Pink City of India, Jaipur, is growing as one of the most lucrative property hubs across the nation. The historical city has turned into a perfect option among the Tier II cities for investors to put in their money in real estate. Jaipur has the same characteristics that of Delhi such as affordable prices, development of infrastructure, wonderful returns, and a number of eminent builders moving to this city. Experts anticipate that the real estate rates are expected to go up in the near future owing to the infrastructure development planned besides many sky-scrapers also coming up in Jaipur.
Infrastructure projects that are supposed to increase the value of property in Jaipur include the ongoing metro train project, Ring Road and NH 11 widening. Lately, a real estate developer stated, “Jaipur is an ultimate user-directed market which slowed down a bit after Deepawali, but as a result of the almost complete Phase I of metro rail, areas like Shyam Nagar, Mansarovar and Vivek Vihar have got a boost of approx 50 percent in capital value lately."
There were only a few investors interested in property in Jaipur a while ago, but a number of local as well as investors from the surrounding cities can be seen taking charge of the infrastructure development now. Looking at the tendency of Jaipurites to buy G+2 buildings as these are located within the city because they do not have to travel for long to get back home, Pearlgroup, an eminent builder in Jaipur has introduced many projects within the city the major locations being Jagatpura and Mansarover. On the other hand, many multi-storey buildings are going to come into existence in the outer locations like Ajmer Road, Sitapura, Ring Road area, Agara Road, Sikar Road, etc. by the prestigious builder in Jaipur.
Ready-to-shift properties are more called for than the under construction properties in the city. NH11 is the hub where main development is going on and that is the place where the buyers can invest keeping in mind the future of property in Jaipur. The total market of property in Jaipur got a boost last year and the trend is expected to continue. Commercial development is again on a rise along with residential development in the city. In the outskirts, flyovers are also under construction giving clues of ongoing development of property in Jaipur.
On the other hand, the metro train project is getting stabilized in two phases. The first phase starts from Mansarovar leading to Chandpole Bazaar. This phase is likely to be finished in the next couple of months. The metro project will cover Sitapura to Ambabari in its second phase, which is a distance of 27-30 kms. Another major project which is in pipeline is Ring Road, and is a sweep of 147 kms. This will immediately ease down the traffic caused by heavy vehicles coming to and moving out of Jaipur. The pace of progress which is not as expected, nevertheless, once the development is on its full pelt, the traffic conditions and flow will surely improve.
One of the biggest residential colonies of Asia is Mansarovar which is going to get the benefits of the ongoing project once it is climaxed. Shayam Nagar, another locality will get its benefits as well, as it falls on this stretch. In addition, NH11 is another major location where investment in property in Jaipur will be centralized in the coming future. The reason behind pointing out this area is the social infrastructure planned here. JDA (Jaipur Development Authority) is likely to roll out one of the big residential housing schemes on Sikar Road soon. Ajmer Road, Sirsi Road, JLN Marg are other developing localities. Mahindra SEZ has recently been introduced on Ajmer Road.
The 2012-13 budget witnessed an increase of the District Lease Committee rates by 10% in the administration of Mr. Gehlot, Cheif Minister, Rajasthan. During his speech he reported to have announced that the reserve price and the DLC rates would remain equal. In case the reserve price will see an increase, the DLC rate will also go for a hike as a result. Lately, the RHB again increased the reserve price by 50%, and in fact in some areas property in Jaipur saw 100% increase on residential, commercial as well as institutional lands across the state.
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