Although the much glorified IT wave, which is said to be affecting the growth of real estate industry in Jaipur has not taken off yet, the real estate markets of the city have already been leveraging quite a lot of benefit out of the hype.
Jaipur has always ranked high on the Indian and foreign tourist's circuit. Real estate in the city has flourished not only because of its proximity to Delhi, but also for the rich cultural treat it offers to visitors. However, there is only a little IT industry has done for the city. Right now only Genpact has its facility in Jaipur.
A number of announcements are made day in and day out but hardly any major IT company has started its operations in the city. The real estate developers have put a lot of money on stake in . As per estimates, Rs 1,50,000 crore will be invested by the developers in Jaipur's real estate market, in the next five years.
Every big and small real estate developer is vying for land in Jaipur eyeing the prospects of its real estate industry. The residential as well as commercial property values are witnessing an all-time high. However, the IT industry--which has been seen as the biggest growth driver of Jaipur's real estate--is unfound.
When Omaxe Ltd announced its multi product SEZ in Alwar district of Rajasthan spread over the area of 5,000 hectare, a host of real estate developers declared their residential projects to accommodate the eventual demand. Most of the new ventures are integrated township projects coming up in the peripheral areas. Take, for instance, the township launched by Unique Group at Ajmer road, 17 kms away from the city centre, with 3,500 units including studio apartments (costing Rs 8 lakh), 2 BHK (costing Rs 15 lakh) and 3BHK (costing Rs 18 lakh).
According to media reports, Jaipur is the fastest growing metropolis in the country. The increase in Jaipur real estate is anticipated at a considerable 10 to 15 per cent per year. Mohan Kapoor, a Jaipur real estate agent informs, "the property values are rising, especially in the residential land segment, and will heap on further in the times to come. In my view this is the most opportune time to invest in Jaipur Properties to reap big returns, in the mid to long term, he says.
