Swai Jai Singh had a thought of making a city well equipped with facilities and amenities and then with the help of Mirza Ismail, he developed the glorious Pink City. Since many years Jaipur has been known for its well connected roads equipped with world renowned shops alongside and even monuments, city recreational areas and also a unique heritage architecture that can sustain ages to come. This is a challenge for the upcoming builders and developers to provide more space, better transportation and at the same time maintain the originality of the archetecture and create a new property destination in the pink city that matches the requirements in the old city.
Jaipur is the next most favourite destination for real estate after Delhi and Gurgaon and is expected that it will become a mega city by 2025. And to support the same there are contributions from IT sector to heavy industries to high rise residential flats. This is mostly because there is a lack of space for industry to expand in the Delhi NCR and the next best destination can only be Jaipur. It is currently the time of apartments and flats and that is the trend which is prevailing in the city. From the inside areas of Bapu Nagar, C-Scheme to the newly developed areas of Patrakar Colony, Chitrakoot and Ajmer road, all are getting developed with residential apartments. There are many factors influencing growth of real estate in Jaipur and let’s look at a few of these.
The city of Jaipur grew from 30.5 lakhs to 34.0 lakhs by the end of 2014 which is close to 50% of the entire state of Rajasthan. And a study conducted by one of the leading banks in India confirmed that the maximum population resides in the current city limits. The same study confirmed that Jaipur is the most preferred location for Long Term Investment in real estate with an expected growth rate of approximately 15% to 20%year on year. As these are the growth trends there are many real estate builders and developers that are coming up.
The property rates in Jaipur is varying in different areas. There are residential plots available from Rs. 4,000 to Rs. 1,50,000 per square yard. The chart shows the top areas in the city which are the major hub of real estate investment and the comparative price per square yard. Mansarovar is growing due to the fact that it is closest to some of the most popular educational institutions, hospitals, etc. and the latest development is the building of Iskon Temple in the vicinity. At the same time an area that holds most the residents working in IT area of Special Economic Zone is Vaishali Nagar and Chitrakoot. Apart from these the next big investment hub is the Jagatpura area as it is close to the industrial zone and is also on the planned phase of Jaipur metro. This area in particular has seen a price trend from Rs. 10,000 to Rs. 24,000 in last 5 years.
Another area which is budding up fast is the area around Special Economic Zone, including Ajmer Road, Jaisinghpura, Mahapura, etc. As per the stats of year 2014, the property rates in this area have increased from Rs. 10,000 to Rs. 18,000 per square yard which is far more than any other area. As a result some of the top townships – Omaxe City, Vatika Infotech City, Angan Villas and many other are establishing there base with schools like DPS and Step By Step in the neighbourhood.
To aid the business in the city, government has introduced defined areas like Gems and Jewellery Zone, Industrial parks, etc. As the NCR is flooded and no room left for IT sector and therefore, they are moving to Jaipur in the Mahindra World City, Special Economic Zone. The companies like Infosys, Genpact, Deutsche Bank, MetLife, JCB, Perto, etc. are already in here and many more are moving in. With these getting introduced there is an increase in residential demand in and around this area and many apartments and integrated townships are coming up.
Jaipur is already competing with the metropolitan cities like Delhi and Mumbai. To aid the real estate development, Jaipur Development Authority has worked hard connecting roads, parks, improving local transport, a new airport terminal, etc. Also, the first phase of the Metro rail project is almost over. The national highway expansion and double lining of Jaipur – Delhi Rail route has helped in increased inflow of population to the city. The JDA is also investing much in developing and maintaining the parks, round abouts, etc. Classic examples are the Central Park and Jawahar Circle.