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Mumbaikars turn to South Nashik for real estate investment

editor | September 24, 2013 @ 06:43 PM

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Areas such as Pathardi, Indira Nagar and Rane Nagar in Southern Nashik are flourishing due to increasing interest of real estate investors from Mumbai – thanks to the recent completion of the 150-km Mumbai-Nashik Expressway. Experts believe that every second residential property in these areas has been taken up by Mumbai residents.

“Since these areas in South Nashik are in proximity to the Expressway, they have become sweet spots for Mumbai residents,” said Sunil Bhaybhang, joint secretary, Confederation of Real Estate Developers' Associations of India (CREDAI), Maharashtra.

And why not, multi-storey apartments are reasonably priced and one can get a decent 1,000-sq ft apartment in the range of Rs 30-35 lakh here, he adds.

Pathardi, which falls on the outskirts of the city towards Mumbai, is heavily dominated by Mumbai investors. Indira Nagar and Rane Nagar, at the other end, have a mix of both local residents and investors from Mumbai.
Another advantage with Nashik is that it is equidistant from both Mumbai and Pune. However, Nashik is not yet an alternative for Pune, since it is still growing and many areas of the city offer reasonably-priced properties in a somewhat similar range as Nashik.

But for Mumbaikars, Nashik makes a potential investment destination. They can think of owning an apartment in the range of Rs 30-40 lakh, which is almost impossible in Mumbai and Navi Mumbai also to a great extent.

It is not that South Nashik is all about investment from Mumbaikars. Nashik residents, who have been working in Mumbai, are also buying property in the area.

The city has its own economic drivers, which have potential to fuel growth of the Nashik real estate market. The Maharashtra Industrial Development Corporation (MIDC) zone, for instance, houses industrial units of large multinationals such as Mahindra & Mahindra, ABB, Crompton Greaves, Siemens and Kirloskar.
The economy of the city will improve further once the new airport terminal will be launched, said Prakash Sanklecha, director, Sanklecha Constructions. He hopes that there will be direct flights to Pune and Bangalore as that will evoke interest from the IT companies.