Nagpur is a centre of commerce of Vidarbha region and is an important trading location.
The economic benefits of globalisation have started to bless Nagpur through dynamically launched MIHAN (Multimodal International Hub Airport at Nagpur) project in 2005.
In view of all round development that MIHAN will launch many Hospitality majors such as Taj, Oberoi, Sun & Sand, Orchid and Radison have invested in large prime land.
In the Mihan Project a Special Economic Zone - SEZ has also been developed. The passengers shall have every facility right from International Banking, Customs & Clearing, Documentation, Hospitality, Duty-free shopping and Entertainment. SEZ shall also feature value added commercial services like: Repackaging, Distribution, Finance park, Insurance park and such like.
BSEL infrastructure reality along with its JV partner unity infraprojects have been awarded a contract by Nagpur Municipal Corporation for construction of 6 shopping malls in the city. The D.Y. Patil group, Pune, has been given 50 acres land within MIHAN project for construction of INTERNATIONAL SCHOOL. Sahara City Homes, DLF, Satyam, Raheja, Sohum Group, Ambuja Realities, Provogue, Hiranandani have purchased huge land for developing well planned integrated townships.
The cash rich Vidarbha Cricket Association is constructing a new Rs.55 crore Ultra Modern stadium within 33 acre land at Jamtha, 16 km from the city on Nagpur-Hyderabad National Highway. Two matches of 2011 World Cup to be hosted by India will be played at new stadium.
Nagpur is increasingly becoming a hot spot for I.T companies as the city is home to number of educational institutes. For availability of human resources, low salaries, and firms looking at moving over to tier II cities, have also resulted in gaining an importance for the city Nagpur. MIDC has allotted 130 acres to Satyam Computers, 100 acres to Shapoorji Pallonji and Co., 120 acres to L&T Infocity, 140 acres to HCL technologies, 118 acres to Wipro, 72 acres to Vipul Developers, Tata Consultancy Services and Infosys Technologies have also evinced interest in setting up IT Parks. The Nagpur project of Singapore based ASCENDAS will spread over 63 acres with a built up area of 45 Lac Sq.ft and cost Rs. 1015 crore. The global aviation major Boeing is setting up $100 million regional maintenance repair and overhaul facility for its aircrafts. |