How Property Prices In Jaipur Have Moved In Past 1 Year
The real estate in the Pink City is in the pink of health. According PropTiger DataLabs, most of the localities for property in Jaipur, especially the suburbs, have witnessed a price appreciation in the past year. This gains more significance in the light of the fact that major cities in India have either seen a marginal rise or a downtrend in terms in property prices. The Jaipur property market news, meanwhile, has mostly been pleasant.
According to the DataLabs analysis, Jaipur real estate projects in suburbs like Sodala, Shyam Nagar, Vidhyadhar Nagar, Adarsh Nagar and Jhotwara have seen the highest price appreciation, with Sodala topping the list. Average property price per sq ft in Sodala stood at Rs 4,567 in June last year and surged to Rs 5,400 in December. By May this year, prices went up to Rs 6,733 per sq ft. The year-on-year (YoY) price increase in the area stood at 47 per cent. Similarly, areas such as Shyam Nagar (20 per cent), Vidyadhar Nagar (13 per cent), Adarsh Nagar (11 per cent) and Jhotwara (eight per cent) have seen high price appreciation yoy.
Jaipur real estate micro markets like Jagatpura, Vaishali Nagar, Patrakar Colony, etc, are also registering huge real estate activity.
What could have led to Jaipur property markets bucking the trend and registering growth?
- With the Rajasthan Industrial Corporation setting to build an Information technology (IT) park in Sitapur, many information technology companies have scheduled to set up their base in Jaipur.
- Major infrastructure initiatives such as the Jaipur Metro, the Ring Road Development and the expansion of the National Highway-11 corridor have been taken up by the government, boosting city infrastructure.
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