NASHIK: The city’s property landscape has exploded over the past decade, witnessing an impressive 57% surge in the number of properties.
The total number of properties jumped from 3.80 lakh in the financial year 2014-15 to 6 lakh by 2024-25. This dramatic growth witnessed around 2.2 lakh new residential and commercial units, signalling the city’s rapid expansion and soaring demand for space.
This trend is being fuelled by new developments, as people buy homes for comfort and investment, often relocating to Nashik for fresh job and business opportunities.
The Nashik Municipal Corporation (NMC), which reported these figures in its latest environmental status report, noted a sharp increase in recent years, with about 1.18 lakh properties being added in just the last three years — an average of 40,000 new properties annually.
An NMC official, while talking to TOI, said, “This trend reflects Nashik city’s evolving urban landscape and the growing demand for both housing and commercial spaces.”
Nilesh Chavan, former chairman of the Indian Institute of Architects (IIA), said property purchases in the city saw an increase post-Covid.
“During pandemic, people knew the importance of the home and its comfort. Moreover, people who already owned homes purchased bigger homes as part of their privacy as work-from-home culture also increased after the Covid pandemic,” said Chavan.
Chavan added that individuals from Mumbai, Pune and other regions are investing in Nashik, anticipating future rate increases. He indicated that about 50% of all property purchases are for investment purposes. Furthermore, migration from Jalgaon and Dhule districts in North Maharashtra to Nashik for job and business opportunities is contributing significantly to sale of properties.
NMC officials said that roughly three out of every ten flats are purchased by individuals from these districts.
City-based builders observe that while central areas are largely developed, there is substantial potential for growth on the city’s outskirts. Consequently, most new residential projects are emerging in areas such as Adgaon, Makhmalabad, Mhasrul, New Indira Nagar, Pathardi and Jail Road.
According to Ashish Nahar, president of Nashik Industries & Manufacturers’ Association (NIMA), not only real estate but Nashik city is also attracting new industrial investment.
“Nashik is emerging as one of the major industrial destinations in the country and it is one of the four places in the country where Kumbh Mela is held every 12 years. The proximity of Nashik to Mumbai and Pune cities, and the pleasant climate of the city is attracting people. Moreover, Nashik is also known as the wine capital of the country. These are the reasons Nashik city is becoming an attraction and cynosure of all eyes,” said Nahar.
“The city’s economy is also improving and generating jobs. This may be the reason the number of properties is increasing in the city rapidly due to the increasing growth of the city,” said Nahar.
