Real estate developers zero in on Nagpur

Close on the heels of Boeing's decision to set up it its $100 million maintenance, repair and overhaul (MRO) facility near Nagpur and a few big players in the hospitality sector also eyeing the city, major real estate developers are flocking to the city for acquiring land.

The last three months have seen five leading names in the real estate development sector sending teams to the city for studying the business potential.

At least two of them have finalised their plans for developing townships, IT parks and super malls in and around the city while others are holding discussions with civic authorities, officials of the Maharashtra Airport Development Company (MADC) and real estate agents.

The companies are planning to acquire land ranging from 5 acres to over 100 acres. Mumbai-based K Raheja Group has even announced its plans for such an acquisition. A number of real estate companies, including some local ones, have marketed townships on the periphery of the city.

The Sahara Group had already announced its 'Sahara City project' on Wardha Road. However, the project is reported to be running behind schedule.

Undeterred by the experience of the Sahara Group, the K Raheja Group, Soham Group, Kolkata's Awani Group, Gujarat's Adani Group and Mumbai-headquartered Hiranandani Developers have scoured Nagpur and neighbouring areas for land.

The K Raheja Group is looking for 5-100 acres of land for constructing super malls and an IT park here. It wants land in "prime locations and on the main road."

Introducing itself as India's pioneer builders in the field of real estate development since 1956 and having to its credit over 2,000 projects, comprising commercial complexes, residential townships and related developments, the company has invited details from people with land from 5-100 acres.

The group has also said that it had diversified into the hospitality and retail industry. Sources said the group might purchase land in the city and develop it later or go ahead with projects on smaller scales.

"They are developers and have just stepped into the retail market and the hospitality sector. Their expertise is in developing property and disposing it," said a top real estate agent in close contact with the group.

The Soham Group, a 25-year-old real estate firm from Thane, visited the city to look for a suitable land of around 200 acres recently. The group is keen on Wardha Road for its proposed township. It has to its credit developing almost 35 per cent of the total residential area in the Thane region. Representatives from the group were in the city on December 26, sources said.

A team from Avani Projects and Infrastructure Limited, the flagship company of Kolkata-based Avani Group, also visited the city. It wanted around 100 acres on Wardha Road. The group, which was established in 1994, already has 20 landmark projects under its belt in the metro.

Well-known Hiranandani Developers from Mumbai was here around three months ago scouting for land, again on Wardha Road. They also visited the MIHAN and SEZ areas for a possible venture of over 200 acres in the residential sector.

The Ahmedabad-based Adanis, which visited Nagpur on December 21, has interests in energy, retail, metals and agri products. The group, which is currently expanding into real estate, was in news last year for bagging a Rs 2,250-crore contract for developing commercial and retail hubs in the Bandra-Kurla complex in Mumbai. Adanis are looking for over 100 acres land on Wardha Road.

Enquiries by these major groups is fuelling land prices and the rates which are already high, are now going through the roof.