Nashik has better potential for property price appreciation than any other tier-2 or tier-3 city in Maharashtra, owing to its growth and expanding economic opportunities, says Hardik Puranik, a local property broker. This feeling is echoed by most of the real estate analysts, who vouch that Nashik will be the next growth corridor of Maharashtra. There are many factors that work in Nashik’s favour.
“With a price range of Rs 2,700-3,800 per sq ft, Nashik holds tremendous potential for sizeable appreciation. Even the best properties in Nashik, are below Rs 5,000 per sq ft,” Puranik explains.
Nashik is the third-largest district in Maharashtra, covering 15,530 sq kms in the Khandesh region. More importantly, it is already a predominantly urban region and has moved away from being just a pilgrimage destination. Nashik is also attracting property seekers from neighbouring cities like Pune and Mumbai, owing to the growth of its physical and social infrastructure and its pleasant climate.
Preferred destination
Nashik city, which is nestled at the foothills of the Western Ghats, on the banks of the river Godavari, it is also a preferred retirement destination in Maharashtra. At 700 metres (2,300 ft) above sea level, it is one of the highest cities, not only in Maharashtra but across the country. Although the city has a low population density, analysts feel that the urban landscape may change soon, as people migrate for economic opportunities.
Increasing industrialisation and an expanding IT sector, have ensured there is no dearth of economic activity. Nashik is cited to be fourth-fastest growing city in the country. With job opportunities in every field, Nashik has attracted skilled, as well as unskilled professionals. There is a significant expat population in the industrial sectors, along Ozad, Ambad, Sinnar and Satpur. These factors have boosted the demand for housing in the city.
What drives Nashik’s realty demand?
Nashik has also attracted second home buyers, as the city has offered sizeable returns in the range of 15% to 25% in the last two to three years. Moreover, developments along the commercial belt and the presence of many educational institutions, are changing this market from an investor-driven one to an end-user one.
See also: Nashik: Social infrastructure and lifestyle
Manju Yagnik, vice-chairperson of the Nahar Group, feels that the growth in tier-2 cities like Nashik, can be attributed to the increasing disposable incomes of the people and companies looking for new markets for growth. This growth has also been helped by reasonable real estate prices and a conducive business environment created by the state and local governments. “The credit for rapid urbanisation in Nashik goes to skill-based manufacturing industries, like automotive, consumer and capital goods, engineering, textiles, pharmaceutical sectors like bio-technology and IT/ITeS,” says Yagnik.
Nashik is among the 10 cities from Maharashtra, selected for development as smart cities.
This is likely to further boost infrastructure development and fuel the growth of industries, thereby changing the economic and real estate landscape.
To join a discussion thread on properties in Nashik, click here.
Why Nashik’s property market is a safe bet Nashik is the fourth-fastest growing city in India. Nashik is among the 10 cities from Maharashtra, selected for development as smart cities. The housing market in Nashik is strong, owing to multiple demand drivers and a large expat workforce in the skilled and unskilled sectors.
(The writer is CEO, Track2Realty)
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