Nasik Real Estate: High Investment Potential

Kishor Pate 2Kishor Pate, CMD – Amit Enterprises Housing Ltd.

Nasik has been developing rapidly over last fifteen years. This city’s multiple economic drivers include its proximity to Mumbai and its strategic location on the Central Railway main line and the Mumbai-Agra National Highway. Nasik is now a new centre of industries, commerce, administration, education, production and marketing.

Basically, Nasik has a four-fold economic configuration – pilgrimage economy, industrial economy, defense sector economy and a strong agricultural economy. In terms of industry, Nasik has three well-developed industrial estates at Satpur, Ambad and Sinnar.

The important industries situated in Nasik and its surroundings include ABB India, Mahindra and Mahindra, Gabriel, Glaxo SmithKline, LG Electronics, Samsonite, Garware, Siemens, Blow Plast, Thyssen Krupp, Ceat, Atlas Copco and TI Cycles.

Real estate development in Nasik has been taking place in a very collaborative manner. In many cases, landlords with sizable agricultural land holdings on Nasik’s fringe areas have either sold their land or entered into joint venture agreements with developers and moved farther for their agriculture activity, thus infusing land as well as capital into Nasik’s real estate market.

Residential projects such as Amit Eka by Amit Enterprises Housing Ltd. in the Pathardi area of South Nasik have been meeting with enthusiastic response, both locally and from out-station investors who find the property rates in Mumbai and Pune beyond their budgets. The areas along Pathardi Link Road are major developing residential destinations that see high demand by second home buyers.

Nasik - Shoot with Eka Flat holders
Nasik – Shoot with Eka Flat holders

Overall, Nasik offers very encouraging fundamentals for real estate investors. Some of the advantages it enjoys over other several major cities in Maharashtra include:

• Well-developed physical infrastructure
• Adequate and good quality water supply
• Located at one vertex of the major growth triangle of Mumbai, Pune and Nasik
• Comparatively lower environmental pollution
• Efficient intra and intercity commuting facilities
• Excellent connection with other regional growth centres
• Developed industrial estates such as Ozar, Sinnar, Satpur and Ambad in the immediate vicinity
• The Software Technology Park at Ambad
• Salubrious year-round climate
• A well-established Defense Base that gives Nasik a safe and secure social environment and also interactive national positioning with other Indian cities
• Air connectivity with national cities
• Generous and increasing availability of skilled labour
• Numerous high-grade healthcare facilities and educational institutions, also for higher and professional education

Nasik’s future in terms of investments and economic growth is very promising, thanks to several projects underway or expected to confirm operations in Nasik in the near future. For instance, Hindustan Aeronautics has short-listed Nasik as the base for its Rs. 23000-crore manufacturing plant for Sukhoi jets for the Indian Air Force.

Also, the IT/ITES sector in Nasik is rapidly becoming a force to reckon with. BPOs have begun recognizing Nasik as a very viable destination because of the lower real estate costs while at the same time being a very good catchment of educated, English-speaking talent. Several information technology companies are now firming up their plans for establishing bases in Nasik.

Shoot with Eka flat holders
Shoot with Eka flat holders

Private banks have been major drivers for commercial real estate in Nasik, with ICICI, HDFC and HSBC having expanded their operations phenomenally. Moreover, the Government of Maharashtra is investing heavily into the already thriving Wine Parks industry in Nasik, which is already famous for Sula Vineyard.

The general real estate trend in Nasik has been accelerating growth even in while turbulent economic conditions slowed down the markets in most other cities. This is amply borne out by the steady rise in construction and development activities.

Developers in the city are displaying remarkable vision, having taken Mumbai, Ahmedabad, Surat, Pune and Bangalore as development models, replicating what works in these cities and conscientiously steering clear of what does not.

All these factors are boosting employment and prosperity in Nasik, which directly influences the demand for residential real estate. Little wonder, then, that more and more investors are now focusing on this city. They are attracted by the low property rates and excellent mid and long-term demand projections.

Montecito – Leave The Ordinary Behind

Kishor Pate 2In The Midst Of The City, Yet In The Lap Of Nature

Kishor Pate, CMD – Amit Enterprises Housing Ltd.

We live in a highly enabled age. Rapid technological advancements have blessed us with levels of comfort and convenience that have never been experienced or even imagined before.

Simultaneously, the evolution of the Global Village in which political borders no longer restrict the flow of information and innovation has ensured that technological breakthroughs and innovations in modern living concepts are available anywhere in the world.

This phenomenon has given rise to an entirely new breed of individuals. For them, comfort, convenience – and yes, indulgence – are not matters of occasion, but of lifestyle. Such a lifestyle accepts nothing but the highest standards; anywhere, anytime.

Such a lifestyle cannot and should not be limited to the brief exhilarating highs of foreign vacations. When indulgence is the very fabric from which existence is woven, it is not an external concept but an integral one. A home that does not offer and reflect such an evolved lifestyle will therefore always fall short of the mark.

Amit’s Montecito at Sahakar Nagar, Pune is an exclusive project created for the chosen few for whom any form of compromise is unthinkable. It has been christened after the ultra-elite neighbourhood in Santa Barbara, California which is home to some of America’s wealthiest and most prominent celebrities. Amit’s Montecito does not merely reflect this exclusiveness – it embodies it.

A hill-top residential project set against the backdrop of seamless verdant greenery in Pune’s swankiest neighbourhood, Montecito spells opulence and indulgence at every level. The lavishly appointed double-height entrance lobby clearly proclaims that the ordinary ends here. Beyond it, a world of sheer indulgence unfolds – a world where the extraordinarily uncommon is the only common denominator.

Bedroom 2 small

The over-sized swimming pool with barbecue area, squash courts, gymnasium, party lawn and multi-purpose hall provide the first taste of a resort-level lifestyle. The fully-equipped and spectacularly designed conference room ensure that work and leisure can meet seamlessly when required.

Because privacy is the ultimate indulgence – and the privilege of the selected few – Montecito has only two apartments per floor. Each apartment has lifestyle accoutrements that make a five-star hotel stay redundant. From a Jacuzzi, to the latest electronic ‘smart home’ and security features to breath-taking views of the surrounding forest area, it is all here – in the midst of the city, yet in the lap of nature.

Montecito has been conceived as the penultimate statement in lifestyle homes. Renowned architects Talati & Panthaky have ensured that this project meets the highest international standards. With Montecito, we unveil a residential project created to be nothing less than Pune’s crown jewel. I cordially invite you to share this experience and make it your own.

Important Facts About Home Loans

Kishor Pate 2Kishor Pate, CMD – Amit Enterprises Housing Ltd.

In a very real way, the home loan is the driving force behind the Indian residential real estate market. Without a home loan, a large portion of the Indian population would be forced to live in rental houses.

Because of this facility, one can be a proud home owner without having to have enormous amounts of ready cash. Since they play an extremely vital role in sustaining the real estate market, it is not only home buyers who depend on home loans, but developers as well.

To clear up a common misconception – home loans are not available only for the purchase of a house. One can avail of such financing to buy land and to construct on it, and also to renovate an existing property. Of course, there are lending norms attached to the granting of a home loan.

A bank will usually lend between 75-80% of the agreement value, and the borrower has to provide the rest from personal resources. To clarify – while the RBI stipulates a ceiling of 75%, some banks are willing to include the stamp duty and registration charges within the purview of the loan, which technically makes the loaned amount 80% of the agreement value.

The lending rate attached to the home loan also changes from time to time, depending on how the economy is faring and how much liquidity exists on the market.

A borrower will qualify for home finance if he or she meets certain baseline requirements. The parameters on which a potential borrower’s eligibility for a home loan is determined include employment status, duration of current employment, personal income and credit status.

home loan1

The credit history of an intending borrower is particularly important to banks, who need to verify whether there is any record of default with another financial institution. The existence of other loans, the type and age of property and overall transparency of the proposed purchase are also taken into account.

Most banks also require that the borrower take out an insurance policy to protect the home loan. This is to ensure that they will get their money back if the borrower dies or is for some other reason incapable of servicing his or her loan.

After all, such an agreement between borrower and lender is over extended periods of time. A home loan is generally repaid over several years, unless the borrower finds the financial means to prepay it in part of in totality.

While all this may sound complicated to first-time borrowers, getting home finance is actually not very difficult. As long as the borrower is eligible for it, such a loan is usually made available. After all, banks depend a lot on the interest generated by home loans, and are willing to extend home loans in most cases.

The challenge for the borrower lies in getting the best possible repayment terms of such a loan. These may vary bank to bank, and it is wise to shop around for the most suitable home loan before settling on a final option.

There is a lot of information on home loans and current lending norms of various banks floating around. However, those who are unfamiliar with banking processes are advised to consult an expert.

Figures on the Internet may often be outdated or misleading, and there are various legal aspects to consider. Opting for home finance without a proper understanding of all related aspects could therefore be a cause for regret later on.

Image courtesy of renjith krishnan / FreeDigitalPhotos.net