The real estate sector is the most talked about in India these days with everyone coming forward to buy and invest in reality. Apart from being an investment option, the need for land to accommodate the growing population, 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 buyers to look for other potential destinations.

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, located in Maharashtra, is among the fastest growing cities of the country, holds historic significance even today while being a prominent tourist hub. The Aurangabad real estate market is now witnessing a boom across the entire spectrum with a constantly growing need for land.

Popular tourist spot

Aurangabad, also known as the ‘City of Gates', has a number of historical monuments making it a popular tourist spot. In order to support the influx of tourists, there is increase in infrastructure demand from hospitality sector.

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 and many other industries that have established units here. From Indian to multinational companies, there are a large number of industrial setups in this city.

The realty market in Aurangabad is seeing unprecedented highs as a newfound emerging realty destination. Maharashtra-based developers found three new centres 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 has become home to all modern comforts and amenities. The role of the government in developing the city into a well-laid out place cannot be overlooked.

The City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) is an important name in this regard. Future growth is assured under the development of the Delhi Mumbai Industrial Corridor. In addition, the Japanese government has invested to set up a green industrial area in the city.

Investor-friendly hub

Aurangabad is welcoming residential and retail growth in full swing. Many retail companies are eager to open stores in the city. 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 Aurangabad as an investor-friendly destination by focusing on strengthening of infrastructure. Property in Aurangabad is all set to reach towering altitudes and draw in investors from across the country.

(The author is Managing Director of Shamit Buildcon)

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