nashik property boom
Jan 5, 2008
Nashik witnessing major property boom: report
MUMBAI: The pilgrim-town of Nashik is witnessing major property development thanks to its proximity to commercial capital Mumbai and culture city Pune. This gels well with the fact that the Maharashtra Government has plans to develop Mumbai-Pune-Nashik as a triangle. The current property boom is not only limited to Mumbai and Pune – but Nashik, the 'Wine Capital of India', which is emerging as what is known as "growth centres".
According to estimates by global property consultants and researcher, Knight Frank Research, Nashik 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.
"Nashik with its good human resource pool and low real estate cost is picturing in the radar of IT/ITES companies looking a diversifying in smaller towns and cities," the Knight Frank report said adding that the demand of entertainment avenues like multiplexes, branded apparel shops, food and beverages is also slated 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.
The Godavari River has given the growth direction to Nashik and the influence can still be seen in urban Nashik. The erstwhile old city comprising of locations around the banks of Godavari River like Raviwar Peth and Panchwati have given way to new centres of growth like Mahatma Nagar, Gangapur Road and College Road in the suburbs. In more recent times, Mumbai-Agra National Highway (NH-3) and Nashik-Pune National Highway (NH-50) has influenced growth in locations like Pathardi, Adgaon, Nasik Road and Deolali Camp.
With the changing real estate scenario of Nashik, the developers are gearing up to meet the new buyer requirements of bigger homes with better amenities and plenty of greenery. Upmarket addresses in the city include locations like Central Bus Stand, Mahatma Nagar, Gangapur Road and College Road. Locations like Sharanpur Road, Trimbak Road, Nashik Road, Jail Road and Deolali are the other popular residential destinations in Nashik.
The demand for open plots and bungalow schemes is rising in areas like Adgaon Road and Pathardi, located close to the Mumbai-Agra highway.Majority of the upcoming office projects are developed as mixed use developments with ground floor dedicated to retail and upper floors for office.
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.
Nashik attracts a number of tourists due to its old city charm and cultural heritage. The high streets and traditional bazaars thus have a ready market among the visiting population. Nevertheless, the upcoming mall projects are a reflection of the changing aspirations of the local population and the changing retail scenario. Organised retailing has picked up in Nashik over the past 2 to 3 years and major retail brands like Big Bazaar, Café Coffee Day, Mc Donald's, @Home, etc. have their presence in Nashik.
Majority of the retail projects are coming along College Road, Gangapur Road, Untwadi and Old Agra Road, as these established retail destinations also have a presence of high end residential catchments. Untwadi also boasts of Banyan Square (750,000 sq.ft.) by Sarda Group, which is projected to be the second largest mall in Maharashtra.
Till 2006, residential market in Nashik witnessed a slow growth with an annual appreciation in the range of 5-15%. However, the advent of IT/ITES companies into Nashik has led to speculative price rise in the residential sector. Since then, the residential sector has witnessed appreciation in the range of 30-70% in the past one year. Current residential values in the prime locations of the city, like College Road and Gangapur road are in the range of Rs.2,500-3,000/sq.ft.
Nashik witnessing major property boom: report
MUMBAI: The pilgrim-town of Nashik is witnessing major property development thanks to its proximity to commercial capital Mumbai and culture city Pune. This gels well with the fact that the Maharashtra Government has plans to develop Mumbai-Pune-Nashik as a triangle. The current property boom is not only limited to Mumbai and Pune – but Nashik, the 'Wine Capital of India', which is emerging as what is known as "growth centres".
According to estimates by global property consultants and researcher, Knight Frank Research, Nashik 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.
"Nashik with its good human resource pool and low real estate cost is picturing in the radar of IT/ITES companies looking a diversifying in smaller towns and cities," the Knight Frank report said adding that the demand of entertainment avenues like multiplexes, branded apparel shops, food and beverages is also slated 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.
The Godavari River has given the growth direction to Nashik and the influence can still be seen in urban Nashik. The erstwhile old city comprising of locations around the banks of Godavari River like Raviwar Peth and Panchwati have given way to new centres of growth like Mahatma Nagar, Gangapur Road and College Road in the suburbs. In more recent times, Mumbai-Agra National Highway (NH-3) and Nashik-Pune National Highway (NH-50) has influenced growth in locations like Pathardi, Adgaon, Nasik Road and Deolali Camp.
With the changing real estate scenario of Nashik, the developers are gearing up to meet the new buyer requirements of bigger homes with better amenities and plenty of greenery. Upmarket addresses in the city include locations like Central Bus Stand, Mahatma Nagar, Gangapur Road and College Road. Locations like Sharanpur Road, Trimbak Road, Nashik Road, Jail Road and Deolali are the other popular residential destinations in Nashik.
The demand for open plots and bungalow schemes is rising in areas like Adgaon Road and Pathardi, located close to the Mumbai-Agra highway.Majority of the upcoming office projects are developed as mixed use developments with ground floor dedicated to retail and upper floors for office.
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.
Nashik attracts a number of tourists due to its old city charm and cultural heritage. The high streets and traditional bazaars thus have a ready market among the visiting population. Nevertheless, the upcoming mall projects are a reflection of the changing aspirations of the local population and the changing retail scenario. Organised retailing has picked up in Nashik over the past 2 to 3 years and major retail brands like Big Bazaar, Café Coffee Day, Mc Donald's, @Home, etc. have their presence in Nashik.
Majority of the retail projects are coming along College Road, Gangapur Road, Untwadi and Old Agra Road, as these established retail destinations also have a presence of high end residential catchments. Untwadi also boasts of Banyan Square (750,000 sq.ft.) by Sarda Group, which is projected to be the second largest mall in Maharashtra.
Till 2006, residential market in Nashik witnessed a slow growth with an annual appreciation in the range of 5-15%. However, the advent of IT/ITES companies into Nashik has led to speculative price rise in the residential sector. Since then, the residential sector has witnessed appreciation in the range of 30-70% in the past one year. Current residential values in the prime locations of the city, like College Road and Gangapur road are in the range of Rs.2,500-3,000/sq.ft.
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