Nagpur, also known as the ‘Orange City’, is strategically located in Central India and a vice-capital to the state of Maharashtra. It is the third largest city in the state after Mumbai and Pune. According to Oxford Economics, Nagpur is fifth on the list of fasting growing cities by Gross Domestic Product (GDP) in the world between 2019 and 2035. The city is also amongst the top ten Smart Cities in India as per the Ministry of Housing and Urban Affairs. Nagpur is strategically located in Central India and has emerged as a major transportation hub in the region with several national highways and railways connecting it to other parts of the country. Also, the upcoming Samrudhhi Mahamarg will seamlessly connect Mumbai and Nagpur.
The city also has an international airport putting it on the global map. To add to this, Nagpur is the site of the Multimodal International Cargo Hub and Airport (MIHAN), which is a major infrastructure project aimed at promoting trade and investment in the region. Robust connectivity and upcoming physical and social infrastructure have created a conducive ecosystem for business to thrive. In line with this, Nagpur has a diverse economy with industries such as IT and ITeS, manufacturing, power sector and mining, being major contributors. The city is home to Butibori industrial area, which is area-wise one of the largest in Asia. Also, several prominent service sector firms such as Tata Consultancy Services (TCS), Infosys, Tech Mahindra, HCL amongst others have set up their operations in MIHAN Special Economic Zone (SEZ). The socio-economic development in the city has also fueled the real estate development in Nagpur.
The same is also evident on Housing.com’s IRIS index, where Nagpur is second only to Indore amongst the Tier-2 cities with maximum online property search volume in central India. Nagpur’s high-intent homebuyer activity peaked in March 2023, reaching 218 points. A deeper look into the trend suggests that most of the homebuyers are looking for properties in southern and northern areas of Nagpur. For instance, localities near airport such as Besa, Somalwada, Manewada, Dighori and Jamtha near Mihan along with micro-markets in south and Zingabai Takli, Mankapur, and KT Nagar in north have witnessed heightened homebuyer search activity in the recent years. Nagpur homebuyers are primarily seeking apartments followed by independent homes with 2 BHK and 3 BHK configuration. Overall, the sustained growth in online property search trend in Nagpur is a testament to its potential for continued upward momentum in the coming months.
Renuka Kulkarni, a seasoned real estate professional, brings over five years of diverse experience in research, consulting, and architectural design within the urban sector. Her expertise spans public and private projects, showcasing proficiency in real estate research, trend interpretation, and policy analysis. With qualifications in architecture and a master’s degree in Data Science (Business Intelligence & Data Analytics) from IIIT Bengaluru, along with an M. Tech in Urban Development and Management from TERI School of Advanced Studies, New Delhi, Renuka seamlessly blends data analytics with market insights, offering a holistic understanding of the industry in her research pieces.
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