Planning To Invest In Real Estate? Here's Why Jaipur Could Be An Ideal Pick
Jaipur is presently one of the rapidly growing Tier-II cities in the country. The 'Pink City' has also joined the list of smart cities under government's smart cities mission. Smart city plans of Jaipur along with Udaipur, got approved in the first batch of 20 smart cities. According to a recent Ernst & Young report, Jaipur and Surat are set to become a metro city by 2018, with a combined household income of over Rs 800 billion.
One of the largest cities in Rajasthan, Jaipur has been highly ranked for its flourishing tourism industry. Its rich cultural heritage and majestic architectural features, attract tourists in huge numbers every year. The charming, heritage city is now capturing the interest of investors and homebuyers too, and showing signs of an ideal realty destination.
PropGuide lists out the major features of Jaipur real estate market
Connectivity to Jaipur
Jaipur is a planned city and is well-connected via rail, air and road, with the upcoming Delhi-Jaipur Express highway expected to become the closest link to the National Capital Region. The proposed Gurgaon-Jaipur Super Expressway, is another major infrastructural development that has been planned to reduce travel time between the two cities, to 90 minutes. Jaipur is nestled on National Highway 8 (Delhi-Mumbai Highway) and its proximity to Delhi, with a journey of just three to four hours, gives it a strategic advantage. This has brought the city under the focus of several big and small developers of the industry. Moreover, work has started on Jaipur's Metro Phase-I which will boost housing demand in a big way.
Residential market in Jaipur
Low property prices, fast developing infrastructure, attractive rentals and sound returns on investments, have been drawing investors as well as end-users to Jaipur's real estate market. The city possesses the finest medical facilities, prestigious schools, recreational centres, plush five-star hotels, luxury shopping complexes and supermarkets, to match the needs of modern-day homebuyers.
A plethora of upscale and self-sufficient integrated townships are coming up within the city that guarantee contemporary community living at par with metro cities. Developers are also launching group housing apartments, villas and row houses. Some promising residential pockets in Jaipur are Jagatpura, Vaishali Nagar and Patrakar Colony. Major roads like Ajmer Road, Tonk Road, Sikar Road, Sirsi Road and Delhi Road, are also key growth corridors of Jaipur realty market.
The average property price of apartments in Jaipur is Rs 3,492 per sq ft. The 1BHK apartments are priced at an average rate of Rs 20.61 lakh, 2-BHK apartments at Rs 41.81 lakh, 3-BHK apartments at Rs 86.06 lakh while residential plots are available at Rs 11.44 lakh.
Growing business and IT hubs in Jaipur
Several IT giants such as Wipro, Cognizant and Infosys are eyeing Tier-II and Tier-III cities for expansion. This can be mainly attributed to the availability of affordable labour and cost of operations. Some established commercial hubs, like Ajmer Road, are located near bus-stops and railway stations. The emergence of peripheral business districts is also a noticeable trend in the city.
Smart city features of Jaipur
The Jaipur Development Authority recently initiated the Network Operation Centre (NOC) which made Jaipur the first city in India and South Asia, to monitor and operate smart city infrastructure using a single digital network. The NOC will integrate digital infrastructure such as intelligence kiosks, wireless broadband, sensor-based dustbins, smart streetlight, parking and apps. Renowned BPO firm Genpact and American networking giant Cisco have recently collaborated for the launch of a global center of excellence in the city, as part of Cisco's Lighthouse City Project, which is a global initiative to promote the smart cities mission.
Other initiatives by the government entail improved pedestrian mobility, integrated transport facility to improve public transportation, solid waste management facilities, increased non-motorised transport and the use of modern technology for monitoring water meters and water supply.