Real Estate Development in Jaipur

With a flurry of investments pouring in from hospitality, IT, retail, healthcare, education and financial services, Jaipur is slated to be the most promising emerging real estate growth centre in northern India.

International steel baron LN Mittal has announced a technology institute for the city, spread over 100 acres. Healthcare majors Apollo and Escorts have also expressed interest in setting up their ultra-modern facilities in Jaipur.

Interestingly, the entertainment sector is also not far behind and plans are in the offing to establish a film city around Tonk Road.

Meanwhile, a comprehensive master plan is being laid to cater to the needs of the city growing in terms of population, area and services. The Jaipur Master Development Plan 2011 proposes to develop 2,875 acres of land for retail and other commercial activities in the city.

As for housing and residential development, the plan intends to divert some 7-lakh residents to the satellite townships around the city. Currently, the city’s population is about 2.5 million.

To leverage the underlying opportunities, a slew of developers including Ansal, MGF, Omaxe have jumped onto the Jaipur markets as of now.

NRI Real Estate Trends

The combination of commercial viability and tourist interest is doing wonders for Jaipur. A number of tourists who visit the city are captivated by its charming environs and culminate their liking with buying real estate in the city.

Meanwhile, the capital rates and rental values at MI Road and Subhash Marg are treading at Rs 7,700 per sq.ft and Rs 40 per sq. ft pm and Rs 9,200 per sq.ft and Rs 48 per sq. ft pm, respectively. 

C-Scheme, Bani Park, Raja Park, Malviya Nagar, Jawahar Nagar and Nirman Nagar are the higher-end residential locations, which matches the tastes of NRI investors.

The real estate developers are enjoying decent levels of demand in these areas, with good number of enquiries, from prospective NRI buyers.

Notably, the capital values at C-Scheme at present are hovering at Rs 3,750 per sq.ft and the same at Bani Park and Tonk Road is at Rs 3,250 and Rs 1,800 respectively.

Overall Investment prospects: Vis-à-vis its connectivity with national capital Delhi and other major cities of the country, peaceful and flourishing business environment, tourist influx, and availability and comparatively cheaper property prices, the real estate market of Jaipur is a sunshine investment opportunity at current levels.

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