For the past few years, the real estate market in Nagpur, Maharashtra is buzzing with India’s one of the most ambitious infrastructure project – Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN). Spread over 4,025 hectares, the project will consist of International Airport (1,200 hectares) and a Special Economic Zone (SEZ; 2,825 hectares).
The existing airport of 400 hectares will be expanded to 1,200 hectares, consisting of parking space for 50 aircrafts, 50 additional bays, separate cargo complex and airport terminal building. The airport is expected to serve 14 million passengers and handle 0.87 million tonnes of cargo per year; one of the largest aviation project of India.
The Special Economic Zone, the largest multi-product SEZ in India, will consist of road and rail terminal (200 hectares), captive power house (52 hectares), Information Technology Parks (400 hectares), Health City (60 hectares), Other Manufacturing & Value-Added Units (963 hectares), International School (10 hectares) and Residential, Hotel and Entertainment Spaces (1,140 hectares). The SEZ is estimated to add 12 million people to city’s population by means of direct and indirect employment.
- IT majors like Infosys, HCL Technologies, Wipro Technology, Tata Consultancy Services, Tech Mahindra, Kolland, Hexaware Technologies, L& T Infocity have leased land in the SEZ to house their BPO activities, call centers, data centers, software productionhouses, animation studios etc. IT parks are also being developed by prominent developers like DLF, Shapoorji & Pallonji and Larsen & Toubro.
- Health City will have a chain of Super Specialty Hospitals accommodating about 2,000 beds for various multi-specialty treatments. The Health city will also consist of various support facilities like Common Diagnostic Center and Training Institute for Nurses and Technicians. Lupin Pharma will be setting-up their cancer drug facility in MIHAN
- Manufacturing and value-added zone will consist of Textile & Garment Zone, Gem & Jewellery Zone, Food Processing Zone, Electronic & Engineering Zone, Pharmaceutical & Bio- Medical Zone, Financial & Insurance Services, and Printing & Packaging etc. There will no polluting industry located in SEZ.
- MIHAN will Maintenance, Repair & Overhaul Facilities for Aircrafts.
- The residential space, comprising of row houses and high-rise structures, will cater to the needs of professionals working in the Airport and SEZ area.
Nagpur, second capital of Maharashtra, is centrally located and falls on all major road, railway and air routes. The city had an operational airport as well as large tract of land surrounding it – the most ideal factors for setting up a multi-modal hub. Further, the city has excellent roads, water, power, and telecommunication infrastructure and also boasts of most conducive weather dynamics for air transportation.
The project will have a huge socio-economic impact in the Vidarbha region, with the number of employment and export-oriented revenue it is expected to generate. The project has led to around 25 to 40 percent growth in the real estate prices in past few years; with maximum demand being seen from the investor community. Infrastructural initiatives in form of road and rail connectivity, metro line, bus rapid transport system will be another advantage the project will have on the entire region.