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Why and where to invest in Jaipur?

With flourishing tourism, manufacturing, export and education industries, Jaipur – the capital city of Rajasthan, is witnessing a booming real estate market. The city is strategically located at the confluence of three national highways –NH8, NH12 and NH11. NH8 links Delhi to Mumbai, NH12 links Jaipur to Madhya Pradesh and NH11 links Bikaner to Agra.

Factors resulting in Jaipur’s popularity as a real estate destination include affordable investment options in comparison to

NCR, the fast emerging IT sector leading to employment generation and rapid industrialization and commercial development. A plethora of socio-infrastructural developments are in the pipeline too including the rapid transit rail project, construction of ring road around Jaipur and upcoming projects like Mahindra’s 3000 acre special economic zone (SEZ), Reliance Mega City Development plans and Hero Honda’s Rs 700 cr plant. The Delhi Mumbai Industrial Corridor (DMIC) is expected to further strengthen the city’s real estate potential.


Price trends in Jaipur

Most localities in Jaipur have been yielding healthy returns on investment for the last 2-3 years. In some areas like Malviya Nagar and C-Scheme, property values have almost doubled. Apart from such prime residential areas, Jaipur is witnessing a rise in sub-markets and newly emerging pockets like Ajmer Road, Kalwar Road, Sikar Road, Tonk Road, Jagatpura and Jhotwara. According to industry experts, these areas are estimated to grow at a considerable rate of 15 to 20 per cent per year.

 Data reveal that majority of projects in Jaipur offer residential flats in the price range of Rs 2000-3500 per sq ft. Well-established localities like Bani Park, Durgapura, J.L.N.Marg, Mansarovar Extension, Nirman Nagar offer property in the price range of Rs 3500 – 6000 per sq ft.

Jaipur’s realty market has an equal number of end users and investors. End users are largely the local users and those migrating from tier III cities in search of job and better living standards. Investors are those who are looking for cheaper investment options in comparison to Delhi NCR. 3 BHK is the most favored configuration .  

Investment zones in Jaipur

Roads and highways connecting Jaipur to the neighboring locations like Ajmer Road, Tonk Road, Sirsi Road, Delhi road and Sikar Road are the ones witnessing maximum real estate development. Micro-markets like Jagatpura, Vaishali Nagar and Nirman Nagar have also yielded healthy returns in the recent past owing to socio-infra developments and affordable land banks.

Vaishali Nagar: Vaishali Nagar is one of the prime locations in Jaipur. It is located in southwestern part of the city and offers a healthy mix of residential, retail and commercial development. The locality has a number of malls, multiplexes, eating joints and other entertainment centers. Residential units in this area are priced in the range of Rs 3000-3650. The locality has witnessed a capital appreciation of over 18 per cent in the last two calendar years with average property prices for multistory apartments rising from Rs 2700 per sq ft in Q2 2012 to Rs 3200 per sq ft in Q2 2014.

Ajmer Road: Witnessing the development of high-scale and self-contained integrated townships, Ajmer road in Jaipur is attracting investors from neighboring regions like Delhi NCR. Though the area has managed to give a modest return of 10 per cent in the last two years, a lot of developers and investors are betting big on this due to infrastructural developments in the pipeline. Apartments in this belt are priced in the range of Rs 2350-2650 per sq ft.

Jagatpura: Banking on close proximity to Sanganer Airport and railway station and Sitapura industrial area, Jagatpura is an upcoming location in the south-eastern part of Jaipur. The location has delivered a return of over 57 per cent in just two years with prices of property here rising from Rs 1900 per sq ft in Q2 2012 to Rs 3000 per sq ft in Q2 2014. Proposed ring road and metro rail are further likely to boost the capital prices in the area. Apartments in this belt are priced in the range of Rs 2800-3300 per sq ft.

Tonk Road: Tonk Road runs parallel to Jagatpura. There are as many as 25 new projects coming in this belt but the demand for residential property has witnessed a dip in the recent past. Factors resulting in this dip could be the distant location of the launched projects and lack of infrastructure. Real estate experts believe that the completion of proposed transport links including ring road will improve the area’s connectivity and eventually increase the demand for residential units. Apartments in this belt are priced in the range of Rs 2450-2800 per sq ft.

Sirsi Road: Located near Vaishali Nagar and Ajmer Road, Sirsi Road is witnessing a lot of real estate activity because of availability of land at low rates. It is an emerging area that is largely investor-driven. The area offers plots as well as flats and has witnessed a capital appreciation of a little over 10 per cent in the last two years. Apartments in this belt are priced in the range of Rs 2900-3100 per sq ft.

Sikar Road: Essentially an industrial and commercial belt, the region witnesses demand for affordable housing units. Bus Rapid Transit Service (BRTS) is functional in this patch and apartments in this belt are priced in the range of Rs 2450-2900 per sq ft.

Popular projects and developers in Jaipur

A 2011 CRISIL report titled ‘Real (i)ty Next – Beyond the top 10 cities of India’, mentioned Jaipur as one of the top ten cities with huge real estate potential. While Jaipur is predominantly dominated by local developers, big developers, mostly from Delhi NCR, such as Omaxe, Ansals, Emaar MGF, Siddha Group, etc. have also entered the market. There are as many as 157 under-construction projects in Jaipur listed .

Growth drivers and proposed developments as per Jaipur Master Plan 2025

Ring Road: A Ring Road is slated around Jaipur. In Phase I & II, a 47 km road will connect Ajmer Road, Tonk Road and Agra Road. In Phase III, a 97.75 km road will connect Agra Road, Delhi Road, Sikar Road and Ajmer Road. It will consist of a six-lane access controlled expressway with a three-lane service road on both sides. The Expressway will have investment zones for commercial as well as residential development on both the sides. The road is envisioned as a toll-free and signal-free expressway.

Jaipur Metro Rail Network: Rapid transit rail project ‘Jaipur Metro’ is expected to be one of the biggest growth stimulators for Jaipur realty market. The project handled and executed by Jaipur Metro Rail Corporation Limited (JMRC) is divided into two phases: phase I and phase II. The first phase i.e. ‘East West Corridor’ of the project is likely to be open for public use from September 2014. This route will connect Sitapura Industrial Area in south to Ambabari in north via Ajmeri Gate and MI Road. Once the metro becomes operational, rates of residential property in the areas on and near the metro route are expected to flare up.


Bus Rapid Transit Service (BRTS): Jaipur BRTS has been proposed to cater to city’s growing traffic needs in the next 15-20 years. In phase I, two corridors have been planned: “North-South Corridor” from Sikar Road to Tonk Road, and an “East-West Corridor” from Ajmer Road to Delhi Road.

Employment generation opportunities: Infosys, Cisco, Wipro, HCL, IBM, Daksh, Hinduja TMT and many more indigenous and multi-national companies are exploring business opportunities in Jaipur. Some of these have started their operations in the city. Knowledge corridor and sports city at Achrol and several hospitality projects including five star hotels by the likes of Taj, Hyatt, Radisson, and Hilton are in the offing too. All these developments are expected to boost the demand of housing units for the employees who will be migrating to Jaipur. Experts believe that both rental and capital values will see an uptrend in the coming 2-5 years. 


Dedicated Freight Corridor running through Jaipur: Dedicated Freight Corridor (DFC) is a 1483 km long road connecting Jawaharlal Nehru Port near Mumbai to Dadri near Delhi. Nearly 40 per cent of this corridor will pass through Rajasthan, touching 22 districts including Jaipur. This will amplify opportunities for industrial establishment along the route as the corridor will make Rajasthan easily accessible to western and northern markets of India. Once this becomes operational, the demand for housing units is expected to rise in Jaipur.

Jaipur scores on the back of factors such as proximity to Delhi, affordable rates, good returns and several reputed builders having projects here. With so many developments in the pipeline, it is expected to be one of the most lucrative options for property investment among Tier II cities and industry experts feel that it might even give a tough competition to locations like Noida and Gurgaon.

 

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