Date:26/08/2007 URL: http://www.thehindu.com/2007/08/26/stories/2007082661510700.htm

National

It’s destination Nagpur for realtors from State

S. Harpal Singh

The city has enormous scope for growth because of vast extent of open land available
15 large consortiums in realty from Hyderabad have invested heavily in and around Nagpur

ADILABAD: Nagpur is the preferred destination of realtors from Andhra Pradesh, thanks to the brilliant prospect it offers them.

Attracted by upcoming projects like the country’s first-ever multimodal international hub airport at Nagpur (MIHAN), a unit of the Boeing and IT parks aplenty, investors from Hyderabad and other cities in the State have made a beeline towards this city.

“Another major reason for investors from Hyderabad to seek greener pastures is the uncertainty in the field induced by region-centric politics,” said an investor from Hyderabad, on conditions of anonymity.

He said due to the uncertainty there is lull in trading in realty since the past one year.

The MIHAN project will be established on 10,000 acres on the outskirts of Nagpur. The zero mile city or geographic centre of the country will include a captive power plant and special economic zones in about 3,500 acres. IT parks are to be established by DLF, Satyam, Wipro, and Dell.

The American computer manufacturer will have one of its units here besides that of the Boeing.

Nagpur was found to have enormous scope for growth because of vast extent of open land available near the city. More attractive is the cheaper price of land.

“About two years back, the open market price of land near the MIHAN site was just Rs. 10 lakh per acre. It increased to Rs. 30 lakh per acre in one year. Since big investors from Andhra Pradesh entered the market, the prices have shot up to Rs. 1 crore per acre,” said an architect from Nagpur.

An estimated 15 large consortiums in realty from Hyderabad have invested heavily in and around Nagpur.