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Nagpur's real estate sector is experiencing a rise in home sales, presenting a shift in the city's housing landscape. Contrary to national trends, where the real estate market faced challenges post-COVID-19, Nagpur has emerged as a symbol of growth.
The primary market, where buyers directly engage with developers for under-construction or ready-to-move-in properties, has witnessed an increase. Data from Liases Foras reveals a significant rise in the sale of residential units from 1,383 in 2019-20 to 2,211 in 2023-24 (as of January 2024). This trend shows the increasing confidence of homebuyers in Nagpur's real estate offerings.
However, in addition to rising sales, the city is dealing with an increase in unsold inventory, which is expected to reach 14,300 units by January 2024. The total value of unsold units has risen to Rs 6,605 crore, indicating a complex interaction of demand and supply factors.
The average cost of apartments in Nagpur has seen a steady upward trend over the past five years, rising from Rs 35 lakh in 2019-20 to Rs 46 lakh in 2023-24. This increase shows the evolving preferences and aspirations of homebuyers in the city.
Experts attribute this rise in sales to various factors, including infrastructural developments like the Nagpur Metro rail, road networks, and flyovers, which have enhanced the city's connectivity and liveability quotient. Additionally, the influx of young professionals, either returning to Nagpur from other cities or embracing remote work arrangements, has catalysed housing demand.
Developers note a shift in demand towards larger units, with 3 and 4 BHK apartments gathering more attention post-COVID-19. This trend reflects changing lifestyle preferences and the demographic composition of homebuyers in Nagpur.
Micro-market analysis highlights areas like Manish Nagar, MIHAN, Wardha Road, Besa, and Narendra Nagar as top preferences among homebuyers, particularly in the southern part of the city. These localities have witnessed significant rate appreciation over the past five years, indicating their growing popularity among investors and residents alike.
As Nagpur undergoes a socio-economic evolution, propelled by demographic shifts and infrastructural advancements, its real estate sector stands poised for further growth and transformation. The city's emergence as a vibrant hub for investment and development underscores its potential as a promising destination for homebuyers and investors alike.
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