Over 1,000 residential projects nodded in Nashik during Aug-Dec 2021

The real estate sector in Nashik city, which had been severely impacted by the Covid pandemic for the previous two years, has regained impetus in the recent five months.

Between August and December 2021, the civic body accepted over 1,000 residential projects, while over 400 building plan submissions are currently pending approval with the civic body.

These projects range in size from five to more than 50 units, and they will supply approximately 25,000 homes throughout the city.

Over 1,600 projects are now under development, according to the Confederation of Real Estate Developers Association of India (CREDAI), Nashik, including the 1,000 recently approved projects.

Due to the second wave of the pandemic, just 200-odd residential projects were sanctioned during the first four months of the current financial year April-July, according to a Nashik Municipal Corporation (NMC) official, but the industry received a much-needed boost after that.

The official said that in the five months leading up to December, about 800 residential projects were approved. This is primarily due to a 50% reduction in premium FSI rates.

Furthermore, during the four months between October 1 and December 31, the government has granted an exemption from online filing and approval. As a result, builders and developers seeking to execute projects submitted their building designs to receive double benefits.

Ravi Mahajan, president of CREDAI Nashik told the media that the real estate sector has received a lift for the first time in two years. Across the city, over 1,000 residential developments are now under construction. The demand for houses has also surged in recent months as a result of Covid's realisation of the necessity for an individual home.

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