Click to play videoMumbai: Property prices are sliding across India, but Nagpur's different. In the past year its property prices have scaled higher than ever. Builders say land in prime locations is quoting at Rs 8,000 to Rs 10,000 a square foot.
And as for land on Khamla Road, near the airport, landowners are said to be getting offers of up to Rs 22 crore an acre.
Says Executive Director, N Kumar Group, Vijay Kumar, "For a place like Khamla, which is on the border of the city and near the airport, our company is developing a mall. We have got an offer to sell the land for more than Rs 5,000/ sq ft but we see more opportunity in developing it than parting with the land."
Residential property prices have also risen. Property prices in prime locations have risen by Rs 1,000 to Rs 3,000 a square foot in the past 12 months. That's an increase of 35 to 150 per cent.
Industry watchers say property prices have climbed because of companies' increasing commitment to the city.
In three to four years, 20 million square feet of office space is set to hit the city.
Says Deputy MD, Cushman & Wakefield, Sanjay Dutt, "The commitment of the corporate world is in place. It has actually happened. It is not something that is waiting. Almost 650 acres has been committed by developers and corporates like Satyam and many others who will develop and create jobs."
Industry experts say the phenomenal escalation in realty prices will continue. That's because Nagpur has not only attracted a lot of corporate interest, it is also backed by strong social and physical infrastructure. Small wonder then, Nagpur still commands the big bucks.
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