Real Estate Trends in Aurangabad

Aurangabad is more popularly known for its proximity to the world heritage sites of Ajanta and Ellora, but apart from being a tourist destination, the city is also a major manufacturing centre.On the outskirts of the city, the Shendre, Chikalthana and Waluj industrial estates set up by the Maharashtra Industrial Development Corporation are home to major multinationals in the automobile and consumer durables industry.

The City and Industrial Development Corporation of Maharashtra Ltd. (CIDCO) expertise was brought in to develop a New Aurangabad into a well-laid out town, with adequate provision for housing for low income groups, gardens, playgrounds, schools, colleges, community centres, cinema halls, stadia and a bird sanctuary. Some very successful city projects have been undertaken by CIDCO which are now managed by the Aurangabad Municipal Administration.

Real Estate projects in Aurangabad

Real estate in Aurangabad is yet to take off on the scale witnessed in Nashik or Kolhapur, but with the Government’s accent on developing the city as a tourist spot, the boom could arrive in a few years from now. 2 BHK apartments in Aurangabad fetch rates of Rs.1000 to Rs. 1100 per sq. ft. Land rates in Aurangabad hover around Rs. 8,000 to Rs. 8,500 for a yard, while commercial spaces stand at Rs. 7000 per sq.yard.

Aurangabad is welcoming the latest trends in entertainment and retail – PVR and Fame are already established here. Prozone Liberty, a joint venture between Provogue and Liberty International of UK are setting up a shopping mall in Aurangabad. The mall will accomodate hypermarkets, super markets, multiplexes, book and music stores and multi-brand outlets. Entertainment World Developers and HyperCity Retail also have plans to construct shopping mall-cum-multiplex projects in Aurangabad.

The State government is directing efforts towards making Aurangabad an investor friendly destination. It has initiated the strengthening of infrastructure within the city and has awarded contacts to the MSRDC on a build, operate and transfer basis for 5 flyovers, 5 rail over bridges, a subway and six roads. These moves are expected to have a positive effect on the investment climate in Aurangabad.

Waluj: Waluj is an industrial area developed by the Maharashtra Industrial Development Corporation spanning 1518 hectares, 12 kms away from Aurangabad. The MIDC has provided top-end infrastructure which has attracted industry heavyweights like Bajaj Auto, Skoda, Videocon and Sterlite. Industrial plots in Waluj are available at Rs. 350 per square yard.

The development of the township was handed over to City and Industrial Development Corporation, (CIDCO). It was conceived as a ring township circling the industrial centres, with independent and inter-linked colonies at the core. The ring routes also facilitate easy access to and from the city. CIDCO has undertaken much larger projects here than in Aurangabad.