you why it a smart investment decision.

Political Hub: Nagpur is the place where Maharashtra State Assembly holds the winter session annually. Nagpur is also the headquarters of the Rashtriya Swayamsevak Sangh (RSS), which is a major political organization in the country and is 89 years old!

Connectivity: Nagpur is very well connected to the rest of the country via roadways, railways and airways.

Airport: Nagpur has an international airport. It is now easily connected to the rest of the world especially places like Singapore, UAE, United States of America, United Kingdom and so on. This has really become a boon for residents of Nagpur.

The process of expanding the airport is under way and now we will have a Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN). This project is dived into 2 parts. The airport will also serve as a cargo hub. Secondly, there will be a Special Economic Zone(SEZ) which will also have a residential zone spread across a wide area of land.

Industrial Activity: The industrial activity happening in and around Nagpur has benefitted it greatly, escalating its real estate prices. It is mainly known for its mining industry. There are many government-owned mining companies with headquarters here. It also has the very famous Butibori Industrial estate, which is the biggest industrial estate in Asia. It has companies like Gammon India, Hyundai Unitech, rama Synthetics, ACC Nihon Castings etc. On the west of Nagpur there are over nine hundred industrial units. Some very prominent companies are based here like Haldirams, Vicco, Ajanta Toothbrushes and Mahindra and Mahindra.

Educational Hub: There are some top-quality educational institutes located here. This area had over thirteen medical colleges and twenty seven engineering colleges. Indian Institute of Management (IIM) and All India Institute of Medical Services (AIIMS) are opening up branches here.

Metro: Just like the rest of India, places within Nagpur will now be easily connected with the Nagpur metro. The metro will have thirty six stations. As of now the metro is under construction. This will reduce the congestion and traffic jams in the city and further boost the economic development.

Tourist Attraction: Nagpur attracts a lot of tourists. Sitabuldi Fort, Seminary hills, Deekshbhoomi, Maharajbhaj Zoo, Aadasa temple etc. are some popular tourist destinations within the city. Nagpur also has many natural and artificial lakes. Ambazari Lake, Shukrawari Lake, Futala Lake are some of the popular lakes here. It also has many tiger scantuaries. Bor Tiger Reserver, Pench National Park, Melghat Tiger Reserve Tado- Andhari Tiger Reserve etc are some famous tiger reserves in and around Nagpur.

Pleasant Climate: Even though it is very hot during summers, all the other seasons are very pleasant here. Nagpur enjoys plenty of rainfall and cool winters.

Quality of Life: Third greenest city in the country. The standard of living is high here. The infrastructural and social development in this place has made the quality of life great.

 

Realty market of Nagpur rural makes a spectacular comeback

3.7

Stamps and Registration office of Nagpur rural area mopped up 203 per cent revenue from real estate transactions during 2014-15.

THE real estate market in rural areas of Nagpur district is once again zooming in the hope that BharatiyaJanata Party (BJP) andShiv Sena led State Government can take some favourable decision for the growth of realty sector. During last financial year (2014-2015), Stamps and Registration office of Nagpur rural area mopped up 203 percent revenue from real estate transactions. But, at the same time, Nagpur city registered downward growth and achieved only 80 per cent target, highlighting slump in realty market. Though disappointing in termsof number, the city has contributed Rs 675 crore by way of stamp duty as against the target of Rs 839 crore and is remarkable considering weak demand for high-end flats. This is clear indication that property buyers are now concentrating more on properties in rural areas and those situated just outside existing municipal limits since properties inside city areas are costlier. The figures of Stamps and Registration Department of Nagpur division show the clearcut picture of changing trendand migration from city to rural areas, where metro region is coming and on Wardha Road, even the Metro Rail is proposed. However, experts stated that this could not be termed as jump in the sluggish realty market. It may be mentioned that Union Minister NitinGadkari and Chief Minister DevendraFadnavis have assured property dealers to start improvement in the rural sector. They had batted with previous Democratic Front Government for granting permission to layouts and small townships upto 750 meters from Gaothon. As per clause, the layout situated upto 200 and 300 meters can get permission for changing from agricultural zone to yellow zone for construction purposes. During DF Government regime, Town Planning department official had granted illegal non-agriculture permission to several layouts beyond permissible layout. Taking corrective step, then Collector PravinDarade had rejected around 250 non-agriculture permission and issued stern guidelines to stop unscrupulous land dealers from exploiting people, due to which growth of real estate business in rural areas slowed down. Now, the winds are flowing towards northward direction hoping that the new Government may amend the clause and provide relief to them. Earlier, Fadnavis and Guardian Minister ChandrashekharBawankule also raised the issue of illegal colonies at BesaBeltarodi, Ghogali and others in the vicinity of orange city at various forums of the Government to legalise it. Presently, they are at the helm of affairs and people believe that they can regualrise these constructions by framing guidelines to ensure planned development. New Government has also given attention towards development of stalled MIHAN-SEZ project. Till now, the project failed to take off due to various reasons but with a big push from Chief Minister Fadnavis and Union Minister Gadkari once again the project has been revived. Air India has started maintenance of aircrafts at Maintenance, Repair and Overhaul (MRO) depot. This has also increased expectations of common man regarding development of Nagpur and Vidarbha region. Experienced by earlier trends, the Stamps and Registration Department had set target of Rs 75 crore only from Nagpur rural area while a sum of Rs 839 crore is expected from Nagpur city, Rs 56 crore from Bhandara, Rs 64 crore from Chandrapur, Rs 53 crore from Wardha and Rs 8 crore collection from Gadchiroli. Nagpur city and Bhandara district did not achieve the target while other areas have crossed the target. Gadchiroli witnessed Rs 13 crore (162 per cent) transactions of stamps papers, while WardhaRs 58 crore (109 per cent), and ChandrapurRs 64.50 crore (102 per cent). Bhandara mopped up only Rs 53 crore (94 per cent) and Nagpur city only Rs 675 crore (80 per cent) and Nagpur rural area mopped up Rs 152 crore (202 per cent). It may be mentioned that earlier, real estate business in Nagpur rural market was a low key affair. Till 2008-09, it was Nagpur rural that had spearheaded realty growth when Wardha road land was sold like a hot cake. The land and open plot transactions had registered a tremendous growth then. However, the enthusiasm was cooled down with failure of MIHAN and regulatory issues like NA permissions, probe conducted into bogus NA nod leading to delay in sanction by town planning department. This had shifted the growth from rural to city areas. Now, once again market may be shifted from city to rural areas. In orange city, new rates of Stamps duty fetched crores of rupees for the State Government. The Stamps and Registration Department is charging 6.5 per cent (including 1 per cent of Local Body Tax). The abolition of LBT from August 1 may also provide a great relief to buyers.