NAGPUR: Many developers, who had bought land off Wardha Road
between 2005 and 2009 are now hoping to revive their fortunes through Nagpur
Improvement Trust (NIT), which is developing the metro region. After witnessing
an unprecedented boom mainly due to Mihan, realty business took a nosedive due
to global slowdown and has not picked up since then.
Other factors too contributed to the stagnation. The state
government has not increased the gaothan limits in spite of several assurances
as a result of which several layouts stand illegal. An assistant director of
town planning (ADTP) had indiscriminately issued TP clearances and was
suspended. Many developers had misled the buyers by claiming that NIT would
provide the infrastructure in the layouts even though it was nowhere in the
picture.
All these factors had scared buyers away leaving developers
with huge tracts of land.
