Apartment sales in Nashik rise 22 pc to 8,583 units last yr on strong demand: Credai-Liases Foras

 Housing demand remained strong in Nashik last year, with sales of apartments rising 22 per cent to 8,583 units, according to Credai and Liases Foras.

Realtors apex body Credai and real estate data analytics firm.Liases Foras released a report on the Nashik market during a two-day conference held on March 7-8.

As per the data, the sales of apartments rose 22 per cent to 8,583 units in 2024 from 7,056 units in the preceding year.

New supply, however, declined 30 per cent to 4,325 units from 6,205 units.

High sales and limited supply resulted in a significant fall in unsold inventory in the city.

The data showed that number of unsold apartments fell 15 per cent to 12,494 units from 14,637 units.

The apartment prices remained stable in the city. The per square feet rate ranged between Rs 3,134 and Rs 15,833 in terms of carpet area.

Liases Foras MD Pankaj Kapoor said there is a huge potential for real estate development in the city across all segments, be it housing and commercial properties.

When contacted, CREDAI's Nashik Chapter Secretary Gaurav Thakker said, "Nashik housing market has been experiencing steady growth, driven by factors like improved infrastructure, connectivity, and its growing status as a hub for industries and education".

"With demand for both residential and commercial properties, it remains an attractive option for investors and homebuyers looking for more affordable alternatives to metropolitan cities like Mumbai," said Thakker, Director of the city-based real estate company Thakkers Group Ltd.

Nashik, located 180 kilometres from Mumbai in northwestern Maharashtra, is renowned for its cultural, religious, and historical significance, the report said.

"Known as the Wine Capital of India it boasts a thriving wine industry with numerous vineyards. With roots dating back to ancient times, Nashik has evolved from a spiritual hub to a modern centre of agriculture, industry, and spirituality," Credai-Liases Foras said.

The Confederation of Real Estate Developers' Associations of India (Credai) is the apex body of private real estate developers in India.

Established in 1999, Credai represents more than 13,000 developers across 230 city chapters in 21 states.