NASHIK: Over the last decade, the city’s property market has seen an impressive 57% growth in the number of registered properties.
From 3.80 lakh properties in the financial year 2014-15, the count surged to 6 lakh by 2024-25, marking the addition of around 2.2 lakh new residential and commercial units, indicative of the city’s rapid growth and heightened demand for space.
Fueling this trend are new developments as individuals seek homes for comfort and investment, often relocating to Nashik for better job and business prospects.
The Nashik Municipal Corporation (NMC) highlighted these findings in its recent environmental status report, noting a remarkable increase in properties, with about 1.18 lakh added in just the last three years—an annual average of 40,000 new properties.
An NMC official commented to TOI, “This trend reflects Nashik’s evolving urban environment and the rising need for both residential and commercial spaces.”
Nilesh Chavan, former chairman of the Indian Institute of Architects (IIA), noted a spike in property purchases post-Covid.
“The pandemic made people recognize the importance of having a comfortable home. Moreover, many who already owned homes opted for larger spaces due to the surge in remote work culture,” said Chavan.
Chavan also mentioned that investors are flocking to Nashik from Mumbai, Pune, and beyond, expecting price increases. About 50% of property transactions are for investment. Furthermore, significant migration from Jalgaon and Dhule districts in North Maharashtra is boosting property sales in Nashik.
NMC officials revealed that roughly 30% of flats are purchased by individuals from these districts.
Local builders express that while central areas are full, there remains considerable growth potential in the outskirts, with new residential projects popping up in Adgaon, Makhmalabad, Mhasrul, New Indira Nagar, Pathardi, and Jail Road.
According to Ashish Nahar, president of the Nashik Industries & Manufacturers’ Association (NIMA), Nashik is not just a real estate hub but is also attracting new industrial investments.
“Nashik is emerging as a prominent industrial destination nationwide and is one of the four sites in India that hosts the Kumbh Mela every 12 years. Its proximity to Mumbai and Pune, along with its pleasant climate, makes it attractive. Additionally, Nashik is celebrated as the ‘wine capital of India,’ which further elevates its appeal,” Nahar added.
“The city’s economy is on an upswing, creating jobs and likely contributing to the rapid increase in properties due to the city’s ongoing growth,” Nahar concluded.
