Jaipur realty market shows signs of rapid development

The little known Jaipur real estate market has become one of the prime investment destinations of the Rajasthan real estate scenario. The past ten years have seen exceptional growth in the market and has attracted a lot of investment too. Plots in Jaipur today are of high value and this is also considered as one of the most profitable investment options in the city.

Sanjay Yadav CEO of Harbinger Realty said to IndiaProperty.com that, "The main reason for demand is the rapid urbanization of Jaipur." Similar to other Indian cities, Information Technology (IT) in Jaipur is driving the need for Grade A commercial space and modern housing in all categories: from those for the economical weaker sections, mid-segment to luxury villas and farm houses. Localities with high demand are Manasarovar Extension and the area near Patrakar Colony, both have seen excellent growth in the last 5 years. Next in importance are Sirsi Road near Vaishali Nagar, Jagatpura, Tonk Road, Sikar Road, Ajmer Road. Affordable apartments in Jaipur are all located in the peripheral areas and the rates are INR 2000 – 3000 per sq ft. The middle level rates are INR 3500 – 4000 per sq ft, high end is between INR 5000 and Rs 8000 per sq ft while luxury housing ranges from INR 8000 to INR 12000 and more."

The government is charting out a master plan to develop Rajasthan into a modern and well planned city with history and modernity striking a fine balance. The Jaipur Development Authority has charted out a master plan to change the city by the year 2025 which includes various kinds of projects across the city. They will focus on reduction of congestion in the city, improve infrastructure facilities and connectivity in the city.Housing wise Jaipur has witnessed interesting trends taking over the city. Integrated townships have become a popular trend and many top builders in the city like Vatika Group already have integrated township projects developed on 600 acres of land. Other builders like Suncity Builders, Era Group, Omaxe Ltd, Melange and Panchsheel Colonizers have also commenced the project here. Pricing of these townships also come in an average range of INR 2500 to 3000 per sq. ft. Jaipur Ajmer Road is one of the most important roadways connecting the city. Projects along this highway has seen a lot of traction in the recent past. Not just residential real estate, but commercial and office space real estate is also a thriving market in the city.Service sector has been creating waves in the Jaipur market too. It/ITes services will create jobs in the city and this will in turn create room for housing development. The demand and supply of these housing projects will vary with the economic changes taking place in the market. All things aside, Jaipur market will attract a lot of investment from builders in the years to come. And if you are looking to investing there, it might be a very small choice.

Ranjitha is a freelance writer and blogger, following the Houses for sale in Bangalore and real estate sector closely for many years.