From a sleepy town to the Wine Capital of India to a favourable real estate destination—Nashik has come a long way. Today the city has lots to offer within the real estate segment. The following post gives an overview of the Nashik real estate market. Read on to know more.
India’s property bubble has had a huge impact on the economy of the country. Today, though real estate sector is still vying to gain the industry status, needless to say that the sector contributes greatly towards the Gross Domestic Product (GDP) of the country. Initially, the rapid growth of the real estate sector was restricted to the Tier I metropolitan cities. Cities like Bangalore, Mumbai, Delhi/NCR, Kolkata and Chennai are some of the regions that recorded a huge boom in the real estate sector.
Nashik – an overview
Of late, tier II cities have also begun to rise rapidly within the real property market of India. Cities like Jaipur in north-west India, Nagpur, Pune and Nashik in the west, Kochi and Madurai I the south and Guwahati in the east have been creating ripples in the sector. Let’s explore one such city.
Located in north-western Maharashtra, Nashik is the 25th most populous city of India. Nashik is the third-largest city in Maharashtra has recently been shortlisted within the Delhi-Mumbai Industrial Corridor as an investment region for the Igatpuri-Nashik-Sinnar circle. Agriculture is one of the leading economies within the sector. Grapes and oranges are quite rampant in the region that has earned the city the name ‘Wine Capital of India’.
Exploring Real Estate in Nashik
Today the city has emerged as a burgeoning real estate destination and an IT hub as well. Since 2006, the growth of the real estate sector increased at a rapid pace especially with the IT sector foraying into the city, Nashik’s landscape underwent a drastic change. The once sleepy town beside the Godavori River, Nashik emerged as a busy business hub of the Western Ghats.
Experts opine that currently, Nashik is a good place for real estate investment as the property prices are relatively low. While the IT sector has been driving the commercial real estate in Nashik, the residential segment has also been performing well. Residential property prices has been ranging somewhere between INR 2500 to INR 3000 per square feet.
On the commercial real estate front, it is the IT sector that has been boosting the growth of this segment to a great extent. The Nashik property market continues offer relatively low entry prices along with a striking appreciation rates. The Business Process Outsourcing (BPO) companies have started eyeing the city as a viable option for starting business. This is all because of the lower real estate costs and availability of the large pool of talent in the city.
Lower property prices in Nashik are also due to the relatively late entry of the realty boom. Nashik remained insulated from the reverting dynamics that raged Mumbai and later Pune. However, it must be noted that Nashik benefits from its strategic location. Being equidistant from Mumbai and Pune – it has attracted a lot of investments.
The location of the city has led the government laying emphasis on its robust infrastructural development. From flyovers to railways and roadways – the government has been working at a rapid pace. Today the city’s infrastructure boasts of some of the profile structures.
Investing in the real estate market of
Nashikright now, can actually be a good idea as the properties are bound to yield good results. Apartments in Nashik are available at a lesser price now, but following the price trends, it can be said that the future holds a lot more for the Nashik property as property prices are expected to grow and yield better results.
Author Bio: A skilled writer and an ardent blogger, Sampurna Majumder loves creativity and challenges. She has been providing her expertise to the world of new media for over a year now by penning articles and posts for various real estate websites that cover all kinds of information about real estate. She has written various articles related to credit analysis, credit scores and several other aspects surrounding real estate.