Nagpur is set to share the spotlight soon with major cities like Mumbai and Pune in Maharashtra’s real estate growth story as MahaMetro is planning 13 major realty projects in the city. The MahaMetro will be transforming connectivity in the city and delighting commuters and will also be transforming the realty sector in Nagpur massively over the next few years. 6 out of these 13 projects have already received the necessary sanctions. MahaMetro will also be building an amusement park on the Krazy Castle land parcel and this will be as per global standards.
The MahaMetro real estate projects are spread throughout Nagpur and the company will be building two of Nagpur’s tallest structures, i.e. 25 storeyed towers opposite the Kasturchand Park and Yeshwant Stadium at Dhantoli. It will also be constructing a 20 storeyed building at Zero Mile along with several other commercial projects. These projects are worth thousands of crores and should keep the real estate sector buzzing in Nagpur for quite some time to come now.
6 commercial projects have received sanction till now according to reports. There will be two 19 storeyed towers and a 25 storeyed tower for the TTMC (traffic and transit management center) located opposite to the Yeshwant Stadium. This will be linked to the Sitabuldi Interchange Station through the elevated skywalk. The tenders have already been floated for this mega project. There are major real estate companies like Prozone, Inorbit, WTC, Phoenix and Zender who have already expressed their interest for this project.
Khapri Station will also receive a 7 storeyed commercial complex. There will be an 8 storeyed complex at the Prajapati Nagar Station while Zero Mile will get its 20 storeyed tower as previously mentioned. The NHAI (National Highways Authority of India) and JNPT (Jawaharlal Nehru Port Trust) have already booked three floors located above the Airport Station and the entire 7 storeyed building in the Station Annexe.
MahaMetro will be developing a residential township project at Hingna Mount View Station and the Mihan Metro City Station. The latter will comprise of 2, 500 units sized between 600 and 1, 200 sq. ft. on an average. Reliance Retail has already expressed its interest in establishing a large outlet within this township project. In case of the former, there will be 1, 200 apartments and bungalows with similar sizes as the latter. This project spreads over 15 acres in all.
Other commercial projects will come up at Gaddigodam, Cotton Market, Jai Prakash Nagar, Santra Market and Neeri. These projects will take the PPP (public-private-partnership) route for development. The operator will be offering premium upfront to MahaMetro as per reports and there will be a 3-year moratorium in case of big projects and a 2-year moratorium in case of smaller ones for royalty payments. The operator can complete projects in stages but royalty has to be paid up once the moratorium period concludes. The Nagpur Metro project is free from the royalties garnered through these realty projects. The Central and State Governments are taking care of half of the costs of the metro project along with other local organizations.
The State Government’s TOD (transit oriented development) policy allows for additional construction on both sides of the whole metro network up to 500 metres of distance. This will give a major boost to the real estate market in Nagpur.