Nagpur Metro: Everything You Need to Know
Nagpur Metro: Project Specifications
The Nagpur Metro is being built in two stages. Phase I, which is only partially functional, encompasses four sides of the city and is divided into two hallways: north-south and east-west. Phase II, on the other hand, is now under development and intends to serve rural areas of the city so that as many members as possible can gain from this network. The project includes auxiliary services such as shuttle buses, battery-powered vehicles, pedestrian amenities, and bicycle sharing schemes, among others, to supply and improve first and last-mile connectivity.
Special Purpose Vehicle (SPV)
To carry out the project, the Cabinet sanctioned the formation of Nagpur Metro Rail Corporation Limited (NMRCL), renamed Maharashtra Metro Rail Corporation Limited (MAHA-METRO). This Special Purpose Vehicle (SPV) is a collaboration between the Governments of India and Maharashtra. It was established to facilitate the proper execution and administration of the Nagpur Metro Rail Project.
Significance of the Nagpur Metro in the real estate industry
Nagpur Metro is greatly broadening the real estate horizon by linking and shortening the journey connecting various regions of the city. Travelling from one section of the city to another is now more pleasant, and this will only improve when additional stations open. Growing demands for homeowners and businesses near these metro stations have led to price increases. Home rates in Nagpur, which used to range between Rs 2,500 and Rs 5,000 per sq ft, have recently skyrocketed.
“While Nagpur has always been attractive to those wishing to buy a home in a picturesque setting, it has observed an increased residential demand due to major infrastructure advancements changing the town,” says Rajesh Varma, Proprietor, Varma Real Estate, Nagpur. One compelling cause for Nagpur’s rising appeal as a housing centre is the Nagpur Metro. Prices in regions near stations like Dharampeth (Aqua Line) have risen over 25% year on year and currently stand at Rs 9,000 per sq ft. Likewise, prices in Jaiprakash Nagar have risen by more than 20 percent year on year.”
“Since the commencement of Nagpur Metro, businessmen’s enthusiasm in Nagpur has surged,” says Rakesh Salvi, Property Agent at RS Properties. Several businesses are also relocating here. As a result, rental demand has increased. The city is largely made up of two-bedroom apartments. The neighbourhoods near the Nagpur Metro currently have 2 BHK homes available for rent ranging from Rs 15,000 to Rs 25,000 per month.”
A well-developed metro network always has a favourable influence on an area’s real estate industry since it reduces commuting times among various spots. This increases demand for commercial and residential units, as well as property prices, particularly in areas with designated metro stations.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
