Hotspot: Infra projects driving up prices at Wardha Road, Nagpur

Nagpur is the third-largest city in Maharashtra after Mumbai and Pune, and a prominent industrial centre. Affordable housing, warehousing and logistics are the main contributors to its real estate market growth. It is also on a major path of change in information technology (IT) and special economic zone (SEZ) segment and will be a growing hub for employment generation with large IT players setting up their campuses in the main business centre to the south of the city.

Wardha Road, in the south of Nagpur, has emerged as a prominent real estate growth corridor. Driven by robust infrastructural development and proximity to Multi-Nodal International Cargo Hub at Nagpur (MIHAN), the real estate sector here is garnering interest from real estate buyers and investors.

Situated on NH-7, Wardha road is one of the fast-developing peripheral locations close to important hubs like MIHAN and Laxmi Nagar. Well-connected to major business centres, the stretch has widely captured the attention of investors and end-users from adjoining cities like Amravati, Yavatmal and Mumbai. 

The locality has a well-developed social infrastructure and houses several education institutions, health care centre and entertainment hubs. In fact, the holistic growth of Wardha Road has led to a good infrastructure growth in the surrounding areas, as well. The locality is likely to yield higher returns with the development of the proposed airport, cargo hub and the upcoming IT & manufacturing hub Butibori MIDC Phase II at the ‘V’ junction of Wardha Road and Hyderabad road.

With the development of MIHAN, the locality possesses tremendous potential for real estate development, making it one of the most preferred residential location in Nagpur. Considering the price trends and rising demand, Wardha road is also attractive for its lush green surrounding. The property values too are expected to continue to witness a significant hike after the completion of the several infrastructure and real estate projects which are underway.

With investments in warehousing/logistics and manufacturing sectors likely to be a catalyst, the creation of affordable housing stock will be critical for low-income groups and migrating residents. The current property rates in Wardha Road range between Rs 2,080-4,900 a sq ft depending on the exact location and project specifications, and these values will inevitably rise on the back of the improving infrastructure. The locality offers residential plots, villas and apartments along the stretch. Some of the projects with under-construction apartments and ready-to-move-in options are Green city, Eden Park, Radha Madhav Vrindavan, Sambhav Shivam Park and more.

The writer is Managing Director - Strategic Consulting, JLL India