The ‘Orange City’ of Maharashtra i.e. Nagpur is considered as the third largest city of the state. One of the major Tier-2 cities, Nagpur has seen many recent infrastructural developments. Among them, the development of the metro corridor is a boon to both city’s real estate as well as its residents.
Nagpur Metro Project
The plan to develop Nagpur Metro got approval in 2014 by the state government. While the construction begins in 2015, the partial commercial operation of a 13.5 km line is all set to open for Public from March 8. This line will comprise of 5 stations and will link Khapri to Sitabuldi. The development work is however carried out by a special purpose vehicle, Nagpur Metro Rail Corporation Limited (NMRCL) which is also known as MahaMetro.
The 41.7 km Nagpur Metro phase-1 is divided into two corridors i.e. North-South Corridor (22.293 km) and East-West Corridor (19.407 km). While the North-South Corridor will have 20 stations covering a stretch between Automotive Square and metro city, the east-west corridor will also have the same number of stations. The main stations on the east-west corridor are Prajapati Nagar, Jhansi Rani Square, Subhash Nagar, Lokmanya Nagar etc.
Last month only, the state government has given final approval for the development of phase-2 of the Nagpur Metro. The estimated cost of phase- 2 is Rs 11,240 crore and this phase will further enhance connectivity with the rural areas of the city.
Apart from this, in order to ensure last mile connectivity to all other areas, MahaMetro is also planning to start feeder services, like Shuttle Buses, Battery Operated Vehicles, Pedestrian Facilities and Bicycles sharing schemes.
Impact on Real Estate Market
With the commencement of Nagpur metro, the property prices in the surrounding area will see a massive boost. Even the rural areas which will get last mile connectivity through Nagpur Metro will be going to see real estate development in the coming future. Apart from this, the government has also planned development of MIHAN Special Economic Zone to enhance commercial real estate as well as to develop a logistics hub in the city.