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Can Aurangabad Industrial City Revive Residential Market?

Can Aurangabad Industrial City Revive Residential Market?

Can Aurangabad Industrial City Revive Residential Market?
(Shutterstock)

This may be the start of a turnaround for Aurangabad realty with the city all set to become an employment-creation centre. The Aurangabad Industrial City (AURIC) is expected to create over 1.5 lakh jobs in the city, officials say.

AURIC, a smart industrial city right outside the city, will be developed in an area of 10,000 acre as a part of the Delhi–Mumbai Industrial Corridor (DMIC) and will attract an investment of Rs 70,000 crore in the coming decade. This development in the periphery of Aurangabad is expected to boost residential real estate opportunities in the city. Investors, looking for future returns or for rental returns, could both invest in one of the affordable markets of Maharashtra.

That is not all. The city infrastructure is developing, too.

Aurangabad has been promoted as an industrial city in Maharashtra for long now. Efforts are on to make the city, which has many manufacturing units of major companies from different sectors, more liveable.

In February, a Rs 100-crore project was launched to construct better roads in the city and also to develop a waste management plant.

The city already has strong connectivity with other business hubs such as Mumbai, Pune and Nashik. In December last year, the Maharashtra government had announced the construction of 701-km Samruddhi Mahamarg, which would cut down the travel time between Mumbai and Aurangabad from seven hours to nearly four hours.

Does investment make sense?

Property prices in Aurangabad have halved in the past two years, data available on Makaan.com show. Average property prices in Aurangabad, which stood at Rs 7,630 per square foot (psf) in January 2017, closed at Rs 3,389 in January this year. A large number of properties available in the city fall under the affordable category (priced at or less than Rs 50 lakh). Of over 200 properties listed on Makaan.com, nearly 151 are in the affordable category here.

Those looking for property in Aurangabad can invest look at over 300 projects each in ready-to-move-in and under-construction categories. However, for those looking for rental properties could find over 200 options in localities such as CIDCO, Aurangapura, Ulkanagri, Chikalthana and Aurangabad Jalna Road.

 

Locality

No.of properties on rent

Average rent per month (in Rs)

CIDCO

74

18,459

Aurangapura

51

15,486

Ulkanagari

30

17,667

Chikalthana

27

21,704

Aurangabad Jalna Road

19

14,737

 

Last Updated: Wed May 22 2019

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