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You have a choice of some 5 daily flights between Mumbai and Aurangabad.
It is a short flight that takes between 45 to 60 minuets. In fact a larger part of the traveling time will be spend in negotiating the traffics the two cities, especially on roads of the more busy Mumbai.
One reason for the flight’s popularity is that you can save a days travel to reach Aurangabad. It is also not uncommon for tourists to opt for one way by flight and return by the night train. So it is a smart choice of options and budgets to a Ellora/Ajanta tour.
Jet Airways, JetLite, Kingfisher and Air India operated daily flights. The fare varies though it is about Rs3000 one way.
Aurangabad airport (also called Chikkalthana Airport ) is about 10 Km (6 Miles) east of the city center. Ellora is further some 30km from the city. Ajanta is 100km in a different direction than Ellora. So making it to Ahjanta and Ellora on the same day, even if you opt for the flight to save time from Mumbai is a bit hectic.