The Ajanta Caves are indeed situated in the gorge of the Waghora River in Maharashtra, India, which is an important aspect regarding their geographical and historical significance. The location illustrates the link between natural resources and the development of ancient monastic sites, as the river provided a water source and scenic backdrop, while the cliffs offered a durable material for the carvings and architecture. This context is critical for UPSC Prelims as it connects geography, history, and cultural heritage, showcasing how natural features influenced human settlements and artistic endeavors.