Nagpur awaits 20,000 housing units

The real estate market in the Nagpur city is expected to get a fresh supply of 20,000 residential units by the end of the financial year, of which, at least 4,000 flats could be in the premium segment, which are priced above Rs. 1cr. Around 6,000 may be priced between Rs. 50 lakh and Rs. 1-cr and the rest, below Rs. 50 lakh per unit. These are preliminary estimates by Nagpur unit of Confederation of Real Estate Developers of India (CREDAI), which is compiling the data on real estate development in the area. The estimated fresh supply will be higher by 5,000 units as against those supplied last year. Around 3,000 units of last year are unsold, of which some may be under-construction properties, says President of CREDAI, Nagpur, Anil Nair, adding that if the yearly supply is going up by 5,000 units, it means there is a demand for housing in the city.