Proposed SEZ to Boost Nashik’s Realty
Nashik forms a golden triangle with Mumbai and Pune. It is also one of the fastest growing tier-II cities in Maharashtra. The city has a good growing infrastructure, which is currently attracting several industrialists to set up their bases. The city also has a proposed SEZ, which is expected to give a huge boost to the residential real estate in the city.
MIDC to create SEZ
The Maharashtra Industrial Development Corporation (MIDC) has partnered with Indiabulls, a renowned private group, to come up with the first multiproduct special economic zone (SEZ) in Sinnar and Igatpuri, the industrial corridor of Nashik. The SEZ is first of its kind in Nashik as it has power lines and potable water supply for the industries in the SEZ at their doorstep. It is also the only SEZ that has a power plant of 1,350 MW and a railway yard within the SEZ.
Called as Indiabulls SEZ, it spans an area of 2,500 acres of land and will have various industries related to automobile, auto components, electronics / electrical, food, textiles, information technology, pharmaceuticals, engineering, bio-tech, international trading units and food processing. Apart from industries, the SEZ will have other social amenities such as temples, hospitals, medical facilities, recreational areas and eateries.
Boost in residential realty
Creation of an SEZ or business units always boosts the residential real estate as they create good employment opportunities. The Indiabulls SEZ is expected to create thousands of jobs in different sectors. With an influx of the employed population, there is a growth in infrastructure, social amenities and residential units. The Nashik SEZ has an added advantage of having various social amenities within the area.
In addition to these factors, the property values in Nagpur are low as compared to that in Mumbai and Pune. The average property value in the prime areas of Nashik is about Rs 3,500 per sq. ft., whereas it is about Rs 25,000-30,000 per sq. ft. in the western suburbs of Mumbai. There is also a proposed Shirdi International Airport that will be set up at a distance of 16 km from the SEZ. All these factors are surely expected to lead to a boom in Nashik’s realty sector.
