Nashik – Why is it an attractive real estate investment destination?
nashik It is one of the most prominent cities in Maharashtra. While long known around the world for its importance in Hindu mythology, the city has today grown into an impressive urban center known for its pleasant climate, good water supply, numerous educational pathways, and growing industrial power, among other things.
Nashik is the largest city in northern Maharashtra and is located on the banks of the Godavari River. Thanks to an excellent climate, fertile soil, and an ample supply of water, the city prospered immensely through agriculture. While it continues to be a major player in agriculture, the real impetus for the city’s growth comes from the manufacturing sector. These factors have helped Nashik emerge as one of the largest destinations for foreign direct investment in India.
Manufacturing is today one of the pillars of Nashik’s economy. The city is home to a variety of engineering and service companies manufacturing a wide range of products. Some of the city’s most notable engineering and manufacturing exports include auto parts, accessories, aircraft, and associated parts.
Industries in Nashik are concentrated in the four designated industrial areas of Ambad, Satpur, Sinnar and Igatpuri. A great deal of change has been observed in the city over the past two decades and much of the credit goes to the Maharashtra Industrial Development Corporation (MIDC) which was instrumental in creating the aforementioned industrial zones.
The city of Nashik and the surrounding towns are also known for their small-scale industries. Blankets, garments, leather and clay goods, and bricks are actively produced throughout the city, while its interior is literate with large factories carrying out rice, sugarcane, and oilseed processing. Electrical and electronic equipment, chemicals and dyes, and niche engineering products are some of the other contributors to Nashik’s economy.
Despite his proven manufacturing prowess, however, Nashik continues to excel in agriculture. The city and its surrounding areas continue to play a key role in India’s overall production and supply of crops such as table grapes, tomatoes and onions. A favorable climate helps to obtain higher plant yields, which makes agriculture immensely profitable. Horticulture has recently become an active industry in Nashik taking advantage of its climate and soil.
Nashik’s other claim to fame is its wine industry. The State Government has given this industry due recognition in addition to many tax benefits and concessions. The aforementioned MIDC is in charge of serving all the needs of the Nashik wine industry. These factors have contributed to Nashik producing some of the best wine brands in India, which are exported all over the world. Nashik, as such, has rightfully earned the label of being the “Napa Valley” of India.
The Maharashtra government has also recently announced plans to establish an IT zone to facilitate a vibrant IT industry in the city. Coupled with cheap housing, vast land, and a continuous supply of trained professionals, the IT industry in Nashik is set to take off soon. .
Nashik is on the cusp of massive growth. In line with this growth, the demand for affordable and reliable housing is expected to skyrocket as more and more people migrate to the city in search of livelihoods. Nashik real estate as such presents an excellent opportunity for both retail investors and buyers. The next decade will bring a big change in Nashik’s economic landscape and the real estate sector will be one of its biggest beneficiaries.