Press Release Summary: Jaipur is both a heritage and a hi-tech city. Touted as an alternate addition to Gurgaon, Jaipur\'s real estate market is attracting both investors and end users.
Press Release Body: Jaipur is both a heritage and a hi-tech city. Touted as an alternate addition to Gurgaon, Jaipur\'s real estate market is attracting both investors and end users.
Majority of the buyers are middle to upper middle classes and 60% of the total demand is for middle budget homes. In the last three years, the residential values have escalated by three times. Today, a 3BHK is not available for less than Rs 45 lakhs; even on the outskirts the flats cost Rs 20 lakhs.
A significant trend in Jaipur\'s residential property market is that people are moving from villas to apartments, primarily because of safety and security.
ML Gupta, Additional Director Revenue & Property Disposal, Jaipur Development Authority says, \"Two to three years back, there was a thrust on plotted development but now there is a craze for apartments. Nevertheless Jaipur still abounds in plotted development and there is availability of land.\"
Township Projects
Jaipur is witnessing a host of integrated township projects on the peripheries both by local as well as metropolitan city developers like Narayan group, Narvik Nirman, Omaxe, Suncity, DLF, MGF, Vatika, Ansals, Parsvnath, etc. The average unit cost is between Rs 1,500-1700/sq ft as compared to Rs 3,500-4,500 in the city.
The Unique group launched a township at Ajmer road, with 3500 units including Studio apartments (8 lakhs), 2 BHK (15 lakhs) and 3BHK (18 lakhs). Narvik Nirman launched, Pearl Springs with 2BHK (1040 sq ft) for Rs 16 lakhs and 3BHK (1450 sq ft) for Rs 20-22 lakhs.
Future Outlook
With rising costs of land in Jaipur, the focus has shifted to the peripheral areas. But this is only true for real estate developers so far and not the end user.
According to Vivek Jain of Narvik Nirman, \"The end user is still not there in these real estate projects in Jaipur. Developer after developer has been launching township projects but it is mainly the investor who is making speculative investments rather than the end user.\"
Peripheral areas lack connectivity and basic infrastructure facilities. For the middle income group, selecting between city and periphery is like choosing between devil and the deep sea. The upper income group can afford a car and travel long distances and commute to the office but for the middle income group, there is a hardly a choice.
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2022
