Nagpur to witness spectacular growth in Real Estate
- Date: 2007-09-13 - Word Count: 375
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Maharashtra's second capital, Nagpur off late has been in the news for the tremors being created by booming Real Estate.
India's second greenest city and also known as Orange city, Nagpur is not only a tourist destination but has various other attributions as well. Nagpur has almost 40 educational institutes in the vicinity, a technically apt workforce that is available at relatively lower cost, and the city also flaunts an international airport whose work is in progress.
Nagpur is currently booming in terms of Real Estate and is expected to escalate further with the advent of various IT companies and flow of FDI in huge amounts. There are success stories of various IT companies who turned around the disadvantages of the city and used it to benefit themselves. To name a few, it can be Premier Technologies, Persistent Technology Group, Lambent Technologies and Control IT India and a lot more fumbling an opportunity to make a firm stance in the city. With IT companies striving to enter the city, the Real Estate prices of both commercial and capital values are likely to rise high.
Another major factor that has led to the soaring Real Estate prices is the NRI investment in the city. Fierce with which NRIs are investing in tier II cities along with the demand being created for both residential and commercial properties by this investment coupled with the high buying power of NRI's the prices are being pushed beyond a reasonable limit in Nagpur.
Developers and various brokers are having a gala time and to add more to this they plan to tap other regions of the city which has a large number of NRIs with their roots from those areas. To implement this in a more professional fashion many developers and brokers hold exhibitions and fairs abroad to attract NRIs from UK, US, Dubai, Singapore etc.
Orange City, Nagpur achieved the second position on the emerging growth centers in India in a recent study conducted by a UK-based Global Property Consultancy firm and with increasing interest of NRIs in tier II cities, city emerging as a preference of IT people and with a series of other factors the Real Estate sector is expected to grow manifolds .
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