Nagpur Real Estate To Get A Quick Ride On Metro
In Phase-I, there are two corridors- east-west and north-south. The total length of Phase-I corridors is 39 km. Initially, the Metro plan suffered a setback due to controversial alignment as the real estate stakeholders claimed it to be ‘improper’ as agriculture land in 721 villages were facing devaluation as it has been marked under green zone. However, the matter was soon resolved when the alignment was altered. There are around 16 stations between Automotive Square and Khapri in north-south section and 18 stops between Prajapati Nagar and Lokmanya Nagar in the east-eest Section. The Nagpur Metro is one of the fastest constructed Metros in India as the first trial was conducted within 27 months from the date of the announcement.
The east-west corridor would pass through Automative Square, Nari Road, Indora Square, Kadvi Square, Gaddigodam Square, Kasturchand Park, Zero Mile, Sitabuldi, Congress Nagar, Rahate Colony, Ajni Square, Chhatrapati Square, Jaiprakash Nagar, Ujjwal Nagar, Airport, South Airport, New Airport, Khapri, Eco Park and Metro City.
The south-north corridor would start from Prajapati Nagar and runs westwards, through Vaishnodevi Chowk, Ambedkar Chowk, Telephone Exchange, Chittar Oli Chowk, Agarsen Chowk, Doser Vaisya Chowk, Nagpur Railway Station, Sitabuldi, Jhansi Rani Square, Institute of Engineers, Shankar Nagar Square, Lad chowk, Dharmpeth College, Subhash Nagar, Rachna (Ring road Junction), Vasudev Nagar, Bansi Nagar to Lomanya Nagar. The entire corridor is elevated.
While the partial section of Nagpur Metro Phase-I might get operational by March, 2018, the remaining of the section will be operational by the first quarter of 2020. The delay is mostly because of the work awarding and clearance process to be done by the German agency KfW. For discussing Phase-II construction, the Maharashtra Metro Rail Corporation conducted a stakeholders' consultation meet. According to the media reports, Phase-II will include corridors in all directions with a total length of about 48 km and 33 stations and the detailed project report will be submitted by April, 2018.
How real estate will be impacted
When compared to Pune and Mumbai, rates of property in Nagpur is quite affordable, and range between Rs 2,500-6,000 per sqft. The planned Metro connectivity will ensure smooth commute from the commercial city centre of Sitabuldi to all the four corners of the city. The MIHAN is one of the biggest special economic zones in the country. It has a residential zone, too, covering a total area of 40 km on the southern end of Nagpur. Currently, IT companies are acquiring land here but most of them have not started work so far. Out of all, Tata Consultancy Services has started its functions, Infosys and Tech Mahindra are constructing their campuses and HCL might set up its base here in 2019. The area would be soon connected to metro to boost job market as well as the residential real estate in the area.
Other top localities such as Dharampeth, Ganeshpeth and New Indora are gaining preference due to upcoming metro connectivity. The price rise has been maximum for Ganeshpeth where the property values range between Rs 4,000-5,000 per sq ft and the rise is almost 45 per cent in past 12 months due to metro construction work gaining speed and launch of several luxury projects. The annual rental yield in Nagpur is 4.7 per cent with maximum properties and the popular areas are Ramdaspeth, Ganeshpeth, Dhantoli and Pratap Nagar. Since most of the prominent areas in north, south, east and west Nagpur have been covered in metro map, the city in undergoing all-round development.