Nashik – Fastest Emerging City of Maharashtra
With rising costs of construction and prices, real estate price in cities like Pune and Mumbai seem to be ever increasing. Therefore, real estate investors need to look out constantly for locations which offer attractive lower prices alongside consistent returns available in the future. Out of all the cities Nashik has come up as an alternative destination which seems realistic for investors, apart from Pune and Mumbai.
Nashik being Mumbai’s satellite city has become a hotspot of sorts. Property rates prevailing in Nashik seem to be quite reasonable compared to Mumbai and Pune. The mean property prices for 1000 sq. ft. multi-storeyed apartments are between Rs 35 lakhs to Rs 40 lakhs. If you are looking for apartments in ultra-modern townships, it would be set you back by more than Rs 45 lakhs or so.
Upcoming Infrastructure and Connectivity
Nashik is around 200kms from Pune and Mumbai and is situated on the River Godavari’s banks. Because of the strategic location, upcoming infrastructure and connectivity, market participants are expecting robust growth of real estate in Nashik. Nashik has a traffic free drive to places such as Dhulia, Aurangabad and Mumbai because of the 4 lane expressways that are functional. Aside from this, a 4 lane expressway between Nashik and Pune and a 6 lane expressway leading to Trimbakeshwar has also been proposed. The contract for this construction has been finalised already. The development of these expressways would lead to better connectivity to Sinnar which is around 24kms from Nashik.
MIDC or Maharashtra Industrial Development Corporation quarters have been established already in Sinnar. Aside from this, IndiaBulls has been allotted a large tract of land for developing an SEZ.
The development of an airport in Nashik is a major one which has certainly impact realty prices of the city noticeably. The airport has become operational since March 2014 and Nashik has started attracting many IT companies for setting up their offices. The highway between Surat and Nashik which had been proposed earlier shall better Gujarat’s connectivity to the city.
Commercial Aspects
Given the development of connectivity and infrastructure at lightning pace through road and airport, Nashik shall become a hub for industries and IT companies. Aside from it, the commercial leasing rates in Nashik are lower compared to those in Pune and Mumbai. Compared to Mumbai and Pune, the rental rate for commercial property of Nashik is roughly 30 to 40 percent less. Roughly 15 percent of the population holding jobs, particularly IT professionals have moved from Nashik to Mumbai and Pune for employment. With the airport becoming functional, a lot of IT companies are looking to move to Nashik, alongside their workforce that had migrated previously.
If you are convinced about the prospects of investment in Nashik and would like to invest in the city, then the Nashik Pune Highway is a good area for investment, especially those with budgets of Rs 10 lakhs to Rs 60 lakhs. These properties shall yield healthy returns on their investment and act as assets in the coming future. Covering a length of 190kms roughly, the Pune Nashik Highway has emerged as an area where residences are being developed, especially along this stretch. Residential properties ranging from multi-storeyed flats to villas bungalows for sale Nashik and plots in wide budget brackets of Rs 10 lakhs to Rs 60 lakhs are coming up along the Pune Nashik highway which is making it a possible residential location for the future. The area is being touted as a potential one for both end users and investors.
Affordable prices of villas bungalows for sale Nashik has made the area a popular one among salaried class of people whereas extensive development of industries in the last couple of years and their future impact renders it quite viable as an option for investors as well. The road shall be widened soon into a 4 lane highway. The development has led to a rapid increase in land prices. When the road shall be widened, more number of industrial sets ups shall come which would further push the price of land up. Therefore, by investing now, investors may benefit a lot.
The area’s demand is much driven by the population working here in the numerous industrial set ups along the highway. The MIDC Sinnar is located only 30kms from the city of Nashik along the highway. Those working here can contribute a lot to demand for residences of the area. Both Chakran (close to Pune) and MIDC Sinnar (close to Nashik) push up residential demand in this complete stretch. Because demand is mostly received from salaried people, 1BHK and 2BHK properties are the most selling ones. What needs to be seen is whether supply is getting expanded in alignment with buyer demand. Mostly multi-storeyed properties are coming up along the Pune Nashik Highway. Supply is most of affordable properties, which are also the more demanded ones. Therefore, most of the builders offer apartments which cost between Rs 10 lakhs and Rs 30 lakhs. Bearing in mind the budget, developers seem to be concentrating on smaller units more. Therefore, 1BHK apartments are most supplied. The size of these apartments is between 500 and 550 sq. ft.
There are quite a few plotted developments that can be bought here. Capital values of plotted developments change as you move from one area to another along the Pune Nashik highway. For example in the Parse Shinde Village, one can buy plots for Rs 8000 to Rs 12000 per square yard while if you move towards Sinnar, you can get plots for Rs 3000 to Rs 10000 per square year. These plots are quite popular in the circle of investors. As the road is expected to be widened and industrial development shall finally take off in the place, numerous established and small developers are putting down their money here. Therefore, it won’t be too long that this area becomes one preferred by many for owning a home. You can find good opportunities of investment in Nashik by going online.