Jaipur - The Latest Real Estate Trends

Jaipur, also popularly known as the pink city is largely famous as a tourist destination. Last few years has seen a lot of developments in terms of IT/ITES companies entering the Jaipur market due to affordable labour and cost of operation. As a result Jaipur properties have seen a lot of developments in terms of property transactions.

As the ratio of demand to supply is deficit, there has been remarkable escalation in the Jaipur properties rates. The infrastructure is now powered by connectivity with the 8-lane expressway and proximity to international airport. This city is set to go up to 25-30% by 2010.

Jaipur real estate builders are of the view point that investors are ready to buy apartments in Jaipur but the demand has shifted from the Walled City or Old Jaipur to locations like Ashok Nagar, C-Scheme and Lal Kothi. Vidhyadhar Nagar, Vaishali Nagar and Mansarovar.

These upcoming residential locations are mainly on the outer fringes of city. New residential projects like Omaxe City, Sushant Lok, Parsvnath Narayan City, Amarpali and Vatika are coming along Ajmer Road, Tonk Road and Kalwar Road.

In the residential segment, Bani Park, Malviya Nagar and Raja Park have also witnessed a decent appreciation in the last two years. Jaipur Real Estate Developers are of the view point that recent trend is seen that most of the investors are readily buying apartments in Jaipur and converting them into serviced apartments.

As most of the tourists prefer these serviced apartments in comparision to hotels as it gives them a homely experience.

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International Trade Park( World Trade Park (WTP))to Redefine Jaipur Real Estate

Jaipur real estate will soon have a new milestone in the form of an international trade park, World Trade Park (WTP), to its credit. The project boasts of an eco-friendly office property with water and energy conservation techniques, automatic sensors for power saving, centrally air conditioned, wireless LAN and IT friendly environment.

The foundation stone for the World Trade Park, a business-cum-shopping centre was laid in 2005. Established by RF Properties and Trading Pvt Ltd, the park spreads over an area of 20,000 sq. yard. It has offices, a convention centre, retail outlets, exhibition halls, a five-star hotel, and a two-screen multiplex, trade lobbies, an art gallery and a computer-controlled parking for 1,100 vehicles.

The trading park is perceived as a nucleus of world trade in South Asia. It will provide Global Business amenities under one roof, further crafting Jaipur as the international trade capital of the country.

Project update

Commercial property market in Jaipur is being redefined with landmark constructions like the World Trade Park. The WTP is surrounded by posh shopping malls like The City Pulse, Crystal Mall, Crystal Palms and the Crystal Court. Other mega projects that are about to come up in Jaipur include, Mahindra World City project in collaboration with RIICO, which will be a multi-product Special Economic Zone. A film-city project worth Rs 1,900-crore on 1,000 acres in Jamdoli is also on the cards.

In March 2007, the State government, proposed a Science City in Jaipur to be developed with the International Convention Centre. A "Mini India" theme park on 50 acres sharing space with a golf course and a cricket academy is also there in the foresight.

Amid a number of forthcoming huge commercial projects the real estate in Jaipur is resolved to continue its vigorous upward trend. "With WTP playing a perfect escort in a new age world of trade and industry, it would help put Jaipur on the world map", property experts of Jaipur comment.

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Jaipur - Emerging Stronger From the Financial Crisis

Jaipur, popularly known as the 'Pink City' is one of the most promising real estate destinations in the country today and is considered to possess one of the best infrastructures.

Jaipur is all set to make a mark in the realm of economic growth in the country. The Jaipur Real Estate sector is looking very bright. The state government has taken various steps to make the city the next big destination for the Foreign Direct Investments. These include widening and improvement of major roads with flyovers and railway over-bridges, regularization of residential colonies on agricultural lands and improvement of overall infrastructure.

Jaipur property prices have shot up over the last couple of years due to an upsurge in demand. This has led to initiatives by developers like Parsvnath, Vatika and Ansal, to set up residential, retail, office and commercial spaces in the city. GE capital has moved into Jaipur and this has paved the way for the entry of a number of IT companies like Infosys and Wipro, which has worked to the city's advantage. Moreover, the real estate in Jaipur is steaming with a suit of mega projects. The largest of them include Mahindra's 3000 acre SEZ (Special Economic Zone), Anil Dhirubhai Ambani Group's (ADAG) Mega City Development Plans, and Hero Honda's Rs 700 crore manufacturing plant.

Jaipur properties today have become immensely popular because of the recent influx of investments in this sector. The reasons for this are manifold -

· Close proximity to the national capital, Delhi and NCR regions.

· Promising infrastructural base, an example of which is the existent 8-lane expressway

· Relatively lower property prices in comparison to adjacent metro cities

However, according to Jaipur real estate brokers, the global financial crisis couldn't have come at a worse time. Due to low liquidity of real estate and high mobility of investor capital, the city is witnessing a price correction. There has been a fall of 20 per cent in Jaipur property prices.

According to media reports, inflation has become all pervasive, and small investors especially will take a beating, because with huge debts and rising prices of home loan interest rates, new ventures are but a distant dream. In the past when markets slowed down, real estate developers held back supply. The difference this time according to Jaipur real estate builders however is that, a lot of private equity money has gone into the development of the real estate, which will lead to softening of prices and a consequent increase in supply.

Thus, even with minor hiccups such as the above stated, Jaipur is the place to be right now. It is the focus area of all major developers and it's essential to invest early to get high returns, feel industry experts.

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