The 21-year-old Ahlawat, searching for his maiden title, led the field by two shots at a total of 15-under-195.
Delhi's Rashid Khan, a two-time runner-up at the CG Open, came up with a scorching error-free 61, the week's lowest score, to climb into tied second at 13-under-197 along with defending champion Shamim Khan (64) of Delhi and M Dharma (64) of Bengaluru.
Ahlawat, playing only his second season as a professional, was two off the lead at the start of the day but made his moves early with an eagle chip-in on the first followed by birdies on the third and fourth. He continued to be four-under for the day till the 14th before picking up four more shots on the last four holes.
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Ahlawat said, "My short game was fantastic today, especially my chipping. I've sunk four eagles so far this week and that's been one of the highlights for me.
"My performance at the last event gave me a lot of confidence. I've been driving and striking it well over the first three days so the focus in the final round will be on putting."
Rashid, who lost in two playoffs to finish second at the CG Open in 2012 and 2013, made three conversions from 20 to 40 feet during his third round.
The 2016 PGTI Order of Merit champion Rashid, who now has a third attempt at winning the CG Open, said, "After three consecutive birdies on the 10th, 11th and 12th, I knew I could go really deep."
Shamim will be looking for a second straight win having triumphed at the last event in Digboi two weeks back. A top result here could see him reemerge as the PGTI Order of Merit leader.
M Dharma too jumped up two places to tied second with a 64.
Ahmedabad-based Udayan Mane (66), the PGTI Order of Merit leader, occupied fifth place at 12-under-198.
Second round leader Akshay Sharma of Chandigarh dropped to tied 16th after a 73 that saw his score move to six-under- 204.
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