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Property deals in Nashik dip by 46% in a week

Posted on Nov 22, 2016

The governments decision to demonetize old high-value currency notes has hit property transactions hard in the city.

Ever since Prime Minister Narendra Modi made the announcement, the sale and purchase of properties in Nashik have declined by 46%, i.e. between November 9 and 16.

Sources in the office of the joint district registrar and collector of stamp, said, "Around 310 sale and purchase of properties were recorded between November 8 and 16, as against 570 from November 1 to 8, before the demonetization decision was taken. Non-availability of cash and crowded banks are the reasons behind it. Moreover, people have also adopted the wait-and-watch policy."

Pravin Waykole, sub-registrar in the office, said, "There are six offices of sub-registrars in the city. Around 20-25 sale and purchase of properties are recorded at each office every day on an average. But property transactions have declined to around 10-12 transaction now. There is scarcity of currency notes. Besides, the people can also be seen standing in long queues outside banks."

The realty sector of the city is facing a slowdown for the past two-three years. New projects, barring a few, too have not been launched in Nashik in two years. The supply is more as compared to demand. Close to 3,000 ready flats are lying unsold across the city due to a lack of demand.

At this juncture, the governments decision of scrapping old Rs 500 and Rs 1,000 notes has added to the worries of the sector. However, builders said this is a temporary phase that has cropped up because of non-availability of cash in banks.

Jayesh Thakkar, former president of Confederation of Real Estate Developers Association of India (CREDAI), Nashik, said, "This is a temporary phase. People are busy exchanging or depositing money at banks. They are also waiting to get the situation return to normalcy. I think that realty sector will be back on track by December-end."

The prices of mid-size flats in the city are in the range of Rs 35-40 lakh. High-end apartments in upmarket areas such as Gangapur Road, College Road and Mahatma Nagar cost in the range of Rs 5,000-7,500 per sq ft.

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Over 1,600 flats unsold in city: Credai

Posted on Aug 31, 2016
Nashik: Around 8,500 flats are under construction across the city, according to a primary survey conducted by the Confederation of Real Estate Developers' Association of India (Credai), Nashik.The survey also revealed that 1,687 ready flats are unsold.Credai conducted a survey of vacant and under-construction flats in a bid to have the actual data ...
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Slowdown, increased RR rates hit real estate

Posted on May 07, 2015
NASHIK: The slowdown in the real estate and the rise in Ready Reckoner (RR) rates in the past few years have hit the sector hard. The result: around 3,000 flats worth Rs 900 crore are lying vacant across the city.The hike in RR rates up to 48% by the state government in the last calendar year (2014) has left the builders a worried lot as close to 1 ...
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Nashik property showcase at Thane

Posted on Sep 24, 2014
The Nashik-Pune-Mumbai triangle has evolved over the years with enhanced connectivity providing a much-needed impetus to inter-connected development and real estate growth. Nashik has also become an established hub for education and wine tourism, making it more attractive to home buyers from Mumbai in recent years. Confederation of Real Estate Deve ...
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