Kalpataru Ltd Set to Enter Nagpur Real Estate Market with Plotted Development Project
Mumbai-based Kalpataru Ltd plans to launch a plotted development project in Nagpur, marking its entry into the city's real estate market. The project will be spread across 37 acres and will have 400 plots of sizes 1,200 to 4,000 sq ft range.
Nagpur Real EstateKalpataru LtdPlotted Development ProjectSamruddhi CircleMumbainagpur Samruddhi ExpresswayReal Estate MaharashtraSep 03, 2024
The project, which will be launched at Samruddhi Circle, the starting point of the 700 km long Mumbai-Nagpur Samruddhi Expressway, will have 400 plots of sizes 1,200 to 4,000 sq ft range. Kalpataru has appointed ANAROCK, a real estate consultancy firm, as a strategic sales partner for the project.
According to local brokers, the per sq ft price of land near Samruddhi circle in Nagpur is between ₹3,000 and 4,000 sq ft. Kalpataru has a 100-acre land parcel near Samruddhi Circle, and the 37-acre plotted development project is part of the first phase.
Kalpataru's entry into the Nagpur real estate market is expected to boost the logistics and warehousing segment in the city. The company's project is located near the National Cancer Institute and MIHAN-SEZ, which are expected to drive demand for housing and commercial spaces in the area.
The Nagpur real estate market has reported an increase in housing sales post the Covid-19 pandemic. According to data shared by Liases Foras, a real estate research firm, the number of apartments sold in the primary market (first time sale) in Nagpur city has almost doubled from 1,383 in 2019-20 to 2,211 in 2023-24 (up to January 2024).
The launches of plotted development projects in Nagpur district have also doubled post Covid-19 pandemic. In 2019, a total of 84 plotted development projects were launched in Nagpur district. This increased to 142 in 2020, 117 in 2021, 203 in 2022, and 265 in 2023, as per data from the Maharashtra Real Estate Regulatory Authority (MahaRERA).
Kalpataru Ltd is a Mumbai-based real estate company that has filed for an IPO to raise over ₹1,590 crore mainly to reduce debt. The company has a portfolio of 40 ongoing, forthcoming and planned projects comprising 49.77 million square feet area.
ANAROCK is a real estate consultancy firm that provides services such as residential sales, commercial sales, and investment advisory. The company has partnered with Kalpataru Ltd for the plotted development project in Nagpur.
Godrej Properties is a Mumbai-based real estate company that launched its second plotted development project in Nagpur at Samruddhi Circle last year. The company is one of the leading players in the Indian real estate market and has a presence in several cities across the country.
SEBI is the market regulator in India that oversees the country's securities market. Kalpataru Ltd has filed its draft prospectus with SEBI to launch its initial public offering (IPO) for raising up to ₹1,590 crore.
MahaRERA is the real estate regulatory authority in Maharashtra that oversees the state's real estate market. The authority provides data on the launches of plotted development projects in the state.
Liases Foras is a real estate research firm that provides data and analytics on the Indian real estate market. The firm's data shows that the number of apartments sold in the primary market (first time sale) in Nagpur city has almost doubled from 1,383 in 2019-20 to 2,211 in 2023-24 (up to January 2024).
Frequently Asked Questions
What is the size of the plotted development project that Kalpataru Ltd plans to launch in Nagpur?
The project will be spread across 37 acres and will have 400 plots of sizes 1,200 to 4,000 sq ft range.
Where is the plotted development project located?
The project will be launched at Samruddhi Circle, the starting point of the 700 km long Mumbai-Nagpur Samruddhi Expressway in Nagpur.
What is the per sq ft price of land near Samruddhi circle in Nagpur?
According to local brokers, the per sq ft price of land near Samruddhi circle in Nagpur is between ₹3,000 and 4,000 sq ft.
How has the Nagpur real estate market performed post Covid-19 pandemic?
The Nagpur real estate market has reported an increase in housing sales post the Covid-19 pandemic. According to data shared by Liases Foras, a real estate research firm, the number of apartments sold in the primary market (first time sale) in Nagpur city has almost doubled from 1,383 in 2019-20 to 2,211 in 2023-24 (up to January 2024).
What is the portfolio of Kalpataru Ltd?
Kalpataru Ltd has a portfolio of 40 ongoing, forthcoming and planned projects comprising 49.77 million square feet area.
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