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Advertise property FREEAkola, Maharashtra Real Estate
Overview of Akola
Akola, found in the Vidarbha region of Maharashtra, is a city packed with historical significance and appealing options for property seekers.
Historical and Cultural Spots
- Akola earns the title "Cotton City" in India for its massive cotton production.
- The city houses many historical and cultural landmarks, from intricately carved temples and mosques to Buddhist sanctuaries, drawing tourists year-round.
Educational Centers
- Often called the "Kota of Maharashtra," Akola is famed for its many coaching institutes preparing future engineers and doctors.
- Major educational institutions here include Dr. Panjabrao Deshmukh Krishi Vidyapeeth (an agricultural university) and Sant Gadge Baba Amravati University, which partners with 127 colleges in Maharashtra.
Infrastructure and Links
- Akola has strong transport infrastructure, boasting a reliable road and railway system.
- It is accessible through NH53 and has vital transport links making it a preferred place for many.
Property Prices and Trends
Average and Range of Property Rates
- The typical property price stands at about ₹6,460 per square foot with costs ranging from ₹2,535 to ₹17,500 per square foot.
- Specific areas provide varying costs:
- Ramdaspeth: ₹4,095 per square foot.
- Geeta Nagar: ₹2,500 – ₹3,500 per square foot.
- Tilak Road: ₹3,500 – ₹5,000 per square foot.
- Khadki: ₹3,000 – ₹3,500 per square foot.
- Nimwadi: ₹17,500 per square foot.
Favorite Localities
- Badlapur: Known for its semi-rural feel with rising industrial action, it provides budget-friendly apartments.
- Geeta Nagar: Offers calmness and convenience due to its closeness to the Akola Railway Junction.
- Tilak Road: Bridges Amravati via NH53, featuring properties in a higher price range.
- Khadki: A cantonment area possessing a significant local market and institutions like Symbiosis International University.
Things to Think About Before Buying
Money
- Plan your budget as per your income and lifestyle. Prices differ greatly, so pick a place that fits your budget.
RERA Approval
- Verify if the property comes under Real Estate Regulatory Authority (RERA) to protect your rights and steer clear of deception.
Utilities
- Confirm steady electricity and water supply, as these are key for daily comfort.
Builder’s Track Record
- Study the builder thoroughly. Read past projects and user feedback on the RERA site.
Stamp Duty and Charges
- Understand the stamp duty rates:
- Male: 7% (5% stamp duty + 1% local body tax + 1% metro cess)
- Female: 6% (4% stamp duty + 1% local body tax + 1% metro cess)
- Rates differ with joint ownership based on gender.
How to Invest in Residential Property in Akola
- Plan Your Budget: Decide how much you can afford considering your income and lifestyle.
- Select Suitable Properties: Use the internet to find options and create a shortlist.
- Visit Locations: Go and see the shortlisted properties.
- Ask Questions: Get info from builders and local people.
- Decide on a Property: Confirm documents' authenticity and finalize.
- Final Registration: Make the down payment and complete the purchase process.
PropertyWala's Final Thoughts
Investing in residential property in Akola offers a good choice due to a strong education setup, good connectivity, and a growing industrial base. The city features property options across varying price ranges, catering to both those on a budget and luxury buyers. Carefully weigh budget, RERA registration, utilities, and builder’s track record before making your choice. With wise planning, this can yield a profitable investment.