Wednesday, June 24, 2009

Empress City Nagpur - can you expect any appreciation when you invest in the property at the rate of Rs. 6,000 per sq.ft.?

Why Empress City Nagpur doesn't talk about appreciation and real estate investment in Nagpur?


Information without intention?

I liked the ad of Empress City Nagpur published in Times Of India, Pune, (Jun 21, 2009). The visuals in the ad were stunning and it gave me brief, to the point, information about the project in Nagpur. But i didn't understand the purpose or intention of the ad. "Why would anyone from Pune buy a property in Nagpur for "Happiness for a lifetime"?," I asked myself.

For a while, i knew, Nagpur is promoted as an emerging city and an investment destination in central India. But this ad was not talking about real estate investment and appreciation at all. Nagpur may have accepted, at last, that boom is over, i thought. "Is this ad, some sort of "declaration of acceptance of recession in Indian economy"?," i asked myself.

Rate the Ad:

However, i called the phone number given in the ad. Salesperson told me that the property rate of Empress City Nagpur is Rs. 6,000 per sq.ft., on the basis of saleable area. Possession of the flats is in 2 months. Approximate budgets are:

2 bhk flat: 1200 carpet: Rs. 96,000

3 bhk flat: 1500 carpet: 1.2 crore

4 bhk flat: 1900 carpet: Rs. 1.5 crore

When i asked about the appreciation of my real estate investment in Empress City Nagpur, the salesperson said, "Your investment will double in 2 years!"

"200 % appreciation in 2 years! How come? Are you sure?," i asked.

The salesperson said, "Because in 2 years time the commercial developments shown in the ad will be ready and operational!"

"Oh! I see!!," i said and kept down the phone wondering, "Is this ad a trap or an invitation to prosperity?"

What do you think? Rate the ad in the comments, please!

Related Stories:

KSL & Reward Real Estate unveils Empress City:

2-BHK , Multistorey Apartment
Empress City , Sir Bezonji Mehta Road , Nagpur, Nagpur, Maharashtra

Sample flat photos:

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27 comments:

  1. As somebody who has studied in Nagpur and have relations in that place I am astonished by the rates and no wonder they are advertising so heavily even when the posession is in just 2 months..Why would anyone pay 1.2 crores for a 3 BHK house when u can get a bunglow in suburbs for that price ? Also all the proposed industrial and IT park development has been in the 'proposed' state for last few years..The city is clean and green but too hot for my liking and I dont think starting industries and companies in that area is a TOP priority for any management right now...Quite a few ppl are rich but they will buy bunglow as the apartment thing is still not acceptable yet..And even the proposed IT parks I believe are quite far away from Empress city..
    Good luck to them..

    ReplyDelete
  2. What is surprising is there are many takers at this rate in Nagpur. The rates in Nagpur for premium properties are amazingly unimaginable. I know of lands sold at 12000 Rs sq ft also.

    About the AD, it is basically an blind attempt at guys like me from Nagpur, who want to go back to Nagpur once a right opportunity arises. Believe me Nagpur guys are toooo attached to the city, and want to be there only, if allowed

    ReplyDelete
  3. Hello Ashish!
    Thanks for the comment! I feel as a nation, India needs to see the shrink and spend few weeks in the rehab!

    ReplyDelete
  4. Hello Pradeep!
    Tell me, did you call the number? Though you may be aware about the pricing, you must be temped to call, am i right? The development looks like an ultimate urban dream, isn't it? All this happening your home town may have "moved" you, i guess!

    ReplyDelete
  5. mr. ravi karandeekar hope
    don't take nagpur city a jog
    in future it become a capital of india.
    the future of nagpur is very bright
    and if u think about pune
    because of politician nagpur is not devloped as pune
    because of IT MARKET pune is good otherwise noting in pune.

    ReplyDelete
  6. ya i fully agree with what mr,a has said.
    actually puneites have got habit of just critising others. they just can't bear if others are making progress.they will just lay u down and will just boast of their home town

    ReplyDelete
  7. Mr Ravi,
    waiting for your comments put by Mr a and guddu.
    I beleive you are not much aware of Nagpur property.Even i saw adds of Pune and Mumbai property in Nagpur local news paper...why would anyone leaving in Nagpur would invest half a crore to buy a flat in Pune

    ReplyDelete
  8. Who has the money and the "educated lifestyle" to buy an apartment priced like @6000 Rs/sqft?

    Nagpur doesn't have any Money making industry for people to be able to afford the life style.
    Even in bangalore(classier city than Nagpur and I'm from Nagpur) prices are not that high.

    ReplyDelete
  9. hello MR.RAVI
    I agree with MR.RAVI
    I think prices are not that high
    as Nagpur is considered as an imp city of MH
    i think theres no problem in 6000rs/pr.sq.
    so empress city is gud
    good job

    ReplyDelete
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    ReplyDelete
  11. I am from Mumnai, have seen Pune. But astonished by the look of Nagpur... Roads are the best in Maharshtra, has minimum 25 Engineering colleges in this small city (proportionally much more compared to the no of colleges in much bigger size mumbai / pune) + Medical and other collges. IT park already started in Nagpur, have seen lots of small to big size IT companies like Persistent already started operation near VNIT campus ..Airport is much better than Pune, no wonder, becuase of Mihan. Well Mihan could take another 10/15 years but who cares to sell property in 2 years..buy it and hold it for mega returns...Pune had started to gearup since 2000, people who invested that time are mega reach after 12years..same will happen with Nagpur...
    Happy investing

    ReplyDelete
  12. new, Nagpur is promoted as an emerging city and an investment destination in central India. But this ad was not talking about real estate investment and appreciation at all Property in Nagpur

    ReplyDelete
  13. The blog provide best information on some of the essential aspects of the topic. I liked the information
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    ReplyDelete
  14. Is it worth buying apartment nearby mihan?
    Please suggest.

    ReplyDelete
    Replies
    1. Sorry, Vasudha. I am Pune real estate market expert. Can't say about Mihan.

      Delete
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  17. The one fact is there.....The property rates usually risen up after finishing the construction

    secondly, this is a second tier cities which are coming up at rapid state....so if the investment in property, taken with due proper investigation...surely going to give high return in long trerm

    INDORE Real Estate has also proven to be a Hot- Spot investment destination whose prices have continuously shown rising trend....For More Information for Properties u can visit the undermentioned Website Listing Properties and Property Agents from NAGPUR, INDORE and BHOPAL

    http://www.realestatekhoj.com

    ReplyDelete
  18. The one fact is there.....The property rates usually risen up after finishing the construction

    secondly, this is a second tier cities which are coming up at rapid state....so if the investment in property, taken with due proper investigation...surely going to give high return in long trerm

    INDORE Real Estate has also proven to be a Hot- Spot investment destination whose prices have continuously shown rising trend....For More Information for Properties u can visit the undermentioned Website Listing Properties and Property Agents from NAGPUR, INDORE and BHOPAL

    Properties in INDORE and Properties in NAGPUR

    ReplyDelete
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