Apartment sales in Nashik surged by 22% in 2024, reaching 8,583 units, according to a report by Credai and Liases Foras. This growth reflects the strong demand for housing in the region amidst declining new supply. The report highlights Nashik’s potential for real estate development across both residential and commercial segments.
- Apartment sales increased to 8,583 units, up from 7,056 units in 2023.
- New apartment supply dropped by 30% to 4,325 units, leading to decreased unsold inventory.
Significant Growth in Apartment Sales
The Nashik real estate market has experienced remarkable growth in apartment sales, which rose by 22% in 2024, amounting to 8,583 units sold compared to the previous year’s 7,056 units. This increase significantly highlights the robust demand for housing in the area. The data was released during a two-day conference held on March 7-8 th by the apex real estate body Credai and real estate data analytics firm Liases Foras. Analysts attribute this surge to various factors including improved infrastructure, better connectivity, and Nashik’s evolving status as an industrial and educational hub.
Despite the rising sales figures, the report indicates a notable drop in new apartment supply, which decreased by 30% to 4,325 units. This decline in supply has contributed to a significant reduction in unsold inventory, which fell by 15% from 14,637 units to 12,494 units. Interestingly, the prices of apartments in Nashik have remained stable, with rates varying between Rs 3,134 and Rs 15,833 per square foot. This stability is encouraging for potential investors and homebuyers looking for viable options in the real estate sector.
Market Dynamics and Future Prospects
The real estate market in Nashik is characterized by a unique set of dynamics. Pankaj Kapoor, Managing Director of Liases Foras, emphasized the immense potential for real estate development in the city across various segments. The rising demand for both residential and commercial properties is a clear indication that Nashik is becoming an attractive option for investors and homebuyers, especially when compared to the high prices in metropolitan areas like Mumbai. Gaurav Thakker, Secretary of CREDAI’s Nashik Chapter, also noted that the city’s growth is driven by improved infrastructure and connectivity.
Nashik’s reputation as the Wine Capital of India, combined with its rich cultural and historical significance, continues to make it a desirable place for both living and investment. The city’s evolution from a spiritual hub to a modern center of agriculture and industry further boosts its appeal. As demand continues to grow, it is expected that Nashik’s real estate market will remain vibrant, presenting opportunities for developers and buyers alike.
Future Impact on the Real Estate Sector
The recent surge in apartment sales in Nashik is likely to have lasting implications for the real estate sector. As new supply struggles to keep pace with demand, property prices may eventually see upward pressure, leading to potential investment returns for stakeholders. Furthermore, the trend suggests that Nashik will continue to attract both residents and businesses seeking affordable alternatives to crowded metropolitan cities. This could foster a more diversified economy and promote sustainable growth in the region.
