The great Nagpur boom

New Delhi: Spurred on by the Multi-modal International Hub Airport at Nagpur, the city is turning hungry for commercial and residential spaces.
The city of Nagpur is literally the centre of India and this strategic location is the reason why the Multi-modal International Hub Airport at Nagpur (MIHAN) might be very successful.
Proof of this can already be seen in the interest shown by global aviation major Boeing for setting up its $100 million regional maintenance, repair and overhaul (MRO) facility for its aircraft. This is expected to create upto 3,000 highly paid jobs and another 30,000 jobs indirectly.
Ask anyone from the city and they will tell you both MIHAN and the Boeing MRO are fuelling the real estate growth in the city — commercial, retail and residential.
What were open fields around the MIHAN periphery are still open fields but ownership has shifted to local and national developers.
According to estimates, land in a radius of about 20-25 km around MIHAN has been acquired already by various small and big investors. Pankaj Roshan, of Roshan Real Estate, says international real estate funds (British and Indonesian realty funds) too are looking for big land parcels of 150 acres and above, in and around Nagpur city.
According to Knight Frank, two-third of the new supply in the city is concentrated in the south-eastern zone due to large township projects planned in this part, as well as the upcoming cargo hub.
17/03/07 Ravi Teja Sharma/Business Standard

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Categories: Airports Mar 2007, General Aviation Mar 2007, New Mar 2007