Property transactions up 5% in Nashik in FY25
NASHIK
: The city recorded a 5% increase in property transactions during the financial year 2024-25, with 48,400 properties sold, valued at Rs 14,481 crore. This is compared to 45,900 properties sold in the previous fiscal (2023-24) totalling Rs 13,406 crore, the office of the joint district registrar stated.
The stamp duty on property transactions is 5% across the state, while a 1% local body cess is charged on property transactions within the jurisdiction of the civic limits. "The simplified unified development control and promotion regulations (
UDCPR
), introduced by state govt in Dec 2019, also helped in boosting the real estate sector in Nashik," Nilesh Chavan, an architect and project management consultant, said.
Moreover, people recognised the necessity of homes and invested in buying residential properties after the Covid-19 pandemic. "Those who owned two BHK flats shifted to 3 BHKs, and those with 3 BHKs shifted to bigger ones. This trend was seen after the Covid pandemic," Chavan said.
Chavan said that the ready reckoner (RR) rates of the properties were stable for the two years. "Hence, some people bought properties during the last financial year 2024-25, anticipating an increase in the RR rates in the next financial year. Besides, there was an adequate supply of ready flats across the city, and people preferred buying ready flats. At present, around 30,000 flats in about 1,000 residential projects are ready in the city," Chavan said.
Krunal Patil, immediate past president of the Confederation of Real Estate Developers Association (Credai) Nashik, said there was demand in the realty sector that also led to a rise in property transactions in the city areas. The demand was for flats ranging from 2 BHK to 4 BHK, he added.
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