Jaipur Real Estate Overview
Jaipur, the biggest city of the state of Rajasthan, is commonly known as the ‘Pink City’ of India. The name of the city was inspired by Maharaja Jai Singh himself and it is India’s first planned city. The entire city plan is based on Hindu architectural theory (Vastu Shastra). The city is rich in heritage, culture and architecture with majestic places and tranquil temples, thus, it turns out to be an ideal tourist destination. It is also famous for its exquisite handicrafts and spectacular jewelry work, this represents the uniqueness of art and colours of the Pink City.
East and north localities of the city are surrounded by the Aravalli hills. It is very well connected to Delhi, Agra, Jodhpur, Udaipur and Jaisalmer through highways, railways and airways.
Connectivity:
There are three national highways, NH8 (Delhi to Mumbai), NH12 (Kota, Baran District) and NH11 (Bikaner to Agra), passing through Jaipur district. The Jaipur international airport is located in the satellite town of Sanganer, 10 kms from the centre of the city. The city has a modern public transportation system – Bus Rapid Transit Service (BRTS), set up by the Jaipur Development Authority. At present, Jaipur Metro Rail service (intra-city transport project) is expected to be operational soon.
Real Estate Overview:
Jaipur has taken a step forward to join the ranks of modern technology centres in India. Due to this, the city has created a need for modern/advanced commercial spaces and Residential units.
Real estate property developers from across the country has taken Jaipur’s real estate development onto astounding heights. In January 2013, the Jaipur Real Estate market saw an increase of 9% over the past year. The market is estimated to be driven mostly by investors, at 60, the remaining market is made up of end users.
Residential property:
There are many options available for investors and end-users amongst the current projects floated by private property developers, which have gained appreciably in the last one year.
Upcoming projects
- The Infotech City project by the Vatika Group has blazed the trail for real estate development in Jaipur (Ajmer road). It is self- contained integrated township with shopping complexes, recreational centre, health club, a five-star hotel, medical facilities and schools.
- Omaxe Limited, Suncity Builders, Panchsheel Colonisers, Era Group and Melange are the prominent developer, creating new world class townships and residential apartments (Royal Residency, Platinum Greens, Mehandipur Residency, Green Heights, Garden City, Blossom city, etc).
Commercial Property:
Commercial space is redefined with landmark structures in the city, for example the upcoming World Trade Park which will be equipped with retail, trade and business spaces, trading facilities, 5-star hotel, art gallery and museum, an auditorium and a convention centre.
Upcoming projects
Mahindra World City project in collaboration with RIICO is creating a multi-product Special Economic Zone, it is a mega real estate project in Jaipur, which would cost around Rs. 10,000 crore. Its aim is to make Jaipur a logistics hub in northern India. There are four upcoming hotel projects, expected to join Jaipur’s august range of hotels (Orchid Central Hote, Bharat Hotels, Shiv Vilas Hotel and Tivoli Garden Resort Hotel).
