The real estate sector in most parts of India has been a lacklustre
performer over the last three to four years. Prospective buyers are seen to be
shunning properties both from a consumption and an investment point of view.
Most industry experts though are unanimous in their view that affordable
housing is what will lead the real estate revival over the next few years. The
two most important factors supporting this view are the government’s push in
the form of incentives and ample end-user demand. Both those aspects have made flats in Nashik an excellent
proposition for both investors and end-users alike.
Home prices across Nashik have remained subdued for the last three to
four years now. They peaked in 2014 and have seen a correction of close to 30%
since then. In cases where prices have not fallen, prices have not risen
either. This presents a ripe opportunity for investors as well as end-users to
pick up their dream property in Nashik. Apart from a correction and
stabilization in prices, there are other factors too that make the idea of
investing in Nashik properties an excellent idea.
For starters, the prices themselves are affordable, especially in the
entry-level housing sector. Development in the last decade has led to the
springing up of a handful of well-planned and amenity-rich suburban areas on
the outskirts of Nashik city. Hirawadi, Tapovan, Adgaon Naka, Satpur, Pathardi,
Pandav Nagri, DGP Nagar, Kamatwade, Ashwin Nagar, Ambad, Chetna Nagar, Nashik
Road, and Jail Road are just a handful of areas in Nashik that have seen
tremendous development in the last decade. Fortunately, the price of homes has
not kept pace with the level of development these areas have seen, which has
led to a situation where excellent properties deals can be scored. The
affordable housing section in Nashik offers prices for newly-built properties
(between 0-5 years old) in the early Rs. 2000 per sq. ft. range. Depending on the area and
the amenities it offers, this could go up to Rs. 3000 per sq.ft. or thereabouts. In other
words, 1 BHK affordable flats in Nashik with
an area of roughly 500 sq. ft. can be yours for a price less than Rs. 15 lakh.
For a city of Nashik’s size and development, that is a highly competitive
price.
The rationalizing of the housing market has also meant that lenders are
now focusing on buyers in the affordable homes segment. A number of banks and
non-banking finance companies have made affordable housing a part of their priority
sector lending, which means these institutions are actively looking to lend to
buyers of affordably priced homes. The slowdown has also put buyers with good
savings at an advantage as many builders are openly offering steep discounts in
addition to waiving off any liabilities arising out of GST.
The final two factors that make investing and buying a home in Nashik a sound
decision are, availability of ready units and the introduction of RERA. One of
the major causes of the slump in real estate was that too many buyers did not
receive what was promised to them on time. This spooked many a buyer, causing a
majority to stay away from the market for the better part of the last five
years. Things however have changed drastically in the meantime. For instance,
Nashik’s inventory is full of completed projects that run into thousands of
properties across different price points. So if you are looking for affordable
homes that are also available for ready possession, Nashik is where you need to be.