With Nagpur developing into a metropolitan rapidly, the cost of real estate in the city is skyrocketing.
The cost of properties in the central areas of the city and the market places have already gone sky high. Same is the condition in areas adjacent to Ring Road.
However, with the continuous rise in the cost of real estate since last few years, it is increasingly becoming impossible for the salaried class to build their own home in the city.
Purchasing a plot out of the city involves lot of risk. There have been cases where people were duped of lakhs in such deals. Hence, people are emphasising upon ‘safe investment’. The ever-rising inflation has caused the rates of construction materials to escalate. On the other hand number of touts have also increased in the property business. The touts, for their own commission, sell properties at higher than actual rate.
If the costs of residential flats are taken into consideration, it is found that the cost of flats in South-Western Nagpur is highest. This zone includes areas like Shankar Nagar, Shivaji Nagar, Ramdaspeth and Laxmi Nagar.
If you want to purchase a property in any of these areas, you will have to shell out about ` 5,000 to ` 7,000 per square foot. People investing in these areas belong to the elite society.
Similar is the condition in Eastern Nagpur and Wardhaman Nagar. The people belonging to middle class can’t even dream of having their homes in these areas.
If you go beyond the limits of Nagpur Municipal Corporation (NMC), the rates of property have seen rise there too. The flat that cost ` 10 to 11 lakh beyond municipal boundary is now being sold for ` 20 lakh. The income however has not rose in proportion to the rise is prices.
