The rapid development of IT and BPO industries in Mumbai and Pune has driven the real estate prices through the roof. The influx of educated youth and new found wealth has added to the woes of these cities with infrastructure not at all keeping pace with the exploding city population. The location of Nashik, equidistant both from Pune and Mumbai, the industrial hubs of Maharashtra has fuelled interest of the property developers and IT industry. Its temperate climate and cheaper land prices are an added attraction. It is estimated that by the year 2010, Nashik IT industry would be the major employment creator for the region.

Infrastructure Development at Nashik

The real estate developers started creating concrete jungles on a war footing since 2003. By the grace of God the authorities woke up just two years later and established the Jawaharlal Nehru National Urban Renewal Mission to improve the city infrastructure. The lessons from Bangalore and Pune are too obvious to be ignored.

Sound Investment Option

The projects include four-laning of the Nashik-Mumbai, Nashik-Pune highways and up-gradation of the city airport. It is envisaged that the Golden triangle of Maharashtra, Mumbai-Nashik-Pune will be the economic hub for the state in the years to come. The land rates in the city are still decent and outright cheap in the outskirts, making it a right investment option. The NMC (Nashik Municipal Corporation) plots are selling like hot cakes, however the areas of Igatpuri, Adgaon, Chehdi, Makhmalabad, Sinnar and Pune road are fast developing and up for grabs.

Nashik Commercial Property.

The commercial property scene of Nashik took a tumultuous turn with the setting up of V-Tech IT Park in Sainath Nagar in the beginning of 2007. It announced the grand arrival of IT in Nashik. Next came the 1010 hectare Maharashtra Industrial Corporation SEZ in Sinnar with a billion US dollar investment. The SEZ will have all the modern amenities like a racecourse, botanical gardens, golf courses, IT zones, modern schools and colleges and even a film city. A few renowned construction and industrial houses, the Raheja Group, DSK Group, Reliance Infrastructure, Vishal Mega Mart, Big Bazaar, Talware Group too have grandiose plans and bought commercial properties in strategic locations.

Nashik Residential Property

The price hikes of cities like Pune, Bangalore and Mumbai has not yet caught up with the property market in Nashik. One can find decent apartments and Bungalows in upmarket location within a range of Rs. 1000/- to Rs. 2500/- per square foot. The construction houses are giving due importance to the changing demands and trends of buyers who are looking for ambience, greenery and latest services. Many independent bungalow projects are coming up on Nashik-Peth-Gujarat highway and available at less than Rs 1000/- a square foot.

Nashik real estate is all set to explode with the buyer-friendly house tax policies of NMC. Some analysts have predicted a triple digit growth for the property market in 2008 and 2009. The real estate boom has engulfed the small town of Deolali, a few miles from Nashik. The serene and picturesque settings have caught the fancy of developers and home owners seeking pollution free and healthy surroundings.