Nashik – The Most Happening Affordable Housing Destination

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.