Jaipur, popularly known as the “Pink City”, is now one of the most promising real estate destinations in the country and is considered to have one of the best infrastructures.
Jaipur is poised to make a name for itself in the country’s economic growth arena. The real estate sector in Jaipur is looking very good. The state government has taken various steps to make the city the next big destination for foreign direct investment. These include widening and improving main roads with flyovers and railroad overpasses, regularizing residential colonies on agricultural land, and improving overall infrastructure.
Real estate prices in Jaipur have skyrocketed in recent years due to an increase in demand. This has led to initiatives by developers such as Parsvnath, Vatika and Ansal to build residential, retail, office and commercial space in the city. GE Capital has moved to Jaipur and has paved the way for the entry of a number of IT companies such as Infosys and Wipro, which has worked to the city’s advantage. In addition, real estate in Jaipur is steaming with a number of mega projects. The largest of these include Mahindra’s 3,000-acre SEZ (Special Economic Zone), the mega-city development plans of Anil Dhirubhai Ambani Group (ADAG) and Hero Honda’s Rs 700 million manufacturing facility.
Real estate in Jaipur has become immensely popular today due to the recent influx of investment in this sector. The reasons for this are diverse –
· In close proximity to the national capital, Delhi and NCR regions.
· Promising infrastructural basis, an example of which is the existing 8-lane expressway
· Relatively lower property prices compared to neighboring metropolitan areas
However, according to real estate agents in Jaipur, the global financial crisis could not have come at a worse time. Due to the low liquidity of real estate and the high mobility of investor capital, the city is experiencing a price correction. Property prices in Jaipur have fallen by 20 percent.
According to media reports, inflation has become pervasive and retail investors will be particularly hard hit as, with huge debt and rising home loan interest prices, new ventures are a distant dream. In the past, when markets slowed, developers withheld supply. However, the difference this time around, according to Jaipur property developers, is that a lot of private equity money has gone into developing the properties, which will cause prices to drop and a consequent increase in supply.
Therefore, even with small problems like the above, Jaipur is the right place for you. It’s the focus area of all major developers, and it’s important to invest early to generate high returns, say industry experts.