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Sahara City Township in Nagpur lags behind

Comments(2) Sub Category:Other cities,Realty News,Residential Real Estate,Reviews Posted On: Feb 19, 2013

Sahara City HomesNagpur- Sahara City Township being developed on 107 acres of land in off Wardha Road, Nagpur has been facing several issues.

The construction work has been kept pending and it has only few residents staying in the township. Residents are unhappy as there are hardly any neighbours who are residing in their surroundings.

Sahara City Homes is the world’s largest chain of Mega Quality Townships which plans to offer relaxed, secure and healthy environment to its residents. Currently projects are being developed across cities like Lucknow, Indore, Nagpur, Jaipr, Gwalior and other cities.

The construction of Sahara City Township that began in 2007 continues to be done at a slow pace in the light of several controversies. Housing loans are not being provided by banks for buyers interested in buying property in Sahara City. Several buyers who had booked flats earlier, have cancelled their deals because of delayed possession and other issues with the project.

Sahara Group’s real estate arm, Sahara India Real Estate Corporation, has planned to come up with 2,600 residential units out of which around 1,000 have been booked, revealed sources close to the firm. Some of the bookings have been translated into agreement of sale and the final sale deed is being processed, added sources.

Sources alleged that buyers those have completed all formalities will not have to worry because the properties which are reserved in their names cannot be attached. But it is also heard that around 1000 bookings have not been translated into sale deeds or agreements of sale.

Later the township was covered under the metro region of Nagpur Improvement Trust. New plans have been tabled in front of this local body for its approval. As per the norms, the sale deeds cannot be registered till the plans get approval by NIT, said a consultant associated with the project.

Following the boom in Nagpur real estate market due to the Mihan project, a series of residential projects were launched of which Sahara City was a part. Properties in Wardha Road have observed significant price-hikes. The rate of bookings was very high in the initial stages, but gradually it came down. The demand for this project drastically came down compared to other projects which were initiated at the same time. Several buyers chose to cancel their bookings and they got the booking amount refunded with great difficulty.

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2 Responses to “Sahara City Township in Nagpur lags behind”

  1. Dinesh says:

    Thanks for sharing such a informative blog. It will helpful for investors and all the others.

  2. Tanya says:

    I liked this blog so much, thanks for sharing nice property information through this blog. It will be helpful for real estate investors and property buyers.

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