It takes ingenuity to conceive a project that at one stroke does away with the ubiquitous middlemen, yields rich dividends to the landowners and improves their standard of living. And all this without having to let go total ownership of the asset.NANDED CITY is a novel real estate experiment. Spread over the scenic Pune Sinhagad Road and the bank of Mutha River, the Nanded City will comprise of commercial district, residential district, amenity district and destination district. What is novel about this project is that farmers are shareholders in the 700-acre township project. The large picturesque township has been sanctioned by the Maharashtra government and is estimated to cost Rs 10,000 crore.
“All 250 farmers from Nanded and Khadakwasal villages and their family members will be shareholders in Nanded City, a residential-cum-commercial township”, Magarpatta City chairman and managing director Satish Magar, and the developer of the project.The ambitious project is planned under the Special Township Policy Act of the state government. According to the Act, the developer should posses a minimum of 100 acres of land, invest in public infrastructure such as roads, water, sewage, and in integrated approach to decongest municipal corporation areas and encourage new settlements in the periphery.He said Magarpatta City will have 51 per cent share while the farmers, who have contributed the land for Nanded City, will have 49 per cent share in the project.According to Magar, the commercial district will consist of huge office space for animation and gaming industries, infotech parks, shops, shopping malls, banks, event lawns and multiplexes. The residential district will include a whopping 18,000 units, varying from one to four bedroom flats to studio apartments to penthouses and villas to suit the purse of all professionals who flock to the city. It will also have predesigned bungalows. The amenity district will house educational institutions, hotels, gyms, recreational and sports centres, food courts and other lifestyle facilities.The destination district will cater to the daily needs of the people through a hospital, petrol pump, service station, transit terminus and data storage centre for township management. "A boat club, riverside resort, adventure park, health and nature park, a horse tract will also be built to attract all kinds of people", Magar says. The township will have a five-kilometre long aesthetically designed river frontage.
The riversides, meant for recreation and retreat, will be scientifically developed without disturbing the existing natural setting. Permission will be obtained to maintain the river bed too. Natural streams, which flow through the vast land, will be developed as ecoparks, disclosed Magar. He said the project land already has 5,500 green trees on it and an additional 28,000 trees will be planted to thicken the green cover.
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