Pink city Jaipur has long been hailed as a traveler's destination. Now, the city is fast evolving into a prominent commercial zone for Rajasthan. Being the state capital, Jaipur is the nerve-centre for all social, cultural and commercial activities in Rajasthan. These prospects boost the real estate developments in the city. Here's a look at the city's profile:
Commercial aspects -
Jaipur's proximity to Delhi is a boon to the city. Jaipur is now being considered as an alternative city just like Gurgaon, Faridabad and Ghaziabad. Hence, Jaipur is the first choice for those corporate houses that want to spread out of Delhi and want to explore India's west-zone.
Jaipur has positioned itself as a major IT destination. Global MNC - GE International - already has a campus in Jaipur. Beside this Infosys, Cisco, Wipro, HCL, IBM Daksh and Hinduja TMT are ready to set foot in the city.
Other business establishments that are interested in Jaipur include Hero Honda and Anil Ambani's Reliance Retail. Mahindra has also occupied 3,000 acre land bank to set up a SEZ near Jaipur. The city has an upcoming knowledge corridor where a series of educational and research institute would be set up. Another specialised zone called the Sports City is to be developed at Achrol near Jaipur. Now, Mahindra has occupied 3,000 acre land bank to set up a SEZ near Jaipur.
Residential real estate -
Increasing commercial activities are driving Jaipur's residential real estate. The city's main residential areas like Malviya Nagar, Bapu Nagar and Civil Lines have very high rentals rates. A 3-bedroom house in these areas would cost between Rs 15,000-20,000 per month. The capital value for plots varies between Rs 40,000 - 65,000 per sq yard. However, the peripheral areas have affordable accommodation. Sun-urban areas like Kalwar Road have plot capital value between Rs 3,000 - 7,600 per sq yard.
Most of new development is happening in the areas where the IT companies have been set up. Private property developers are very active in Jaipur. Delhi-based builders Ansals, Vatika, Omaxe, Emaar MGF and Parsvnath have launched a slew of residential projects in and around the city. Many local developers like Narvik Nirman, Narayan group are also developing residential apartments in the city.
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