Growth of the industrial sector has been pushing the demand for luxury apartments and flats in Nashik as well as budget homes like 2 bhk flats in Nashik.
Renowned for the Kumbh Mela that takes place every 12 years, Nashik no longer remains a pilgrimage destination. The steady growth in the IT sector is responsible for luring workforce from the neighbouring cities of Mumbai and Pune. The improving social infrastructure combined with the pleasant climate is another reason for the property boom in the region.
In the last two years, Nashik has witnessed a surge of up to 25% in the capital value of properties. So, if you are interested in investing or buying a property in Nashik, here are a few tips that will help you to make the right decision.
Prime locations in Nashik
Strategic locations, availability of transport, proximity to workplace, job opportunities and other civic and social infrastructure facilities are some of the important factors that you need to take into account when buying a property in Nashik.
Industrial areas such as Sinnar, Ambad and Ozad are the preferred choice of the majority of the young migrant population. On the other hand, localities like Chehdi, Adgaon, Pathardi, Indira Nagar, Anandwalli, Pune Road and Makhmalabad are attracting investors and end-users alike. The much touted Mumbai-Pune-Nashik Golden Triangle is another favourite investment option.
The Maharashtra Industrial Corporation has invested Rs.1, 555 crore on 1010 hectares in the Special Economic Zone (SEZ) in Sinnar. A similar SEZ project at a cost of Rs. 4000 crore on 100 acres of land is in progress by a reputed business conglomerate. Commercial projects such as the IT Park in MIDC at Ambad and an upcoming one in Mahatma Nagar are further fuelling the demand for flats in Nashik.
The majority of the investors are seeking upmarket real estate, complete with the amenities of an urban lifestyle. Buyers have a wide array of contemporary residential properties to choose from. These include eco-friendly projects, bungalows and villas as well as budget homes, ranging from Rs. 750 to Rs.1700 per sq. ft.
The residential neighbourhood of Takli Road, Chandsi, Rachana Vidyalaya Road are some of the other vicinities popular for terrace flats, cottages, luxury apartments, row houses and 2 BHK flats in Nashik. Independent bungalow projects can be bought at Rs. 724 per sq. ft. off the Nashik-Peth-Gujrat Highway.
Progress in Nashik
Efforts are underway to improve transportation facilities and the region’s infrastructure to meet needs of the fast growing migrant population. Projects like constructing four lanes for the Mumbai-Nashik highway and revamping the Nashik airport are in progress. Besides this, the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) has other plans in place.
With the presence of thermal plant projects, manufacturing units and cargo airports, Nashik is slowly but surely transforming into a Tier II city. Retail shops, race course, botanical garden, IT and education hubs are some of the other impending developments to name just a few.The property boom is also gradually spreading to the adjacent areas of Nashik, including Deolali. Coupled with Nashik’s investor friendly House Tax Policy and the high return of investment, the city is attracting retired as well as young property buyers and investors.
