30% Nagpurians opt for luxury homes, reflecting city’s rising living standards: CREDAI study

Nagpur: CREDAI president Gaurav Agarwala stated that Nagpur is witnessing a lifestyle upgrade as 30% of its residents are now prioritising luxurious homes, according to a recent study.
Speaking at the 14th Mega Property Expo at Chitnavis Centre, Agarwala highlighted this shift, which underscores the growing demand for upscale living. The event, featuring over 90 developers, showcased projects in NMC, NIT, and NMRDC zones, attracting potential buyers.Organisers emphasised Nagpur's strategic growth as a logistic hub, projecting a 75% rise in residential demand over five years, driven by redevelopment and prime location properties.
He was speaking at the 14th Mega Property Expo, organised by the Confederation of Real Estate Developers' Associations of India (CREDAI), Nagpur Metro, on Saturday at the Chitnavis Centre.
The event, inaugurated by Union minister Nitin Gadkari, showcased a wide range of real estate projects from more than 90 developers, attracting a large crowd of potential buyers and investors.
CREDAI, a leading organisation for private real estate developers in India, hosted the expo, providing attendees with in-depth information on properties within the NMC, NIT, and NMRDC zones.
"As an organiser and concept designer for the CREDAI expo, I am optimistic about Nagpur's future as a logistic hub. The increased investments from international brands in recent years is a clear indicator of the city's growing economic potential," said Akshay Alluware.
He further added, "I believe that this will lead to a significant increase in residential demand, with a projected growth rate of about 75% over the next five years."
Luxury properties continue to be a major draw for buyers. Redevelopment projects have played a significant role in driving demand for high-end properties. Pratish Gujarati, another organiser, said, "Over 60% of buyers are opting for luxury properties, attracted by spacious amenities, prime locations, and the potential for high resale value."
Saurav Arya, another organiser, said, "Areas closer to the airport have witnessed rapid growth, making them attractive investment options. Additionally, he underscored the potential of these regions, their strategic location and development prospects that are accelerated.
Abhilasha Dubey, a visitor, said, "I believe that builders have a crucial role to play in driving the city's development. By investing in infrastructure and creating high-quality projects, they can attract more buyers and contribute to Nagpur's overall growth, emphasising the importance of creating desirable living spaces that meet the evolving needs of residents."
Suyesh Sethia, said, "I believe that real estate is a smart investment. Given the city's growth trajectory and the increasing demand for quality housing, I'm confident that real estate investments will continue to yield positive returns."
The event provided a valuable platform for potential buyers to explore various options and make informed decisions about their property investments.