Manish Nagar – A Growing Residential Area in Nagpur
Manish Nagar is one of the prime localities in Nagpur owing to its location on Wardha Road, connectivity and growing infrastructure. The locality has been witnessing a good growth in property prices in the last few years indicating a boom in its real estate market.
Location and Connectivity
Manish Nagar lies adjacent to Wardha Road. It lies outside the Nagpur Ring Road in the direction of the southern periphery of Nagpur. The Ring Road is close to the area, at a distance of less than 2.5 km. Due to Wardha Road and Ring Road, the area has very good connectivity to other localities as well as cities in Maharashtra and India. The area is at a short distance from the MIHAN SEZ, which is a huge IT park in Nagpur. One can reach the tech park in less than 20 minutes via Wardha Road.
Manish Nagar itself doesn’t have any bus depots, but has two bus stops on Wardha Road at a distance of about 1 km each. There are several MSRTC buses running on this route. There is a proposed BRTS service on Ring Road which will increase the number of buses serving the locality’s neighbourhood. The area is also close to the Nagpur International Airport. One can reach the airport within 5 minutes.
Infrastructure and amenities
Manish Nagar has a good civic infrastructure. It has good roads and power as well as water supply. There is a police station at a distance of less than 2 km from the area. The area has very good social amenities. It has some educational institutions such as New Look Convent and Central Institute of Business Management Research & Development nearby. The Sanjeevani Hospital is within the locality. There are also retail shops such as Reliance Fresh within the area. The area also has temples, bank ATMs and commercial establishments within its proximity.
Real estate and trends
Though Manish Nagar is a prime locality, it is not densely populated. There are few housing societies as well as independent houses within the area. However, the growing commercial activity in Nagpur, the area’s proximity to SEZs and its connectivity have led to increase residential activity in the area. There are some developers such as Abhijit Construction Company, Mahalaxmi Realities, Vishesh Builders and Maxx Construction active here. Some of the ongoing projects include Maxx Pride, Kolba Swami Arcade and Mahalaxmi Floret.
The most commonly available residential units in the area are 2 and 3-BHK builder and multi-storey apartments. The approximate covered area of a 2-BHK apartment is 850-1,100 sq. ft., while that of a 3-BHK apartment is about 1,300-2,800 sq. ft. A 2-BHK apartment costs approximately Rs. 30-45 lakhs while a 3-BHK apartment costs approximately Rs. 55-90 lakhs. The approximate rental value of a 2-BHK apartment is about Rs. 6,500-10,000 per month and that of a 3-BHK apartment is about Rs. 8,000-15,000 per month. There are also few 1-BHK apartments available for rent. The approximate rent of such an apartment is about Rs. 5,500-9,000 per month.
Manish Nagar has witnessed rapid growth in property prices in the last two years. The average property price during the first quarter of 2011 was about Rs. 2,400 per sq. ft. while the last quarter of 2013 recorded an average property price of Rs. 3,360 per sq. ft., a growth of 40% in two years.
The rapid growth in property prices in Manish Nagar indicate the way the residential real estate market is growing in Nagar. Manish Nagar has good availability of land parcel and good scope for future growth both in terms of infrastructure as well commercial development. With these factors involved, Manish Nagar proves a good real estate market for property buyers.
