The Napa Valley of India, Nashik is the educational hub of the region as well. The real estate scene in the city mirrors the slowdown in other parts of the country. Admitting to an average 15% price correction across the city in the housing market, Jitendra Thakkar of Thakkars Developers and vice-president of Credai, a national confederation of builders and developers, was confident that the market had bottomed out. However, he said not much was happening in terms of sales for now.
“Potential buyers have adopted a wait-and-watch policy and are anticipating a further fall. But there is no chance for any further reduction in prices of houses or flats since land prices, taxes and construction costs are already down and developers are working on an average profit margin of Rs 250-300 per sq ft. So the average sale price is Rs 1,500-1,800 per sq ft,” he added.
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