The property market in the city has experienced remarkable growth over the last ten years, with a notable increase of 57% in the total number of properties. The overall count of properties rose from 3.80 lakh in the financial year 2014-15 to 6 lakh by 2024-25.
This significant expansion included approximately 2.2 lakh new residential and commercial units, indicating the city’s swift growth and heightened demand for space. This phenomenon is driven by new developments, as individuals seek homes for both comfort and investment, frequently moving to Nashik for new job and business prospects.
The Nashik Municipal Corporation (NMC), which disclosed these statistics in its recent environmental status report, observed a substantial rise in recent years, with around 1.18 lakh properties added in just the past three years — averaging 40,000 new properties each year. An NMC representative, in a conversation remarked, “This trend illustrates the evolving urban landscape of Nashik city and the increasing demand for both residential and commercial properties.”
Nilesh Chavan, the former chairman of the Indian Institute of Architects (IIA), noted that property acquisitions in the city have surged following the Covid pandemic. “During the pandemic, individuals recognized the significance of home and its comfort.
Additionally, those who already owned homes opted for larger residences to enhance their privacy, as the work-from-home culture expanded post-Covid,” Chavan stated. Chavan further mentioned that people from Mumbai, Pune, and other areas are investing in Nashik, anticipating future price hikes. He estimated that approximately 50% of all property transactions are for investment purposes.
Moreover, the migration from Jalgaon and Dhule districts in North Maharashtra to Nashik for job and business opportunities is significantly boosting property sales. NMC officials indicated that nearly three out of every ten flats are acquired by individuals from these districts.
City-based builders note that while the central regions are predominantly developed, there exists significant potential for expansion on the outskirts of the city. As a result, the majority of new residential developments are taking place in areas such as Adgaon, Makhmalabad, Mhasrul, New Indira Nagar, Pathardi, and Jail Road. Ashish Nahar, the president of the Nashik Industries & Manufacturers’ Association (NIMA), states that Nashik city is not only attracting new industrial investments but also experiencing growth in the real estate sector.
Nashik is becoming one of the key industrial hubs in the nation and is one of the four locations in the country where the Kumbh Mela is celebrated every 12 years. The city’s closeness to Mumbai and Pune, along with its favorable climate, is drawing people in.
Additionally, Nashik is recognized as the wine capital of India. These factors contribute to Nashik city becoming a focal point of interest, Nahar remarked. “The economy of the city is also on the rise, leading to job creation. This could explain the rapid increase in the number of properties in the city, driven by its growth,” Nahar added.
