A world heritage site and one of the most beautiful among Indian cities, jaipur realty is on the fast track. Rapidly positioning itself as a centre of modern technology and applications, it makes much sense now than ever before to invest in the city which offers the best growth prospects among the 10 smaller cities
Maharaja Sawai Jai Singh was a learned king well versed with the ancient Indian principles of Vaastu and Shilpa Shastra. Seeking to construct a city that would be remembered for its design, he appointed the best scholars of the time to plan the city of Jaipur. These scholars were led by a Bengali Brahmin, Pandit Vidyadhar.
Jaipur has always ranked high on the Indian and foreign tourist’s itinerary, and prospered not only because of its proximity to Delhi, but for the rich cultural package it offers to every visitor. Over the last decade, Jaipur has taken a leap forward from its culture and history to join the ranks of modern technology centres of reckoning in India today. The IT wave sweeping the city has created a need for modern commercial spaces and the subsequent requirement for appropriate housing. Real estate development in Jaipur has reached astounding heights as property developers from across the country vie for a share of the very lucrative property market in Jaipur, India’s Pink City.
Jaipur realty has witnessed appreciation in cost in recent years. Jaipur, the prominent city of Rajasthan is a major commercial heart of country fulfilling all the essentials of a metro city. Also it has strongly built networks and roads connecting to the metro cities.
The options for investors and end-users amongst the current projects floated by private property developers are many, and also affordable even at the current rates, which have gained appreciably in the last one year. The real estate boom in Jaipur is here to stay with the government’s active support for the mega commercial projects.
In order to have a balanced regional development, the Jaipur Master Development Plan-2025 identified 11 satellite towns and four growth centres within the Jaipur region. These satellite towns will help in reducing migration and urban infrastructural pressure to the mother city. Development of these towns will encourage economic development thereby creating economic opportunities for the town and the villages in the vicinity.
The number of units sold in Jaipur in 20 I 0 was the highest among the 10 small cities and second largest in terms of value of houses sold
With the development of faster transport modes, the region is also being looked upon as a major economic destination.
Jaipur’s proximity to the national Capital and its connectivity to other parts of the country by road, rail and air make it a hot destination for property investment.
The Delhi Mumbai Industrial Corridor is an Rs90 billion dollar mega infrastructure project where technical and financial help has been taken from Japan. There is a plan to build multi model high excel load dedicated freight corridor. About 39 per cent of the stretch would be in Rajasthan. It has BRTS or Bus Rapid Transit Service which is unique and one of its kind. It has made the public transportation a pleasurable experience in Jaipur.
Jaipur also has a high profile ring road under construction which is 144.75 km in length and will have six lane access controlled expressway and 3-3 lanes from other sides for service road.
The presence of Raffles, NIIT, Amity, NIMS, Pratap, MJRP universities and many prominent colleges in close proximity of Jaipur indicates the progress of the educational Sector in Jaipur.
Jaipur ranks third among the top business centers in India as per the World Bank Report. The Government has approved an Rs 49000-crore customised industrial package for Jaipur and its neighbouring areas. The Asian Development Bank has approved $176 million for the Jaipur Metro extension.
Global research agency CRISIL has termed Jaipur a “goldmine for the real estate investment”. It also says that despite rising interest rates, one should not postpone property purchase since prices will only go up in future.
While interest rates are cyclical, real estate prices progress in a linear fashion and always head upwards. The report titled ‘Reality Next beyond the Top 1 0 Cities of India’ shows that property rates in Jaipur have increased by 11-12 per cent in 2009. But that is not the only reason why buying property in Jaipur right now makes sense. Jaipur also offers the best growth prospects among the 10 smaller cities. The number of units sold in Jaipur in 2010 was the highest among the 1 0 small cities and second largest in terms of value of houses sold.
> The writer is Director of Praxis Group <