Narendra Nagar – An Important Residential Hub in Nagpur
With Nagpur slowly emerging as a sought-after real estate market in the country, Narendra Nagar has emerged as a fast growing area in the city. The growth in the area’s real estate market is majorly due to its location and connectivity. The area is also witnessing a continuous growth in property values since the past couple of years owing to the overall growth in the area.
Location and Connectivity
Narendra Nagar has its boundaries on two major highways: Wardha Road and Ring Road. Wardha Road a part of National Highway 7, runs through the heart of Nagpur. Hence it connects the area to some major cities in the country and other prime areas of the city as well as the state. The Ring Road too connects the area to several other parts of Nagpur.
Narendra Nagar has several bus stations. As such, there are different MSRTC buses that connect the area to different localities. The proposed BRTS service on Ring Road too will serve the locality. The Nagpur International Airport is less than 3 km from the area. The MIHAN SEZ is at a distance less than 10 kms from the area.
Infrastructure and amenities
Narendra Nagar has a good civic as well as social infrastructure. The area has good wide roads. There are various schemes in Nagpur to ensure 24×7 water supply. These schemes are expected to help Narendra Nagar. There is a fire station within the area. Social amenities include schools, colleges, hospitals, temples, parks, commercial establishments, bank ATMs and other entertainment facilities. Educational institutions include schools such as New Look Convent, Somalwar School and Central Institute of Business Management Research & Development. Hospitals in the vicinity include Geeta Ayurved Specialty Hospital & Research Center and MaxCare Hospital. There are several parks and public gardens within the area’s proximity.
Real estate and trends
Narendra Nagar is growing rapidly into an area with good demand for residential property. This is primarily due to its strategic location adjacent to highways, it’s already present and growing infrastructure as well as amenities. The area is already well populated and is currently attracting several developers. Some of the developers include Unique Realties, Ariya Buildcon Pvt Ltd, Mahalaxmi Realities and Real Living Pvt Ltd.
The most common configurations in demand and supply are mostly 2 and 3 BHK multi-storey and builder-floor apartments. The approximate size of a 2-BHK apartment is 800-1,450 sq. ft. and that of a 3 BHK apartment is around 1,300-1,450 sq. ft. A 2 BHK apartment can be bought for about Rs. 36-45 lakhs while a 3 BHK apartment can be bought for Rs. 45-65 lakhs. A 2 BHK apartment usually fetches a monthly rental of about Rs. 7,000-12,000 per month while a 3 BHK apartment can fetch about Rs. 12,500-16,000 per month. There are some 1 BHK apartments available for rent. They fetch about Rs. 4,000-7,500 per month.
Narendra Nagar has been witnessing continuous growth in property prices in the last two years. It saw the highest increase between 2012 and 2013. The average property value during 2012 was about Rs. 2,740 per sq. ft. while it increased to about Rs. 4,060 by the end of 2013. This was an increase of 48% in two years.
This rapid growth in property values as well as growing number of projects in the area indicate a good demand for the area. Adding to that are the connectivity and infrastructure of the area which make Narendra Nagar an important residential property market.
