Laxmi Nagar – An Emerging Market in Nagpur
Laxmi Nagar is a prime area in Nagpur primarily due to its proximity to a few important highways as well as its growing infrastructure. The area saw a good growth in real estate prices in the last couple of years which indicates that it is a highly sought-after locality in Nagpur.
Location and Connectivity
Laxmi Nagar lies between three important highways: Wardha Road, Ring Road and N. Ambazari Road and is equidistant from all the roads. Wardha Road is a part of NH-7 and hence connects Laxmi Nagar to other cities in Maharashtra and India, while both the Wardha Road and Ambazari Road connect the area to the Nagpur Ring Road. The Ring Road itself connects Laxmi Nagar to several other areas in Nagpur. One can reach any of these highways from the area within 10 minutes.
The area has two important bus stations and is served by several MSRTC buses. The nearest railway station to the area is the Ajni Railway Station which is at a distance of 4.5 km from the area. Laxmi Nagar is also about a distance of about 5 kms from the Nagpur International Airport.
Infrastructure and amenities
Laxmi Nagar has a very good social infrastructure. There are many wide roads in and around the area. There are several schools and colleges in the locality such as Soft Concept and Central Institute of Information Technology. The area also has several clinics and hospitals within its vicinity. While Nagpur doesn’t have a mall culture yet, there are several eateries, restaurants and shopping centres available here. There are also several parks and gardens within the locality.
The area has several business centres as well as software companies. The proposed MIHAN SEZ is just about 2 km away from the area.
Real estate and trends
The area’s proximity to important highways and the IT SEZs as well as its social amenities make it highly attractive for residential projects. There are several projects from developers such as Abhinav Developers, Orange Infrastructure Developers, Precision Developers and Sanman Builders available here. The most commonly available configurations here are 3-BHK apartments with an approximate covered area 1,400-2,200 sq. ft. The approximate cost of a 3-BHK apartment is between Rs. 1-1.5 crore. There are a few 2-BHK flats also available, whose covered area is about 720-1,100 sq. ft. The approximate price of a 2-BHK flat is Rs. 50-65 lakhs.
There are several apartments also available for rent in the area. The approximate monthly rent of a 2-BHK apartment is about Rs. 8,000-12,000 and that of a 3-BHK apartment is around Rs. 18,000-22,000. While the most common configuration for purchase is found to be 3-BHK apartments, the most sought-after configuration for rent is found to be 2-BHK apartments.
Being one of the most sought after areas in Nagpur, Laxmi Nagar commands high property prices. The approximate property price per sq.ft in the area is Rs. 6,300-8,000. This is higher than several areas in Nagpur. The area has been witnessing a good growth in property prices in the last two years. The average property price in the area during the last quarter of 2011 was approximately Rs. 6,200. This indicates an increase of 16% in the last two years.
Another key factor leading to the continuous growth in demand and property prices in this area is the available land parcel. Nagpur itself is sparsely populated compared to cities like Mumbai and Pune. Moreover, the available FSI in Nagpur hasn’t been completely utilized. The current FSI in Nagpur is 1 for NIT housing schemes and 1.25 for bigger plots. This provides Laxmi Nagar with a huge scope of development.
With a good scope of development, Laxmi Nagar proves to be a good destination for buying property.
