FEASIBILITY STUDY OF HOSPITALITY REAL ESTATE DEVELOPMENT IN THE CITY OF NASHIK, INDIA

Abstract

Nashik, located in the state of Maharashtra, is positioned between latitudes 19°54’40” and 20°05’08” North and longitudes 73°41’08” and 73°54’22” East. Renowned as one of the prominent Hindu pilgrimage sites, it hosts the Kumbh Mela every 12 years, drawing visitors to its picturesque landscapes and favourable climate. The city holds profound mythological, historical, social, and cultural significance, contributing to its vibrant presence in industrial, political, and cultural spheres. Situated approximately 190 kilometres north of Mumbai, the state capital, Nashik is often celebrated as the "Wine Capital of India" due to its considerable share of the nation's vineyards and wineries. Developed along the banks of the Godavari River, the city leverages these assets to bolster its tourism appeal. This study examines the prospects for hospitality development in Nashik by analysing demand and supply dynamics through comprehensive primary and secondary research, supported by advanced mathematical and mapping methodologies. The findings underscore a substantial opportunity for hotel development within the region.