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Nashik : New Destination

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  • #31

    #31

    Re : Nashik : New Destination

    This is my first post on this forum, been a long time lurker (atleast 3 years from what I remember !)

    Coming to Nasik, I feel at the moment the prices there are over inflated. Lets leave aside the largely emotional issues of weather, quality of vegetable etc - these dont affect Real estate prices. What does affect RE prices IMO are the number of high paying jobs available (or the future expectation of such), quality of educational institutions, importance as a trading hub etc.

    Does the Nasik economy really have enough middle class jobs with decent incomes to sustain real estate prices like these ? I highly doubt it. There are very few large corporations in Nasik, Mahindra, Mico, VIP (?) the list stops very soon, and here too they have mostly manufacturing industry. Little to no IT, Telecom, presence. There are a few small IT companies in the city but thats it. There are 3-4 BPOs in the city which is hardly enough to fuel real estate growth. To add to this, a lot of industrial projects which were supposed to come up here have been cancelled or frozen. There is the Indiabulls SEZ that is coming up in Sinnar though, which may partly be the reason why Nasik Road and Sinnar prices have gone through the roof, but I dont expect too many high earning individuals to come there in comparison to PCMC or Hinjewadi.

    Then why is the price suddenly sky rocketing ? Here's my guess : Investors from Mumbai and Pune, for whom real estate has already become unaffordable in their respective cities are starting to look at Nasik as an investment destination. So if and when prices in these cities start to rationalize, we may see some sort of sanity returning to the Nasik real estate market.

    I was checking out recently, houses in College road now a days cost upwards of Rs 50 lakh rupees ! How many people in Nasik earn the kind of money to pay 30-40-50k as EMI each month ? The number is limited to the entrepreneurs and a tiny number of working professionals.

    IMHO, you should hold off on investing in Nasik, till some fundamentals are in place there : Jobs, education, infrastructure.

    Comment

    • #32

      #32

      Re : Nashik : New Destination

      Originally posted by badanalyst View Post
      This is my first post on this forum, been a long time lurker (atleast 3 years from what I remember !)

      Coming to Nasik, I feel at the moment the prices there are over inflated. Lets leave aside the largely emotional issues of weather, quality of vegetable etc - these dont affect Real estate prices. What does affect RE prices IMO are the number of high paying jobs available (or the future expectation of such), quality of educational institutions, importance as a trading hub etc.

      Does the Nasik economy really have enough middle class jobs with decent incomes to sustain real estate prices like these ? I highly doubt it. There are very few large corporations in Nasik, Mahindra, Mico, VIP (?) the list stops very soon, and here too they have mostly manufacturing industry. Little to no IT, Telecom, presence. There are a few small IT companies in the city but thats it. There are 3-4 BPOs in the city which is hardly enough to fuel real estate growth. To add to this, a lot of industrial projects which were supposed to come up here have been cancelled or frozen. There is the Indiabulls SEZ that is coming up in Sinnar though, which may partly be the reason why Nasik Road and Sinnar prices have gone through the roof, but I dont expect too many high earning individuals to come there in comparison to PCMC or Hinjewadi.

      Then why is the price suddenly sky rocketing ? Here's my guess : Investors from Mumbai and Pune, for whom real estate has already become unaffordable in their respective cities are starting to look at Nasik as an investment destination. So if and when prices in these cities start to rationalize, we may see some sort of sanity returning to the Nasik real estate market.

      I was checking out recently, houses in College road now a days cost upwards of Rs 50 lakh rupees ! How many people in Nasik earn the kind of money to pay 30-40-50k as EMI each month ? The number is limited to the entrepreneurs and a tiny number of working professionals.

      IMHO, you should hold off on investing in Nasik, till some fundamentals are in place there : Jobs, education, infrastructure.
      Very true, the same thing I mentioned in my very first post on this topic https://www.indianrealestateforum.co...430#post116430

      I guess the buyers fueling Nashik's unreasonable RE price are predominantly people from Mumbai/Pune and the rich people from the surrounding small towns/villages. Nashik has many schools/colleges and people from surrounding areas comes there for studies. And surprisingly many has rich father who prefer to buy either during studies or later as people fall in love with Nashik.

      Comment

      • #33

        #33

        Re : Nashik : New Destination

        Samraat Group

        Originally posted by razer View Post
        Actually, it's quite surprising that Nasik did not face the kind of music that Mumbai and Pune did. It never saw the bubble, and hence it never saw the crazy fall.

        Samraat Group Projects, anyone with any idea on this builder in Nasik?
        I am from Mumbai, Chembur, working class, I had been to Nashik on the 21st of August 2011, i went there to study and survey the residential property prices as i want to buy a flat for my own to relocate/ live in with my family.(I cannot buy a decent 2 bhk house in Chembur, out of my reach/ Budget,) Below are some of the observations.

        * Samraat group: I met with the sales manager in thier office, mr. rakesh thakur, he showed me 4-5 completed/ongoing samraat projects. the one project i liked was dream nest behind fame. he quoted me 3091/sqft, I am now back in Mumbai, I will go once again to Nashik to finalise with expectation of some small discount.
        Thanks.
        Last edited August 29 2011, 11:24 AM.
        Thanks
        B.Regards
        Sunijani2004.

        Comment

        • #34

          #34

          Re : Nashik : New Destination

          One project of 141 flats started in Amrutdham area (near kkw college). A 2bhk is costing upto 36 lakhs.
          I dont know the details but price seems to be at higher side. Does anyone has other details.

          Comment

          • #35

            #35

            Re : Nashik : New Destination

            buying a plot

            hello everyone. I too am a mumbaikar (currently working in Gurgaon) and want to relocate to Nashik. My main reasons for choosing Nashik are a) weather b) connectivity to mumbai c) relatively cheaper and less congested than Mumbai.

            I would like to purchase a plot of approx 3000 sqft and build a house within a year or two. My budget for the plot is max 25-30 lacs which translates to ~800-1000 rs per sqft. (no idea whether that is a realistic budget)

            Request suggestions on what localities I should target given above budget. My understanding is that I will need to look at the outskirts as proper Nashik is way too expensive (2500 and upwards per sqft).

            I will be visiting Nashik in October for surveying potential buys.

            thanks in advance.

            Comment

            • #36

              #36

              Re : Nashik : New Destination

              You may get something near to Pandav Leni in this budget. Its not too far from city area but infrastructure is not at all developed. It would take few years.

              Comment

              • #37

                #37

                Re : Nashik : New Destination

                Wanted Plots in Nasik

                I am a resident of Mumbai, looking at investing in two plots for bungalows in and around the Nasik city. Budget is about 22L for both, and I will split 10, and 12-14 for the second, if I find something attractive.
                Now what help I want form forum readers is:
                1. What are the main axis' along which I should look
                2. What are areas that I could look at buying (localities).

                Investment period is a minimum 4 years.

                I will appreciate your feedback.

                Kamlesh

                Comment

                • #38

                  #38

                  Re : Nashik : New Destination

                  Originally posted by Kamlesh D View Post
                  I am a resident of Mumbai, looking at investing in two plots for bungalows in and around the Nasik city. Budget is about 22L for both, and I will split 10, and 12-14 for the second, if I find something attractive.
                  Now what help I want form forum readers is:
                  1. What are the main axis' along which I should look
                  2. What are areas that I could look at buying (localities).

                  Investment period is a minimum 4 years.

                  I will appreciate your feedback.

                  Kamlesh
                  Your budget is a bit low for the current (and IMO highly unsustainable RE prices in Nasik). For 10 and 12 lakhs, you'll only get plots on the real outskirts of the city, where there is little else other than hopes and prayers for your investment.

                  Comment

                  • #39

                    #39

                    Re : Nashik : New Destination

                    Originally posted by badanalyst View Post
                    Your budget is a bit low for the current (and IMO highly unsustainable RE prices in Nasik). For 10 and 12 lakhs, you'll only get plots on the real outskirts of the city, where there is little else other than hopes and prayers for your investment.
                    RE prices at pune and nashik are almost at same level.

                    Comment

                    • #40

                      #40

                      Re : Nashik : New Destination

                      Originally posted by badanalyst View Post
                      where there is little else other than hopes and prayers for your investment.
                      Your comment noted and taken in the right spirit. Current hunt has been put towards flats/aapartments in the 30-35L bracket.

                      Since my direction of ingress is from Mumbai, pls advice on rates and locations.

                      Gangapur Road, Lam Road and Indira Nagar - these names keep cropping up.

                      Regards,
                      KD.

                      Comment

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