It’s Boom Time for Real Estate in Nashik

Nashik – Located midway between the industrial hotspots of Mumbai and Mumbai, Nashik’s salubrious environs and skilled workforce is turning out to be the IT industry’s next choice. Though still in its embryonic stage with WNS, Tricom and 18 other companies employing around 2000 people, Nashik’s IT industry is projected for a five fold increase by 2009.

On its part, the authorities are propping the city with improved transport and civic infrastructure to meet the challenges that a culture shift would bring about. Over Rs. 11,000 has been invested toward improvements in Nashik infrastructure since 2005, and after the makeover plans envisaged for the city by the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), the city is in for a property boom.

Once projects like the four-laning of the Mumbai-Nashik highway and the upgradation of the Nashik airport are complete, the Mumbai-Pune-Nashik Golden Triangle will generate high levels of employment. With land rates in Nashik still at three digits in some neighbourhoods, and at Rs. 50 per sq.ft on the outskirts, Nashik is a very sound investment option. Plots within the Nashik Municipal Corporation are fast filling up, and the areas of Adgaon, Makhmalabad, Chehdi, Pune Road, Igatpuri, Sinnar are the next choice for property buyers.

Real Estate Projects in Nashik

Commercial Property in Nashik: Fuelling the demand for real estate in Nashik are developments on the industrial and IT front. When the V-Tech IT Park was set up in Sainath Nagar in January 2007 by Sanklecha Constructions, it created quite a stir in the real estate market. Other commercial projects that are making news in Nashik are: the multi product Special Economic Zone (SEZ) in Sinnar promoted by the Maharashtra Industrial Corporation on 1010 hectares at an investment of Rs.1,555 crore, a racecourse, film city, botanical garden, IT zones, education zones, tourism development, entertainment arenas… all that goes into the making of a modern city.

The Raheja Group is looking at maintaining and leasing the IT park within the MIDC area in Ambad, and another privately constructed IT Park is coming up in Mahatma Nagar. Besides, to provide for expansion of new industry and IT companies in Nashik, the area between Adgaon to Ozar has been earmarked for development. Also on the cards is the DSK group’s SEZ project in Nashik at a cost of Rs. 4000 crore on 100 acres of land.

The retail market in Nashik is keeping pace the retail revolution sweeping India – Reliance Fresh, Big Bazaar, Pinnacle, Vishal Mega Mall and Aditya Birla Retail are picking up commercial properties in strategically located areas. Private builders in Nashik are taking the lead in setting up malls in the city: Talware group will set up a mall on Gangapur Road, Suyojit Group on College Road and Peth Naka, The Narendra Thakkar Group has also announced its intention of setting up a shopping mall in Nashik. New malls with Big Bazaar as an anchor at Tidke colony and near Untawadi bridge are proposed. Hitting headlines was Eredene Capital Fund’s investment in an 8 lakh sq. ft mall, likely to be completed by 2008.

Residential Property in Nashik: An upmarket ambience is what investors are looking at when selecting properties in Nashik. The city appears to be following the trend set by Pune, with bigger, better and classier homes lined up by property developers. The rates for Bungalows and apartments in Nashik are ranging from Rs. 750 to Rs.1700 per sq. ft.

Completely outfitted with the latest services and acres of greenery, these eco-friendly projects mirror the fresh, contemporary face of Nashik. Upcoming residential properties in Nashik are: Green Meadows by Sanklecha Constructions on Nashik-Pune Road, which offers 3 BHK flats. Nishant Gardens offer ready to move-in bungalows; Royal Nest on Nashik Road has budget homes, and Royale Town, which offers a choice of villas and bungalows.

The Nirman Group has a range of residential properties to offer: Nirman Kunj on Takli Road, which has 2BHK apartments, garden flats and terrace flats; Nirman Greeen cottages in Chandsi, and Nirman Galaxy on Rachana Vidyalaya Road, luxury apartments. Royal Tawali Hills is an independent bungalow project off the Nashik-Peth-Gujrat Highway available at Rs. 724 per sq. ft. Tanishq Park is a luxury 2/3BHK apartment complex at Nashik Road, while Vini Park has designed stylish bungalows and row houses. The Pune based DSK Group is also planning to develop a housing project with 600 flats at Nashik.

Nashik possesses all the advantages that a property investor looks for. Nashik has not been exposed to price hikes ever, but is on the brink of a real estate leap that could match, if not surpass Pune, in the near future.

The investor-friendly House Tax Policy in Nashik enables a high income from rentals. Analysts have projected a higher rate of growth for the real restate in Nashik in 2007, as compared to the 25-26 % growth in 2006. Investment in the city would prove very lucrative in the coming years.

The real estate boom can also be seen moving to surrounding areas of Nashik. Deolali, located at 6 kms from Nashik has set the best example to speak for. The place with its picturesque setting and historical charm has caught the fancy of homemakers seeking a serene and healthy environment. With the Army Cantonment and Artillery Centre in the neighbourhood, and already host to health resorts and sanatoriums, the town is coming up with several residential apartment projects and cottages. A mall is also under construction.

The Deolali Cantonment area is governed by the Cantonment Board, which has plans of a town planning scheme. Bindu Developrs have developed a resort. An airport and railway staion is on the cards. The real estate rates of land are Rs. 2,500-3,500 plus per square yard in the main road area. The construction rate for bungalows is about Rs. 1,200 to Rs 1,600 per sq. ft. Every one here is waiting for the real estate boom to happen which is so evident.

Capital appreciation has been 25 to 26% in 2006, and will maintain the same progress in 2007 as well.

Shirdi – Parsvnath Developers has started work on its 3-star hotel project covering 50,000 sq. ft in Shirdi nat a cost of Rs. 20 crore.