Realty brokers from Nagpur are hopping across the globe to sign property deals with NRIs eager to invest
in real estate in the Orange city.
From Dubai to New York, Nagpur is the toast of NRIs when it comes to selecting property for investment.
As a result, property prices are touching new highs in the
city, and real estate agents are tapping non-resident Indians
who have their roots in Nagpur. Accordingly, stamp duty rates
have also risen by almost 40%, totaling to Rs. 25 crore in 2005-2006.
Nagpur’s city limits are expanding to agricultural and non-agricultural zones ringing the city to accommodate the rising demand. 20 to 25% % of all property deals signed originate from NRIs who belong to the city.
For the real estate builders of Nagpur, marketing their products
through property shows and events for NRIs abroad proves very
rewarding, especially in the Middle East, the US and the UK.
There has been a surge in demand for apartments, plots and
ready cottages and villas with the upcoming Multimodal International
Hub and Airport for Nagpur (MIHAN) are adding to its appeal.
The demand for property in Nagpur is partly by genuine future
users and partly speculative, as rates are currently very affordable
for investors seeking to spread their investments.. Online information
helps access prospective clients from across nations, and group
bookings are quite common amongst NRIs.