Real Estate In Nasik Sees Steep Price Hike

Real estate in Nasik has seeing a slowdown in recent times as there is no demand for properties across the city like property in Laxman Nagar. Most of the people are hesitating to buy house in the city and the recent hike in ready recknor rates has proved to be a nail in the coffin. But real estate experts feel this is not the actual reason why people are hesitating to invest in properties in Nasik like flats in Laxman Nagar.

Most of the experts feel that people are waiting for a price correction to happen before they buy house. Real estate in Nasik has not seen a price correction in recent time. Infact most of the people who had invested in properties in Nasik like flats in Laxman Nagar a few years back are now enjoying good benefits as on an average the land prices have increased by three to 20 times in the city in past eight years. Even the flat prices which were ranging between Rs1,500 to Rs2,500 per sq ft have gone up to Rs 2,700 to Rs 6,000 per sq ft in the last few years.

Real estate in Nasik has seen a steep hike in prices and hence people look to buy properties across the city like property in Laxman Nagar are now looking for prices to correct. But the situation is unlikely to happen as investors are keen to invest in properties in Nasik like flats in Laxman Nagar as on an average a mid-size flat will cost about Rs 30-35 lakh where as luxury flat is costing around 50 lakh. Also many first time house buyers are looking to buy house here. So although real estate in Nasik is looking at a slowdown phase the property prices will continue to se a significant hike.

Affordability Drives Property Nasik

Property Nasik has been giving great return on investment in the last few years. The city is the most preferred destination to invest in Maharashtra after Pune and Mumbai. The city was once just a pilgrimage destination but today the city has prospered into a budding industrial hub which invites a lot of talent and as the result the real estate in Nasik has also expanded. Now people are looking to buy flats in Makhmalabad as the city offers good appreciation. People who are coming to the city for a small time period rent a house. Flats in Makhmalabad also earn a good rental income as many people rent a house here. With EMIs of home loans coming down drastically in the recent past the demand of property in Makhmalabad has touched the roof. Instead of rent a house many people are now looking at buying a property in Makhmalabad.

It will not be wrong to say that property Nasik is greatly influenced by the home loan EMIs or the repo rate announced by the RBI. Real estate in Nasik caters to the middle class segment that is extremely price sensitive. Therefore increasing and decreasing of home loan EMI amount plays a major role towards the demand of property Nasik.

The real estate in Nasik was initially end-user driven but all this has changed in the last few years as many HNIs and NRIs too are looking at the city for investment. Major developments have taken place in the city which is why many investors were prompted to invest here.   Things have very much moved in favor of real estate in Nasik like property in Makhmalabad. You too can invest in property Nasik like flats in Makhmalabad and reap huge benefits as the city of Maharashtra is going to give good return in future too.