Top 5 Emerging Cities for Real Estate in Maharashtra

Srishti, Per Annum

— 3 min read
Top 5 Emerging Cities for Real Estate in Maharashtra
Top 5 Emerging Cities for Real Estate in Maharashtra

Maharashtra has long been the powerhouse of Indian real estate, with Mumbai and Pune dominating headlines. But as property prices rise steeply in those cities, investors are increasingly looking toward emerging cities in the state, places where infrastructure, affordability, and future growth combine to offer strong potential. Below are five cities that are currently catching attention.

Also read: 5 Best Locations for Real Estate Investment in Bangalore

1. Nagpur

Why it’s Emerging:

  • Nagpur is strategically located and is part of the Delhi-Mumbai Industrial Corridor (DMIC), with the MIHAN project (Multi-Modal International Cargo Hub & Airport) acting as a keystone.
  • Infrastructure expansion: Metro plans, airport upgrades, better road connectivity are helping make Nagpur more accessible.
  • Affordability: Compared to Mumbai and Pune, property rates are much lower, which means entry costs are more reasonable.

What’s Promising:

  • Mid-range residential and industrial land are getting developer attention.
  • Good opportunity for early investors who foresee infrastructure completion and increasing employment hubs.
  • Appreciation seen in many areas; growth forecasts for property values around 8-10% annually in certain nodes.

2. Nashik

Why it’s Emerging:

  • Nashik is benefiting from its proximity to Mumbai, plus growing tourism, agriculture, and industrial activity.
  • Infrastructure projects (expressways, planned transit corridors) are improving accessibility.

What’s Promising:

  • Residential developments in Nashik have been expanding, especially in suburbs and newly developing zones.
  • Moderate property rates make it appealing; rental demand is growing as people look for more affordable housing away from high-priced metro areas.
  • Potential for appreciation as infrastructure and urban amenities improve.

3. Aurangabad

Why it’s Emerging:

  • Aurangabad has heritage value, but now it's seeing more commercial and industrial development. Projects like AURIC (Aurangabad Industrial City) are helping shape the city’s future as a mixed-use growth hub.
  • There is increasing developer activity and residential demand for affordable to mid-segment homes.

What’s Promising:

  • Demand from people relocating from saturated metros seeking cheaper living, lower cost of living, and ease of ownership.
  • Areas around CIDCO zones, Garkheda etc. are being noticed for their growth potential.
  • Appreciation rates so far have been more modest compared to Nagpur or Pune, but downside risk is lower and value for money is higher.

4. Panvel / Navi Mumbai Sub-Nodes (Ulwe, Kharghar, Taloja)

Although technically part of the Mumbai metropolitan region, these areas function almost like emerging satellite zones. They are worth including because of their exceptional growth opportunities.

Why it’s Emerging:

  • The upcoming Navi Mumbai International Airport, Metro links, Trans Harbour Link (MTHL), and new infrastructure like railway lines are boosting connectivity.
  • Availability of more land, planned nodes, better urban planning (CIDCO’s role) are giving these zones an edge. Ulwe, in particular, is gaining visibility.

What’s Promising:

  • These areas offer better affordability relative to central Mumbai, and still offer strong potential for capital appreciation.
  • Rental demand is likely to pick up as infrastructure matures and people shift to these zones for lower cost, less congestion, and new amenities.
  • Early investment here can yield outsized returns given the scale of development planned.

Also Read: Impact of the Navi Mumbai Airport on the city's real estate market

5. Pune’s Peripheral Suburbs (Hinjawadi, Wakad, Chakan, Manjari BK etc.)

Pune remains popular, but much of the easy growth within core areas is priced out. The growth is shifting outward, into suburbs and peripheral locations.

Why it’s Emerging:

  • These suburbs are near major IT hubs or manufacturing zones; companies are expanding, jobs are increasing in these nodes.
  • Infrastructure improvements like new road links, metro expansion, and better civic amenities are improving liveability.

What’s Promising:

  • Areas like Manjari BK (near Hadapsar), Punawale, Wakad, Chakan are seeing faster residential projects, and good demand for 2-3 BHKs.
  • For investors, these suburbs offer solid rental yields and moderate to high appreciation if entry is timed before major infrastructure comes up.
  • Because these suburbs are still growing, there is scope of upward price correction as demand catches up.

What Investors Should Watch For

To make real gains in emerging cities, it’s essential to monitor certain variables:

  • Infrastructure rollout: Are roads, water, power, and transport lines really on schedule? Delays can stall value.
  • Developer track record: Especially in emerging zones, reputation, delivery history, and legal compliance (RERA etc.) matter.
  • Connectivity: Proximity to highways, airports, public transit, and employment hubs adds to resale value.
  • Supply-Demand balance: Too much supply in low demand locales can lead to inventory overhang.
  • Regulatory risks: Local zoning, land titles, project approvals must be clean and transparent.

Also read: 5 Mistakes People Make when buying their first property

Risks & Considerations

  • Emerging markets tend to be less liquid; resale might take longer.
  • Quality of life may lag initially: schools, hospitals, shopping might be sparse until development completes.
  • Infrastructure delays, water, roads, drains, can hit liveability and thus rental demand.
  • Price swings may happen; investors should expect some volatility.

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