Koradi Road Sees Growth in New Residential Projects
Koradi Road is an important stretch in Nagpur, as it connects some of the fast growing areas in the city to the ring road and few other important localities. As such, the Koradi Road stretch too is witnessing a good number of residential projects.
Connectivity
Koradi Road is a part of National Highway (NH) 69. It passes through cities such as Obedullaganj in Madhya Pradesh and Nagpur in Maharashtra. In Nagpur, it passes through areas of Mankapur, Raj Nagar and Jaripatka. The highway also intersects the Nagpur Ring Road, which passes through important areas such as Wadi, Ram Nagar and Vivekanand Nagar. As such, Koradi Road connects all these areas in Nagpur. The highway also intersects Katol Road, a state highway, near New Colony.
There are several bus stops on the Highway, where there are regular NMPL run Star buses. The Nagpur Railway Station is about 6 km from the stretch and the Nagpur Airport is at a distance of less than 11 km from the stretch.
Social amenities
There are several social amenities along the Koradi Road stretch such as schools and colleges, vocational training institutes, hospitals, restaurants, banks, commercial establishments and sports complex. Some of the hospitals include Alexis Multispecialty hospital, Punshi Hospital and Kunal Hospital & Critical Care Centre. There is a Nagpur Division Sports Complex along the stretch. There are a couple of overhead water tanks in the surrounding areas and an electrical sub-station. As such, there is a decent electricity and water supply to the nearby areas.
Real estate trends
Koradi Road is witnessing a number of new residential projects along the stretch, primarily due to the excellent connectivity it provides. The most common configurations along the stretch are 2 and 3BHK apartments as well as independent houses. Some of the active developers in the area include Ramnath Developers and Suraj Builders & Land Developers.
The approximate price of a 2BHK apartment of covered area 850-1,250 sq. ft. is Rs 25-40 lakh whereas a 3BHK apartment of covered area 1,150-1,400 sq. ft. costs about Rs 30-50 lakh. A 3BHK residential house with a built area of 1,400-1,900 sq. ft. costs about Rs 60-70 lakh. The property value along the stretch has gone up from an average Rs 2,600 per sq. ft. during the second quarter of 2013 to an average of Rs 3,000 per sq. ft during the first quarter of 2014, marking a hike of 15 per cent within one year.
The growing number of residential projects and increasing property value along the stretch are good indicators of good growth prospects in the area. As such, one may look at investing along the stretch for good returns.
