Nashik – Why Is It an Attractive Real Estate Investment Destination?
Nashik is one of the most prominent cities in Maharashtra. Although long renowned throughout the world for its importance in Hindu mythology, the city has today developed into an impressive urban center known for its pleasant climate, good water supply, numerous educational avenues, and growing industrial might, among other things.
Nashik is the biggest city in Northern Maharashtra and is located on the banks of the Godavari River. Thanks to an excellent climate, fertile soil, and ample water supply, the city prospered immensely through agriculture.While it continues to be a major player in agriculture, the real impetus to the city’s growth has come from the manufacturing sector. These factors have helped Nashik emerge as one of the biggest destinations for foreign direct investment in India.
Manufacturing is today one of the mainstays of Nashik’s economy.The city is home to a variety of engineering companies and services that manufacture a wide range of products. Some of the city’s most notable engineering and manufacturing exports include automotive spare parts, ancillaries, airplanes and associated parts.
Industries in Nashik are concentrated in the four designated industrial areas of Ambad, Satpur, Sinnar, and Igatpuri. A massive amount of change has been observed in the city over the last two decades and a major part of the credit for that goes to the Maharashtra Industrial Development Corporation (MIDC), which was instrumental in creating the aforementioned industrial zones.
The city of Nashik and its surrounding towns are also well-known for their small-scale industries. Blankets, apparel, leather and earthen-ware, and bricks are produced actively across the city while its hinterland is littered with large factories that carry out processing of rice, sugarcanes, and oilseeds. Electrical equipment and electronics, chemicals and dyes, and niche engineering products are some of the other contributors to Nashik’s economy.
However, in spite of its proven manufacturing prowess, Nashik continues to excel agriculturally. The city and its surrounding areas continue to play a key role in India’s total production and supply of crops like table grapes, tomatoes and onions. A favorable climate helps in larger vegetable yields, which makes agriculture immensely profitable. Lately, horticulture has emerged as an active industry in Nashik drawing on its climate and soil advantages.
Nashik’s other claim to fame is its wine industry. The State Government has given this industry due recognition in addition to many tax sops and concessions. The aforementioned MIDC is entrusted withlooking after all of Nashik’s wine industry needs. These factors have contributed to Nashik producing some of India’s best wine brands, which are exported all over the world. Nashik, as such, has rightfully earned the tag of being India’s “Napa Valley”.
The Maharashtra government has also recently announced plans of setting up an IT zone to facilitate a vibrant IT industry in the city.Coupled with cheap housing, ample land, and continuous supply of educated professionals, the IT industry in Nashik is set to take off soon.
Nashik is on the cusp of massive growth. In keeping with this growth, demand for affordable and reliable housing is expected to skyrocket as more and more people migrate to the city in search of a livelihood. Nashik’s real estate sector, as such, presents an excellent opportunity for retail investors and buyers alike. The next decade or so is going to bring about a huge change in Nashik’s economic landscape and the real estate sector will be one of its biggest beneficiaries.
