Nagpur- India’s Future City!
Megacities are metropolitans that have populations in surfeit of 10 million inhabitants and contemplate major economic weight in their respective countries. Our Indian Cities database predicts the future Indian megacities to record the fastest rate of real GDP growth over 2016-2030.
Nagpur, among few others cities, are set to join the ranks of existing megacities sometime over the period 2019-2030. This article gives us insights of the Strategy Briefing, which aims to highlight the increasing aggressive nature of developing cities in the global context.
Despite of low public investments, Nagpur has a promising and great potential. With a success story in all the fields, Nagpur has some intrinsic advantages like holding basic amenities, availability of land and capable labour.
In the new upcoming India, the growth in these sectors is principally due to the huge gap between availability and demand. The growth of these two segments indicates towards a positive sign for India with their efforts to diverge the pressure on the metros which are declining under the load of space, time and infrastructure.
This counterbalance of pressure will also ease an improved allocation of wealth, in due course mounting the status of rural India. Nagpur is being benefitted from the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) - a scheme that was launched in 2005 undertaking a gigantic city transformation, have shown marked growth opportunity.
IT companies and Real estate firms perceive a shift to Nagpur for cheaper manpower and real estate. Obviously there are many factors driving the growth of real estate - walk-to-work concept, good lifestyle, software companies, media exposure and an increased similarity to retail. One has been observing significant improved real estate options in cities like Nagpur. In such places, the idea of low-cost housing or reasonably priced houses also works well.
Regardless of its banks, BPO's, FM stations, cinemas, electronic companies; everyone is looking towards these smaller cities like Nagpur, for more profit. Even in case of design, cities like Nagpur with their huge number of design centers and institutes point towards the availability of talent. In smaller cities like Nagpur where fewer rentals are accolade with good infrastructure, even schools have been growing at an implausible 120% per annum.
A support is being drizzled for air travel between these tier cities and efforts are in development on getting them on the aviation map.
Factors Responsible for the Growth of these Cities:
A number of factors simultaneously exist that make Nagpur as an attractive investment destination for all.
In a recent study of says 'the rising income of the people that has created huge scope for companies looking out for new markets to grow'. The study also tells us that companies being haggard to Nagpur are being tempt due to the 'accessibility of talent at a lower cost and a ‘conducive business environment' , with reasonable real estate prices created by State and local governments.
Further, Nagpur has an outstanding performance in skill-based manufacturing industries such as automotive, consumer and capital goods, textiles, engineering, pharmaceuticals and biotechnology sector along with IT/ITeS, have witnessed industrial growth, showing the way for rapid urbanisation.
Thus with an amplified employment, house buyers are becoming more interested in the properties. Viewed as outstanding investment options, these places come to be more cost-effective than metros which have rising property prices. Many people have been investing in Nagpur for their second homes for aged parents for whom the expeditiously life of metros is a prevention.
The improvement in connections has made Nagpur more accessible and hassle free. Also with developers offering lifestyle facilities, security and comforts in their projects in these tiers, the customers find many reasons to get attracted here.
Nagpur has less risk factor as the appreciation in real estate prices is gradual unlike metro cities which experience a steep escalation. Studies also authenticate that the sustainability rates are higher here and is coupled with inherent thinking of Nagpur is coming up with innovative ideas in terms of design.
This rapid pace of urbanisation in Nagpur accentuate the need for discovering alternate channels to influence the country’s employees and increase efficiency, is noted.
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