South Nashik Attracts Mumbaikars As Real Estate Investment Hub
For Mumbaikars who plan to invest in real estate, South Nashik is emerging as a popular real estate market. Localities in Southern Nashik such as Indira Nagar, Pathardi and Rane Nagar are seeing growing interest from investors due to their proximity to the newly completed Mumbai-Nashik expressway.
Localities lying along the 150-km Mumbai-Nashik Expressway are the most sought after areas for people who would like to buy properties from the point of investment. These areas include Pathardi, Rane Nagar, Uttam Nagar, Indira Nagar and Pawan Nagar.
Various reasons have contributed for South Nashik becoming more popular among investors in Mumbai apart from the proximity to the expressway.
1. Nashik is currently ranked the fourth fastest growing city in India. It is also known for its pleasant climate as well as natural greenery. It is the third largest city in Maharashtra after Mumbai MMR and Pune.
2. Nashik is shortlisted as an investment region in the Delhi Mumbai Industrial Corridor (DMIC).
3. Nashik is seeing a good economic and industrial growth. The HAL aircraft manufacturing plant is in Nashik. The Nashik MIDC (Maharashtra Industrial Development Corporation) is at Ambad in South Nashik and has manufacturing units of several companies such as CIPLA, Bosch India, L&T, Coca Cola and so on. Nashik is also emerging as a IT/BPO destination. It is listed as a Tier II city for IT and BPO.
4. Nashik has several social amenities such as educational institutions, hospitals, malls, entertainment and recreational facilities. It is called the ‘wine capital of India’. There are several tourist destinations in Nashik. The Trimbakeshwar Shiva temple is close to Nashik. Nashik also lies on the intersection of two national highways. There are also various state highways. It has a very good public transportation system such as buses and trains. It also has an airport.
5. In terms of real estate, the localities are very affordable. A 1,000 sq.ft apartment would cost between Rs. 30-35 lakhs in areas of South Nashik.
All these advantages make Nashik an attractive investment destination not only for Mumbaikars, but also the locals. Nashik residents who are working in Mumbai are also buying properties here especially in Pathardi, as it is on the outskirts of Nashik and closer to Mumbai.
Real estate in South Nashik
A 1-BHK apartment in areas of South Nashik will have a typical area of 560-750 sq.ft while a 2-BHK apartment has an area of 1,050-1,350 sq.ft and a 3-BHK apartment has an area of 1,300-1,600 sq.ft.
Rentals are very low in areas such as Pathardi, Indira Nagar and Rane Nagar. The monthly rental for a 1-BHK apartment is approximately Rs. 5,000. A 2-BHK apartment is available for a monthly rent of Rs. 6,000-7,000 while a 3-BHK apartment is available for a rent of Rs. 8,000-15,000.
Capital values in these areas are very low compared to that of Mumbai. A 1-BHK apartment in Pathardi costs between Rs. 14-16 lakhs whereas it is between Rs. 18-23 lakhs in Indira Nagar. A 2-BHK apartment in Pathardi costs around 40 lakhs while it costs approximately 35 lakhs in Rane Nagar and between Rs. 25-35 lakhs in Indira Nagar. A 3-BHK apartment in Pathardi costs between Rs. 50-60 lakhs.
