Mumbai-Nagpur Samruddhi Expressway has come out as a mega infrastructural wonder that is transforming the real estate market of Nagpur, particularly the prices and demand for residential plots in the city's emerging areas. Over 701 kilometers completed, this expressway has reduced travel time between Nagpur and Mumbai by half, greatly improving connectivity and unveiling vast new tracts of land for urbanization and real estate investment.
Expressway's Role in Driving Land Price Growth
Prior to the expressway, most
of the peripheral areas of Nagpur were agrarian or neglected. Travel from Mumbai to
Nagpur would take around 16 hours, restricting potential for development. The expressway
brought this down to around 7-8 hours, leading to hasty industrial, commercial, and
residential interest in the peripheries of this corridor.
Government plans, such as the high-profile New Nagpur development master plan covering
several villages, have further fueled land price appreciation. Land that was once sold
for relatively modest prices has seen prices touching as much as Rs 2 crore per acre and
more in prime locations close to the expressway. The combination of infrastructure-led
convenience and investor demand-driven speculative interest has raised a hotbed for
plotted development and home real estate projects.
Residential Plots: The Growing Preference
In the changing real estate landscape of Nagpur,residential plots are fast emerging as the preferred option among a range of buyers:
- Freedom & Personalization: Buyers want to design their dream homes according to personal choice, which plots allow better than apartments.
- Affordability & Appreciation: Plots are usually cheaper entry options than ready-to-move inventory and apartments, with high appreciation potential in growth areas.
- Infrastructure Benefits: Access to the expressway corridor implies superior connectivity to future and emerging civic amenities, industrial parks such as MIHAN, and future metro extensions.
- Investment Potential: Pioneer investors in plotted property along the expressway corridor have realized handsome returns on capital, and development is likely to be sustained strongly over the next decade.
Infrastructure and Urbanization Catalyst
The expressway corridor impacts go beyond transport advantages. It is a backbone for an integrated development ecosystem that comprises:
- Industrial parks and Special Economic Zones (SEZs) like MIHAN.
- Wired smart townships and realty developments incorporating residential, commercial, educational, and health infrastructure.
- Metro and road connectivity improvements complementing expressway advantages for last-mile connectivity.
- Augmented employment opportunities that directly fuel housing demand.
This infrastructure network overhaul is crucial in increasing real estate optimism and property value within these areas.
Land Price Outlook and Trends
Priced by reports as having increased more than three-fold since completion, land prices around expressway junctures are being pushed by continued demand for plotted properties to levels of up to ₹3,000 to ₹5,000 per square foot around popular areas. The general Nagpur area is projected to experience overall appreciation in land prices 5 times or higher by 2035, and therefore present investments made in residential plots along expressway belt turns out to be very promising.