This region is highly sought after as a weekend destination due to its exceptional connectivity to the city of Mumbai, serene location and a continuously growing infrastructure. Its lifestyle amenities and the potential to provide rental income are adequate to convince anyone to invest in Igatpuri.
This area is located in the Western Ghats along the Mumbai-Nashik Highway. It has emerged as a very popular destination for those seeking a second home.
According to Vijay Joshi, MD of ibOomz Interactive in Mumbai, the main reason they bought the land around Igatpuri was the cool weather, scenic beauty, and the lush green. Their farm house is situated on the banks of the Darna dam. The proximity of Igatpuri to the city makes the location ideal for weekend getaway compared to Khandala and Lonavala. The population is not dense like in town, and it has not been seriously commercialized. It is a place you can enjoy growing fruits vegetables and flowers.
Lying on the lap of Sahyadri Hills and encircled by water masses, the view is irresistibly relaxing especially after a tough week in the city. This place has waterfalls, ghats, valleys and lakes making it the perfect escape destination from the noisy city life. Avinash Gothi of the Shree Venkatesh Nagar Developers Pvt Ltd. adds that this climate is pleasant all through the year and during monsoon it is engulfed in fog.
There are adequate road and rail connections from Igatpuri, and it has seen a rapid development in the last five years since the word began spreading about the lovely experience. Those seeking vacation homes usually buy homes about 10 to 20 km from Igatpuri town.
People are attracted to the scenic backdrop of the Trimak Harihar and Durrar mountains that provide a wonderful environment for hiking and picnic. Trekkers can face the challenges of Mount Kalsubai whose peak is the highest in this range of Sahyadri. And during monsoon, there are cascading waters that attract people here. From the Tringalwadi Fort, which is 3,000 feet from the sea level, you can have the town’s breathtaking panoramic view. There are many dams in Igatpuri including Wilson, Darna, Bhawali, and Vaitarna. It also features the Bhatsa river valley popularly known for its perfect spot for visitors to enjoy what nature has to offer. Don’t forget the Golden Pagoda providing a landmark for this town of Igatpuri. Apart from the natural allures, you will find Vipassana International Academy that draws students from around the world.
It is only140 km from Mumbai using the Nh4 from Mumbai to Agra, a four-lane highway. It is 45 km from Nashik. The road leading to Bhandardara and Ghoti-Nashik road have been improved. The one from Bahavaali Dam leading to the highway has also been concretised according to Avinash Gothi.
The demand for vacation homes in Igatpuri has shot up in the recent past. Previously, weekend homes were villas and bungalows, however, with an increase in buyers, the developers began offering homes that the upper middle and middle classes could afford as a strategy to boost their customer base. In the past, people bought plots and built their weekend homes, but now people buy more ready-built villas. People are now investing also in one and two-bedroom apartments to own a pie of this booming real estate market before the chances run out or prices escalate to very high costs for their financial abilities. These variations have the potential to offer good returns regarding rental income to the owners.
In the case of flats, a square foot goes for between Rs 2,400 and 3,000 according to Bothra. And the apartments are very affordable from 20 lakhs with the independent houses going and villas for between Rs 80 lakhs and Rs 1.5 crores. Among the significant projects in Igatpuri include Shree Venkatesha Dream Flowers and Ishanya Buildcon.
In the weekend home segment, there is considerable potential for returns with a notable increase in the demand from the HNIs and those who aspire for the middle class. These properties offer an average return of 2% to 7% of the property value. According to Ajay Jain of Centum Capital, the capital appreciation is dependent on the town, tourism and other activities that generate revenue.