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Residential Properties In Nashik - Affordable Or Not?
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In these modern times, huge real estate developments are taking place across all tier 3 and tier 4 cities in India. The main reason for this unprecedented growth is that most major cities have been fully developed and are now congested. Property development even in tier 2 cities is also nearing completion. This has left little scope for further expansion. The industries that are looking for investment opportunities are now targeting smaller cities such as Nashik because they offer many business opportunities.
Nashik, which is popularly referred to as the wine city of India has situated about 190 kilometers away from Pune and Mumbai. Apart from being a well-known pilgrimage center, this city is also a popular industrial district that has a presence of engineering, auto, and electrical industries. This city offers a good quality of life and a green as well a clean environment. The pleasant climate and attractive surroundings of the city attract industry leaders to establish operations here.
The residential landscape of Nashik is transforming. Apartments are taking over the row houses and villas because of the changing preferences of buyers. With the transforming real estate scenario of the city, developers are working hard to meet the new requirements of buyers. These requirements include larger apartments with amenities like clubs, swimming pools, and greenery. Most residential apartments in Nashik have these amenities.
The transport facilities, education provisions, and civic infrastructure have improved. The city’s attractions such as low cost of labor, the availability of land and high returns among other things have already lured in technology related industries such as BPO, ITes and IT. A boom in the Nashik real estate has followed the industrial development.
By investing in Nashik, you can get value for money. The Nashik market offers the benefit of high-quality construction and affordability. The prices of homes and apartments in Nashik are relatively lower than that of properties in other cities. Nashik is witnessing premium offerings from well-known property developers such as Karmaa Group.
With the exception of several prime areas, the prices of residential properties in Nashik range from Rs 3,000 to RS 4,500 per square foot. Even the best residential properties in this city are below the price of Rs 5,000 per square foot. In the years to come, Nashik has the potential to become a smart city because of its growing economic activity and strategic location. Due to the cost effective price range of properties, this city has a significant potential to offer affordable housing.
The city has also attracted people who are buying second homes. The reason for this is that Nashik has provided sizeable returns in the range of fifteen to twenty-five percent beginning from the year 2013. In addition, developments taking place along the commercial belt and the availability of many educational institutions are transforming the market from one that is driven by investors to one driven by end users.
Financial advisors always suggest that the most appropriate time to invest in a city is when it has just begun developing. Nashik is at the first stage of development and is awaiting a huge boom across the commercial, retail and residential sectors of real estate. Therefore, make sure that you do not miss the opportune chance to invest in real estate in this city.
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