The orange city of India, Nagpur, is on its way to become the most livable city. It has always been an attractive destination due to the hospitality and well-mannered people, but now the authorities are uplifting the status even more. They have planned an immense infrastructure reform to develop the city with the inauguration of Nagpur Metro. Let us see what the Metro has given in terms of construction development.
There were 13 real estate projects planned of which six are sanctioned. All the projects are spread across the city. MahaMetro, the authority responsible for the Nagpur Metro project, is also taking care of these real-estate projects. Their most exciting plan is the construction of the two tallest buildings of the city, 25-storeyed towers in Dhantoli and Kasturchand Park. There is another plan of making a 20-storey tower at Zero Mile. Apart from the towers, there are various commercial projects planned which will cost over thousands of crores. Townships are also being constructed in these projects. These residential projects are at Hingna Mount View and Mihan Metro City stations. There will be an estimated 1200 flats and bungalows while MIHAN Metro City will have 2500 tenements. Five more commercial projects are in the offing. The Nagpur Metro project is the only one in India that has created so much real-estate development through-out the city. This kind of project is known as LVC (Land Value Capture).
The Smart City program, an initiative started by the Honourable PM Narendra Modi in his first tenure, also has Nagpur as one of its top ten cities. The price is expected to rise by 30-35% for Nagpur by the end of this decade. Currently, there are over 600 projects under-construction. Most of them are residential. The completion of such vast amounts of projects will signal the entrance of Nagpur as a metropolitan city. However, there have been reports that Nagpur is projected as the fifth-fastest growing city in the world! With such huge expectations, naturally, the cost of living will rise rapidly. MIHAN, the Multi-modal International Hub Airport at Nagpur, is a massive airport project going on under the Maharashtra Airport Development Company. It is the biggest project in terms of investment in India.
The international airport will act as a cargo hub, and the authority is also developing an SEZ (Special Economic Zone) which will cover over 40 square km of area in southern Nagpur. IT parks, Health cities and Manufacturing industry units are the 3 significant sections of the SEZ. Many tech companies like TCS, HCL, and Hexaware have started operations and are expanding while Infosys and Tech Mahindra are constructing their campuses. Health City will include multi-speciality hospitals along with training institutes for nurses and medical technicians such as AIIMS, Indo-UK health medicity, and the National Cancer Institute. The residential zone will have numerous townships and with international schools and leisure activity provisions such as golf courses. Many townships such as Mahindra Bloomdale, Shiv Kailasa, and Moraj township have developed. For the making of MIHAN, a separate telephone exchange building has been built for telecommunication related infrastructure. The entire MIHAN project has had fiber optics cable laid. MIHAN has 2, 4 and 6-lane roads with a total internal length of 51 km. Two flyovers have been built over the NH-7 which runs on one side of the project. The two flyovers help connect MIHAN with the other side of the highway without causing traffic congestion at the main entrance. The authorities have ensured that this project will not have an impact on the environment; rather, they have planned to plant over half a million trees. No polluting industries will be allowed in MIHAN. Such a massive investment is going to cost Rs. 2581 crores and will generate revenue of Rs. 5280 crores. There is an expected boom of property prices like 2 BHK flats in Nagpur by 25-40%, and over 12 million people will be added to the city for direct and indirect employment.
Within the next five-years, Nagpur will experience massive inflation in the property prices, despite the current pandemic.
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