Metro fever catching up in Jaipur
The pace at which the country’s population is growing, transit-oriented development has become the need of the hour. Taking a cue from this, in the year 2011, the Union Urban Development Ministry decided that cities with population over 20 lakh can opt for Metro Rail.
Thus, after tasting success in metropolitan cities, Metro Rail has now began spreading its wings to smaller cities. The Pink City is one of the few Tier II cities to get the metro rail on track.
Before flagging-off the construction, Rajasthan’s Chief Minister, Ashok Gehlot assured people that metro construction will be completed on time. And his words have actually transformed into actions. If everything works in favour of the city, the residents of Jaipur can enjoy smooth metro ride by the end of August, 2014.
Metro Corridors
The Jaipur Metro is being built in two phases and encompasses Green Line and Orange Line. The first phase (East-West Corridor), i.e., the Green Line covers a distance of 9.25km and runs from Mansarover to Chandpole. The second phase (North-South Corridor), i.e., the Orange Line connects Sitapura Industrial Area in the South to Ambabari in the North.
Thus, with metro fever catching up, the city with rich heritage is all set to get a facelift in terms of connectivity. Enhanced connectivity will further boost the realty market of the city. Thus, the areas that fall along the metro corridor are expected to get a shot in the arm.
Since, phase I is all set to get on the tracks, let’s see the areas that will benefit the most. Areas such as Mansarovar, Vivek Vihar, Shyam Nagar and Ram Nagar will be directly impacted with the inception of the metro.
Rates and trends
The metro’s impact on real estate takes place in three parts. First, with the announcement of the metro, the property values record significant appreciation. Second, once the construction begins, the values become more or less stagnant or even depreciate in some areas, depending upon the traffic snarls caused due to the construction activity. This is the time when rental values go overboard in the construction affected areas. Lastly, after the completion of the project, areas within the radius of 2-5 km from the metro station records significant increase in the capital values.
Jaipur being no exception witnessed similar trend. However, in addition to the construction work, property values in the city became stagnant in anticipation of the upcoming election result.
Currently, the capital values in areas such as Mansarovar, Vivek Vihar, Shyam Nagar and Ram Nagar falls within the price bracket of Rs 2,500-3,500 per sq. ft. As per the property type, though apartments are most preferred, residential plots and independent houses have equally good demand and supply.
At present, there are several local builders such as Anukampa Group, Purple Group, Platinum Real Mart LLP, to name a few. However, several bigwigs are also making a beeline in the city. These include Vatika, Omaxe, Buildtech, Sun City, Ansal API, among several others.
However, once the metro is operational and the election dust settles, the property values are expected to witness a rise of about 15-25 per cent. Thus, if you are planning to buy a property in Jaipur, this could actually be the right time to take a plunge the city’s market!
