Who wouldn’t want to live in a house that overlooks a vineyard or one that is surrounded by pristine greenery? A home that offers owners the luxury to actually walk through a fully grown garden or take quick cycle rides to a nearby store. A market which offers all this and also promises high return on investments is Nashik. The temple city has evolved into a mini metro that is bustling with a lot of construction activities. Amongst the lush green landscapes of the city, various multistorey buildings and extravagant villas have mushroomed.
With the growing wine industry fuelling the constant demand, social and physical infrastructure developments taking place there are cited to be major growth drivers. And with the Simhasta Kumbhmela taking place here, the government has sanctioned INR 2,380 crore towards developing its infrastructure. The recommendation to upgrade the Mumbai-Nashik Highway has attracted a host of real estate players from across the states to this city. The up-gradation of the Airport too has bought the city on to the realty radar. The 2,500 acre SEZ at Sinner too has increased the realty demand in and around the city.
Localities like Gangapur Road, Serene Meadows, Mumbai-Nashik Highway, Indra Nagar and Pathardi Phata have witnessed redevelopment. Extravagant township projects, modern multistorey buildings and exclusive villa projects dot the entire landscape. Despite most of these projects falling under the luxury segments, buying a property in Nashik in any of these vicinities is light on your pocket. Properties in any of these neighbourhoods would cost anywhere between INR 45 lakhs and INR 1 crore. Its high ROI too is another element that is enticing many to shift base here. Property values of homes in these vicinities have documented an appreciation of over 7% in the past one quarter, corresponding to a healthy realty market.
Localities like Bytco College Lane, Panchvanti Annex, Tapovan Road and Adgaon too have been witnessing many registrations. Property developers are now creating many projects that offer state of the art amenities and specifications at affordable prices. Capital values of 2 or 3 BHK apartments here are estimated to fall between the price band of INR 3,200 and INR 4,500 per square feet.
The growing infrastructure and the presence of many reputed educational institutions have played a pivotal role in helping the realty sector here. The existence of many medical and engineering colleges along with many business schools has attracted a pool of student population who are renting properties in Nashik – thus creating a robust rental market. Apart from this, the demand for real estate has pushed many local investors to transforms their homes into boutiques, hostels and PGs. 2 BHK apartments for rent in localities like Govind Nagar and Mahatma Nagar are cited to hover between a price bracket of INR 8,500 and INR 12,100 per month.
Another element that has pushed realty development here is Nashik’s participation is forming the golden triangle along with other established cities like Mumbai and Pune. The city’s expanding industrial belt and its seamless connectivity will further boost its realty sector.
Source : MoneyControl.Com, 24 Jul 2015