Set up by the Government of Maharashtra and implemented by the MADC, MIHAN is a Special Economic Zone enclosing an Information Technology City, Health City, a Captive Power Plant and other manufacturing units in its precincts. The project is assured of support with world-class
infrastructure to make it an ideal centre for international operations.
Nagpur has been the choice for Singapore-based Ascendas’ International Tech Park in partnership with the MADC. To be located within MIHAN at an investment of Sing.$ 570 million to develop 4.5 million sq. ft of IT space in 5-7 years, the partnership is expected to transform the socio-economic landscape in the Vidarbha region. With such major investments taking place in the city, it is no wonder that Nagpur is the most sought-after investment destination for industrial and services sectors in the country.
Traditional markets like Sitabuldi, Sadar, Central Avenue and Gandhi Baug are being challenged by newer centres in Dharampeth and Itwari. Shopping malls and multiplexes in Nagpur are getting popular as the city gets more consumerist currently 1.8 million sq. ft of mall space has been created. The success of the Poonam Mall in Wardhman Nagar fostered the development of the MHKS Mall in Chaoni, Mangalam Marvel at W.H.C. Road, The Triangle at Kingsway and Inland at Central Avenue.
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.
6 additional shopping malls in Nagpur will come up by 2008-09 at a cost of Rs 1000 crore. These would be on land allotted by the Nagpur Municipal Corporation for infrastructure development on a 20 year lease for Rs. 545 crore in Netaji Market and Water Works Department in Sitabuldi, Gokulpeth Market and Grain market in Wardhman Nagar, Jaripatka and Pachpoli Flyover near Kamal Square. BSEL Infrastructure Realty and Unity Infraprojects have been offered to develop the projects.
Realty brokers from Nagpur are hopping across the globe to sign property deals with NRIs eager to invest in real estate in the Orange city. From Dubai to New York, Nagpur is the toast of NRIs when it comes to selecting property for investment.
As a result, property prices are touching new highs in the city, and real estate agents are tapping non-resident Indians who have their roots in Nagpur. Accordingly, stamp duty rates have also risen by almost 40%, totaling to Rs. 25 crore in 2005-2006.
Nagpur’s city limits are expanding to agricultural and non-agricultural zones ringing the city to accommodate the rising demand. 20 to 25% % of all property deals signed originate from NRIs who belong to the city.
For the real estate builders of Nagpur, marketing their products through property shows and events for NRIs abroad proves very rewarding, especially in the Middle East, the US and the UK.
There has been a surge in demand for apartments, plots and ready cottages and villas with the upcoming Multimodal International Hub and Airport for Nagpur (MIHAN) are adding to its appeal.
The demand for property in Nagpur is partly by genuine future users and partly speculative, as rates are currently very affordable for investors seeking to spread their investments.. Online information helps access prospective clients from across nations, and group bookings are quite common amongst NRIs. Investments to the tune of Rs 17,000 crore are lined up for the Vidarbha region hitherto looked upon as the most backward region of the state
One of the fastest growing Tier III cities in India -Future IT and Aviation city - Companies like Boeing, Satyam computers, HCL, Dell, Hexaware, DLF, Ascendas etc. has already finalized their projects. Adjacent to IT SEZ(Wardha Road – NH7) is Proposed International Cargo HUB(MIHAN – Multimodal International Hub Airport at Nagpur, (www.madcindia.org ), which is first and only such kind of project in the country being developed in Nagpur by a joint venture between Maharashtra Airport Development Corporation (MADC) and the Airport Authority of India (AAI). Second Capital and third big city in Maharashtra. Nearby is the new VCA cricket stadium.