It’s Time for Real Estate Kumbhmela in Nashik
Mumbai, Pune and Nashik is the Golden Triangle of India. The triangle has succeeded to furnish the golden opportunities to every industrial sector. Nashik is the most benefited city among them to clutch the opportunities. And real estate is not exempted to it.
The city is the undoubtedly wine capital of India and healthy environment and continuous supply of skilled labors are encouraging the IT industry to make their favorite destination. The city is witnessing the major property development thanks to its proximity to commercial capital Mumbai and culture city Pune. Now the property boom is not restricted to Mumbai and Pune, developers are eyeing on Nashik’s real estate property. Fortunately, very need for real estate growth is providing.
Even upcoming WNS, Tricom and 18 other companies employing around 2000 people will give more fuel more demand for real estate in the city. According to the global real estate consultant and researcher, Knight Frank Research, the city is going to witness residential and office space supply of about 2.1 million sq ft and 1.9 million sq ft, respectively, by 2009. It will also see an infusion of 2.1 million sq ft of quality retail space during the same period. They also added that due to upcoming IT companies the demand for entertainment avenues like multiplexes, branded apparel shops, food and beverages is also hiked to increase in near future.
Geographical proximity to Mumbai (185 kms) and Pune (220 kms) has accelerated the real estate growth in Nashik. Adequate infrastructures in terms of good roads, ample water supply and excellent educational facilities have played a major role in boosting the growth of this city. The infrastructure and industrial developments of the past two decades have transformed this traditional pilgrimage centre into a vibrant modern city. Over Rs 11,000 has been invested towards 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.
Now developers are looking very vastly. Considering the latest developments, financial status of consumers, developers are construction bigger homes with modern amenities. 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. Green Meadows, Nishant Gardens, Royal Nest, Royale Town, Nirman Kunj, Nirman Greeen cottages are among the upcoming residential property in the city. 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.
Along with residential segment, commercial property is booming. Upcoming IT industry has forced to the developers to concentrate commercial/ retail segment. The setting up of V- IT Park by Sanklecha Construction was the first real boost.
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 DSK group’s SEZ project in Nashik at a cost of Rs. 4000 crore on 100 acres of land.
Beside of this development, some builders are busy in set up malls. 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. Untwadi also boasts of Banyan Square (750,000 sq.ft.) by Sarda Group, which is projected to be the second largest mall in Maharashtra.
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. 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. 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. . Currently, 5% of the total office space is being used by the BPO sector companies like WNS and Tricom. However, the scenario is fast changing as major IT/ITES companies are considering Nashik as the destination for future expansion. The first IT Park of Nashik, V Tech Park (750,000 sq.ft.), a joint venture between Pune based Vascon group and Nashik based Sanklecha Group is coming up in Indira Nagar, near Mumbai Naka and is expected to be operational by 2008.
In every aspect, the city is growing in real estate. The city has a great future but some where to take precautions to avoid on concrete jungle.