Sentiments positive in Aurangabad realty market!

Aurangabad: Positive sentiments, including good monsoon, Delhi-Mumbai Industrial Corridor (DMIC), inclusion of Aurangabad city in list of smart cities and expansion of National Highway 211, have broadly added to the city’s real estate market. After facing slowdown due to drought since the past two to three years in the Marathwada region, sentiments are bullish in the property market this time around. Experts believe a business of around Rs 500 crore till the auspicious day of Padwa, to be celebrated on Monday.

The Confederation of Real Estate Developers Association of India (CREDAI) state vice-president Pramod Khairnar said, “This year, the real estate market looks bullish and is expecting to witness a business of nearly Rs 500 crore during the ongoing festive season.” He added, “Around 1,000-1,200 units have been booked and around 1,000 Gruha Pravesh are expected on Padwa. Also, around 50 new mega projects would be launched in the city on Monday.”

Ravi Wattamwar, CREDAI Aurangabad chapter vice-president, said, “Moreover, with discounts and special offers pouring in such as concession in registration fees, VAT and service charges along with other offers is attracting huge customers.”

Vikas Chaudhary, CREDAI Aurangabad chapter secretary, said, “Developers said that drought had affected the market since the past two to three years which recorded only Rs 50 to 100 crore business. This year the sluggishness has washed away and sentiments are high.” He added, “Last year 50% to 70% of the real estate business had been affected. Fortunately, this year with bullish sentiments during the festive season can turn out to be a catalyst to market revival. That is very much expected in the Aurangabad property market this time around, thanks to the change in the overall outlook.”

Khairnar said the business is picking pace and would witness a 200% growth. “Due to DMIC the city would see a huge transformation in case of infrastructure development in the coming two years. The demand for the sale of properties in the outskirts would proportionally rise with the price by about 5 to 10%.”

Currently, affordable flats in the outskirts range from Rs 10 to 25 lakh for 800 to 1,000 sqft 2BHK flat, while the rates in city vary from Rs 50 to 70 lakh.

Credits The Times of India

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