A Glimpse of NASHIK – Arising as a prospective Real Estate Destination

Strategically located about 180 kms from Mumbai and 190 kms from Pune, Nashik forms the third end of this golden triangle. Primarily an industrial city blessed with good infrastructure & ample water supply because of the two rivers that run through the land, Nasik, considered to be a holy destination for tourists, is now making rapid strides in real estate development owing to increasing demand fuelled by availability of abundant land at rock bottom rates.

Religious Significance of Nashik

Location: On The Banks of the River Godavari, Maharashtra

Special Feature: 2,000 Temples

Previously Spelt As: Nasik

Attractions: Religion based tourism

Nashik is one of the important religious centres of Maharashtra, located on the bank of the river Godavari. It is particularly a city of temples and there are around 2,000 temples, both big and small.

As the legendary home of Rama, hero of the Ramayana, Nashik is one of the most sacred places of Hinduism; ancient Buddhist, Jain temples are also here. Traditionally the place attracts tourists, as it is known to be holy place.

Industrial Significance of Nashik

'Nasik' also known as 'Nashik' is the third largest Municipal Corporation in Maharashtra, with approximately 25 percent area under residential zone. Nashik is popularly called as the 'Wine Capital of India', owing to its abundant grape crop. However, the city has already been undergoing industrialization for the past decade after Mumbai, Pune & Nagpur and is seen as the next most sought-after commercial destination of Maharashtra.

Nashik falls midway between the industrial hotspots of Mumbai and Mumbai and owing to Nashik’s civilized environs and skilled workforce, it is turning out to be the IT & ITES Sector’s next preferred destination. Though still in its nascent stage, Nashik’s IT / ITES Industry growth is poised to grow multi-fold by 2009.

The authorities, on their part, are propping the city with improved transport and civic infrastructure to meet the challenges that a culture shift would bring about. Over Rs. 11,000 crore has been invested toward improvements in Nashik infrastructure since 2005, and after the makeover plans envisaged for the city by the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), the city is in for a property boom.

Once projects like the four-laning of the Mumbai-Nashik highway and the upgradation of the Nashik airport are complete, the Mumbai-Pune-Nashik Golden Triangle will generate high levels of employment. With land rates in Nashik still at three digits in some neighborhoods, Nashik is a great investment destination and is bound to give the benefits to the investor specially since a lot of SEZs are coming in the area.

Indiabulls Real Estate in its news release has announced that its wholly-owned subsidiary company, the Indiabulls Infrastructure Ltd. has got the Formal Approval for the development of a multi-product SEZ in Nashik, Maharastra. Department of Commerce (SEZ Section), Minis of Commerce & Industry, Government of India approved the proposal.

Corporates & Developers like Raheja, Reliance, Tatas & India Bulls are bullish on Nashik and its growing 360 degrees including residential, commercial & retail and its definitely one choice worth investigating for the investors. Even one of the latest FICCI-Ernst & Young report also mentions Nashik along with a few others as a prospective investment destination in India.

Contributed By : Abhi Chopra