Dharampeth – An Upcoming Locality in Nagpur
Dharampeth is an upcoming area in Nagpur. Nagpur’s overall real estate boom as well as the area’s strategic location, connectivity and amenities are driving demand for residential properties in Dharampeth. The area witnessed a hike of 47% in property values in one and a half years. This indicates the importance of the area’s real estate market.
Location and connectivity
Dharampeth lies close to the intersection of three important highways in Nagpur. They are Wardha Road, N. Ambazari Road and Amravati Road. Wardha Road is a part of National Highway 7 and Amravati Road is a part of National Highway 6. Hence, these two highways connect the area to other cities in Maharashtra and the country along this highway. The area also lies adjacent to N. Ambazari Road. The MIHAN SEZ is less than half an hour from the area.
The area has several bus stations at a close distance, where there are regular MSRTC buses providing transport services. The Nagpur International Airport is at a distance of less than 7 km from the area. The proposed Nagpur metro route 2 has a station just about 2 km away from the area.
Infrastructure and amenities
Dharampeth has good wide roads such as W. High Courtyard Road and Nanaji Shastri Marg. The area has a good water and power supply. The civic amenities of Dharampeth is equivalent to that of a tier-I city. It has several schools, colleges, hospitals, entertainment facilities and commercial establishments. Schools and colleges within the vicinity include Central India Institute of Management Studies and Bishop Cotton Primary School. Hospitals include Sankalp Hospital and Mandhaniya Cancer Hospital & Research Institute. There are several restaurants, coffee shops, gardens, banks and entertainment facilities in the area.
Real estate
The civic infrastructure, social amenities and commercial growth in Nagpur have attracted good demand for residential real estate in the area. There are already several ongoing projects as well as builders present here. Some of the projects include Universal Motif by Universal House, Rachana Galaxy by Rachana Construction and Millennium Hyatt Residency by Millennium Developers & Promoters Pvt Ltd.
The most commonly available configuration of houses are 2, 3 and 4-BHK apartments. A 2-BHK apartment usually has an approximate covered area of 850-1,050 sq. ft. A 3-BHK apartment has a covered area of 1,550-1,800 sq. ft. while that of a 4-BHK apartment is 4,050-4,300 sq. ft. The approximate cost of a 2-BHK apartment is about Rs. 55-75 lakhs while that of a 3-BHK apartment ranges between Rs. 1.3-1.7 crore and that of a 4-BHK apartment ranges between Rs. 3.5-3.9 crore. A 2-BHK apartment fetches a monthly rental of Rs. 12,000-15,000, whereas a 3-BHK apartment fetches a monthly rental of Rs. 20,000-45,000.
Dharampeth has witnessed a good property hike in the last couple of years, albeit a bit slow rise during the last couple of quarters. The average property value went up from Rs. 4,500 per sq. ft. to Rs. 6,600 per sq. ft. within 1.5 years, a hike of 47% within the period, indicating a rapid growth in the area, and hence demand for property.
With a good connectivity and rapid growth in infrastructure in the area, coupled with an overall growth of demand for residential real estate in Nagpur, Dharampeth emerges as a growing residential area in Nagpur.
