subject: New Realty Destination: Aurangabad, the ‘City of Gates' [print this page] New Realty Destination: Aurangabad, the City of Gates'
Aurangabad, located in Maharashtra, literally means Built by the Throne' and is named after the Mughal Emperor, Aurangzeb. Among the fastest growing cities of the country, it holds great historic significance even today while being a prominent tourist hub. Aurangabad real estate market is now witnessing a boom across the entire spectrum with the constantly growing need for land.
The real estate sector is the most talked about in India these days with everyone coming forward to buy and invest in realty. Apart from being an investment option, the need for land to accommodate the growing population, the businesses and the migrating professionals and students has also increased. Being both the need of the hour and a lucrative investment option, property in India necessitates rapid development. Moreover, the realty markets of metro cities have reached a saturation point, pushing property builders to look for other potential real estate destination. As a result, the nearby areas of metros are benefiting the most with large scale residential and commercial projects being planned and carried out.
Aurangabad has a number of historical monuments including the Ajanta and Ellora Caves, Bibi Ka Maqbara and others making it a popular tourist spot. In order to support the influx of tourists, the city houses numerous 5 star hotels of the leading hoteliers like The Taj Residency, ITC Welcomgroup's The Rama International, The Lemontree (The President Park earlier), The Ajanta Ambassador and the Aurangabad Gymkhana. Along with being a hit in the tourism and hospitality sector, it has always been developed as a trading hub with major cotton and silk production units established here. From Indian to multinational companies, there are large numbers of industrial units in this City of Gates'. It had recently hosted an auto cluster after Pune and Nasik called Marathwada Auto Cluster' (MAC).
Realty market in Maharashtra has been seeing unprecedented highs with its newfound realty destinations- Pune, Nasik, Navi Mumbai and now Aurangabad. As real estate in Mumbai achieved stagnation, property builders undertook the task of hunting next possible venues for realty developments. As property in Pune and Nasik found buyers and investors, it displayed immense scope for realty expansion. Navi Mumbai real estate also started gaining attention of builders and investors and is today a well known realty hub. Propelled by dearth of property in Mumbai, Maharashtra based developers found three new centers for construction of homes and offices. But, owing to the swift increase in state's population and their subsequent needs, more places are required to accommodate them. Consequently, property in Aurangabad showed ample scope for development and expansion presenting a perfect option for realty creators.
With more and more builders showcasing interest in constructing properties in the city, Aurangabad became home to all modern comforts and amenities. Situated on the banks of Kham River, the city is a gateway to UNESCO World Heritage sites of Ajanta and Ellora. Known for these sites, the role of government in developing the city into a well laid out place can not be overlooked. The City and Industrial Development Corporation of Maharashtra Ltd. (CIDCO) is an important name in this regard.
Aurangabad is welcoming residential and retail growth in full swing being a manufacturing center already. Home to some of the major retail outlets and multiplexes, the entertainment and recreation segment of the city is growing by leaps and bounds. Moreover, the government is also engaged in promoting it as an investor friendly destination by focusing on strengthening of infrastructure. Property in Aurangabad is all set to reach towering altitudes and woo investors from across the country.
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