Nashik City Realty Gathered Momentum in Last 5 Months

The real estate sector in Nashik city, which was badly affected for the last two years due to Covid pandemic, has once again gathered momentum in the last five months. Over 1,000 residential projects have been approved by the civic body between August and December 2021, while over 400 building plan proposals are still pending with the civic body for approval. An official of the Nashik Municipal Corporation (NMC) said only 200-odd residential projects were approved during the first four months (April-July) of the current financial year due to the second wave of the pandemic, but the sector got a much-needed boost thereafter. “Around 800 residential projects have been approved during the last five months till December. This is mostly because of the 50% concession given in charges for premium FSI,” the official said. “Moreover, the government had also given exemption from online submission and approval for a period of four months between October 1 and December 31. As a result, builders and developers, who were planning execution of the projects, submitted their building plans to get double benefits,” he added. These projects range from five to over 50 apartments and these building projects will provide over 25,000 houses in the city. Confederation of Real Estate Developers Association of India (CREDAI), Nashik, said that over 1,600 projects are already under construction, including the 1,000 recently-approved projects.