Tambat Ali1 is a part of ancient settlements in Nashik. The settlement houses craftsmen who are highly skilled in making handmade copper and brass utensils by their traditional techniques. The settlement is a living heritage of the city due to its unique craft, culture and traditional architecture. Today, Tambats are suffering a sharp decline in craft, and hence architecture is getting affected. This is mainly due to rapid changes in consumer preferences and taste, inadequate publicity, increased prices of raw materials and unexploited resources in the area. The article presents challenges faced by Nashik Tambat craftsmen for handicraft survival. It analyses strategies to keep pace with demanding market changes. The study proposes to promote craft entrepreneurship and rejuvenation of Old Tambat Ali through conserving a ‘spirit of place’ with strong identity, making the area vibrant, appealing to live in and visit.