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Sales of apartments in Nagpur market doubled post Covid-19

Money Control · 8m

The Nagpur real estate market in India has seen a significant increase in the sale of residential homes in the primary market following the Covid-19 pandemic. The number of apartments sold has nearly doubled from 1,383 in 2019-20 to 2,211 in 2023-24, up until January 2024. The unsold inventory has also increased from 11,556 units to 14,300 units in the same period. The average cost of an apartment in Nagpur has risen from Rs 35 lakh to Rs 46 lakh over the past five years, and there is a growing demand for 3 and 4 BHK apartments. This growth can be attributed to factors such as infrastructure development, the return of young individuals to their hometowns, and the boost in commercial and retail businesses in the city.