The Railway Land Development Authority (RLDA), a statutory body under the Ministry of Railways, has invited online bids for leasing a land parcel at Aurangabad, Maharashtra, for 99 years. The reserve price of the land is Rs 101 crore. The last date to apply for the e-bid is December 8, 2020.
This 3.5 hectare land parcel is suitable for commercial, residential, or mixed land use development. The site is located off Jalna Road, a major arterial and one of the busiest roads of the city.
The land is located in a densely populated neighbourhood comprising residential areas like Bhagya Nagar, Samarth Nagar, Sneh Nagar, and ST Colony that predominantly cater to the upper-middle-income segment and the higher income segment population.
The property is also in proximity with Nirala Bazaar, the emerging retail and commercial hub of the city.
The area is under the jurisdiction of the Municipal Corporation, Aurangabad and Town Planning Department. As per Master Plan, the site falls in Commercial Zone.
The area has gained prominence due to the development of Aurangabad Industrial City (AURIC) that is just 8 km from the Aurangabad Airport as a part of the Delhi – Mumbai Industrial Corridor (DMIC).
“The land parcel has immense potential for commercial development. Located in the retail hub, the site is easily accessible from Jalna Road at one end and Bhagya Nagar, a residential pocket on the other. The land is encroachment free. The area has robust physical infrastructure such as power, water, sewerage and solid waste management facilities. Furthermore, the development of the Delhi-Mumbai Industrial Corridor will further enhance its prospects. Hence the land would offer a good return on investment to developers,” said Ved Parkash Dudeja, Vice Chairman, RLDA.
The land parcel is located in the heart of the city and is well-connected to Central Bus Stand, Railway Station and Chikalthana Airport. The micro-market is a densely packed residential neighbourhood catering to predominantly the upward mobile population segment.
Apart from Nirala Bazaar that primarily caters to organized retail for apparel and eateries, there is ample scope for development of the hyper-market, departmental stores and supermarkets catering to the population in the micro-market. The micro-market also demands quality leisure and entertainment facilities. The majority of the operational multiplexes and single-screen cinema halls are situated close to the CIDCO area and other pockets of the city, RLDA said.
The city of Aurangabad is a prominent tourist hub housing many historical monuments, including the Ajanta Caves and Ellora Caves, which are UNESCO World Heritage Sites, as well as Bibi Ka Maqbara.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
