Jaipur promises good returns on realty investments
Jaipur, the pink city of the nation, has been on a growth spree, changing its image from a heritage joint to a high-tech city, embracing with open arms the IT and malls culture. This turning of a new leaf has paved the way for the city as a potential real estate destination. With the involvement of tycoons such steel King-Laxmi Mittal in regard to a 100 acre Technology institute, the city is expected to get all the hype it asked for.
Infrastructure has been the key driver for real estate in the city and has given the right nudge to the property markets.
Among others, metro services are likely to fire the property prices above the expected increase. With the functioning of the Metro second phase, Tonk Road to the Sitapura Industrial Area will all reap the benefits of the infrastructure development. Mansarovar, ShyamNagar and Vivek Vihar are some of the locations which would hit the profit bandwagon with the functioning of metro second phase. For those looking to invest in Jaipur real estate, these are the localities to look out for.
Infrastructure did it all
As per market reports, the IT operations in the Mahindra SEZ had retained a majority of the workforce, which was more inclined to bigger cities such as Delhi and Gurgaon. Consequently, the residential property market along the Ajmer road felt a sudden traction. Demand for housing options in localities such as Pratap Nagar and Jagatpura are believed to driven due to the active presence of Sitapura Industrial Area.
Improvement and widening of major roads, railway over-bridges, flyovers and regularisation of residential colonies on agricultural lands define pretty well, the improvement of overall infrastructure in the ‘Pink City’. Furthermore, a Rs 550 crore project, undertaken by the Asian Development Bank is an additional move taken to embolden the infrastructure culture in the city.
Commercial and residential real estate
The upgrading of the Jaipur Airport to global standards, four-laning of Ajmer road and gauging of the rail link has augured well for the real estate market of the city. The housing market in the city is forging ahead with all new apartment complexes, springing up in major locations such as Civil Lines, Malviya Nagar, C-scheme, Bani Park and Tilak Nagar. As per Knight and Frank, the demand for budget apartments (up to Rs 10 lakh) prevail in the demand for residential options.
The commercial real estate market of the city has shed down all the inhibitors and has played a crucial role in the realty market of the city. Vidyadhar Nagar bears testimony to this as it emerges as the next commercial destination. As per experts, on account of large availability of land, the city is likely to emerge as the next destination for IT companies. Buying a property in Jaipur for commercial purpose will reduce the transportation cost and cost of operations, leading to cheaper real estate.
The rental value of the city’s property market has emerged as an index of interest. Areas such as Jagatpura, a 2BHK can value upto Rs 37 lakh, which will yield a rental of Rs 7000- Rs 8000 per month. Malviya Nagar, Vaishali Nagar,Mansarovar, Nirman Nagar and Jagatpura are some of the areas in the city which has posted maximum rental returns.
