Some Insights into Jaipur's Real Estate Market

Jaipur makes for one of the fastest growing and relatively stable real estate markets in the country. There are several growth nodes that have been observed in the Jaipur realty markets. If you were to look for flats for sale in Jaipur, you would probably want to explore high activity areas like Jagatpura, Patrakar Colony, Vaishali Nagar and more. Jaipur benefits from its extensive network of highways and roads that connect the city to Ajmer Road, Sikar Road, Tonk Road, Delhi Road and Sirsi Road. There are several leading developers who have been steadily carving a niche for themselves in the Jaipur property market with landmark offerings. Average property appreciation in Jaipur has been to the tune of 8-9% but if one were to take a few years into account, 10-15% would be the more likely figure that can be arrived at.

Jaipur’s residential realty market is mainly driven and fueled by a healthy balance of end users and investors in a 40:60 ratio. The profile of customers who usually look for flats for sale in Jaipur include businessmen, entrepreneurs, IT/ITeS and BFSI professionals, residents of neighboring towns looking to upgrade their lifestyles and other migrants from the city itself. The property market in Jaipur has also derived sufficient interest from the high priced markets of Delhi-NCR. Supply in the market is maximum in terms of the 2000-3000 sq ft category and people are seen to prefer 3 BHK configurations more than others.

Realty development in Jaipur is but natural considering that it is the largest city in Rajasthan and the capital. The Pink City is also a cultural paradise and is famous for its cultural history, tourist spots and attractions, handicrafts, exports and gems. The city is also a favored IT hub in recent times and this fusion of traditional and contemporary industries lends it a special favor of its own and is also sparking realty development. Delhi is well linked to Jaipur in addition to Jaisalmer, Udaipur, Agra and Jodhpur through roads and highways and of course, the railway network and airways. Investors in Jaipur usually look at returns for the long haul and there is some speculation related to this aspect as well. Yet, speculation has been sometimes discouraged by measures taken by developers including the termination of unit resale transactions till the payment of specific amounts of the entire sale value. As mentioned there is huge interest in the Jaipur realty market from hitherto natives who have settled in other cities of the country along with the NRI community and residents of Delhi-NCR.

There are several local developers who dominate the market in Jaipur but there are several pan Indian players present here as well including the Siddha Group, Omaxe, Emaar MGF and Ansals. Both 2 and 3 BHK apartments are sold in Jaipur in large numbers and there are some specific growth corridors where development is taking place at an unprecedented rate. These corridors include Ajmer Road, Sikar Road, Jagatpura and Vaishali Nagar among others.

An Overview of the Property Market in Kalwar Road

Real estate in Jaipur is rapidly growing thanks to the growing employment opportunities in the city. The recently inaugurated Jaipur metro has also spurred on real estate investments here. Those looking for affordable locations to invest in Jaipur should consider property for sale in Kalwar Road, Jaipur.

The Jodhpur Jaipur Mega Highway or Kalwar Road is a developing realty market of Jaipur, located towards the west of the city. The road links Sikar Road, Delhi Road and Ajmer Road. It is a peaceful neighbourhood and chosen by most to buy property for sale in Kalwar Road, Jaipur. The neighbourhood is a safe one for families to live in. There are several schools and colleges located in the vicinity such as Global International Academy, Sri Kalyan World School, Biyani Engineering College and Spring Dales School in Sushant City.  The neighbourhood has a shopping complex in the vicinity on the Sirsi Kalwar Link Road.

Kalwar Road is well-connected with the rest of Jaipur. It is close to several bus stops such as Laxmi Nagar, Jaswant Nagar, Kanta and Jhotwara Bus Stop. The closest railway station is Dher Ka Balaji Railway Station while the Jaipur Railway Stations is 21 kilometres from here. The Jaipur International Airport is around 25 kilometres away. The nearest metro station to the area is the Ambabari Metro Station which is a drive of seventeen minutes from here or 16.5 kilometres away. The other two closest are Subhash Nagar and Pani Pech Station.

Several residential neighbourhoods along this stretch have come up that have property for sale in Kalwar Road, Jaipur. The most prominent one that has come up is Anand Lok, close to Sukh Sagar Enclave, Sushant City, and Ganesh Nagar Extension and Govindpura,

The area has emerged as a hub for affordable real estate investment. The Jaipur Development Authority had introduced a residential project here, titled Amritkunj back in 2010. However, the layout of the project had to be revised after locals and NGOs protested the felling of trees in the neighbourhood. Other developers that have projects planned here include those by Ashiana Housing and Mangalam Builders. Their project is a villa based community that shall have all amenities required for a fulfilling and holistic lifestyle. The project is being developed over a tract of25 acres of which 8.5 acres have been reserved for green parks and open space.

The company had earlier developed Ashiana Mangalam in this area and had met with stupendous success.

Property for sale in Kalwar Road, Jaipur is priced at an average of Rs 2770 per sq ft and has sees an appreciation of 5.36 percent every year. The configurations offered here are 2 and 3BHK apartments, villas and plots. The villas measure around 75 sq yd and can be availed for Rs 20 to 40 lakh and are of 2BHK configuration. Larger villas of 3BHK configuration are available for Rs 40 to 50 lakh and measure 100 to 150 sq yd.

Kalwar Road is one of the few places in Jaipur where buying villas within a limited budget is possible hence investors should not miss out on it.

Why Does Investing in Jaipur Make Sense Now?

An increasing number of people are moving to Tier II cities from metropolitan ones. Rising costs of living, increasing crowds and pollution are some of the factors that are making people exit cities like Delhi and Mumbai. The job opportunities available in Tier II cities have also increased which has made it easier for people to make the move. Several home seekers have made the move to other cities of NCR such as Bhiwadi, Alwar, Manesar, Jhajjar and Yamuna Expressway. Jaipur is a rapidly developing city and is becoming a favoured destination for investment among home buyers looking to live close to Delhi.

The aspects that drive the market for flats for sale in Jaipur is the high rate of job creation, rapid implementation of the metro railway project and infrastructural developments such as railway and road networks. Moreover, the social infrastructure of the city is well-developed as there are several health centres and hospitals, banks, educational institutions and retail outlets in the city.

The two areas that are witnessing a lot of traction around Jaipur are Ajmer Road and Mansarovar. Both areas have new and old flats for sale in Jaipur at reasonable rates. Mansarovar is a well-developed residential neighbourhood and is located centrally from several areas. It is 1.5 kilometres from Vijaypath, 3 kilometres from Muhana Mandi and 4-5 kilometres from Durgapura Railway Stations and Gandhi Nagar. The neighbourhood has at least twenty new residential projects. These projects are up for possession in 2015, a few by 2016 and 2017.

The area has several penthouses and apartments in 3 and 2BHK configuration. Mansarovar can be accessed easily from the Jaipur International Airport which is 13 kilometres through NH 11. The closest railway station to Mansarovar is at Durgapura. The price of 2BHK flats for sale in Jaipur’s Mansarovar starts at Rs 35 lakhs which can go up to Rs 60 lakhs while the price of 3BHK apartments is between Rs 40 and 75 lakhs.

The Ajmer Road is another popular locality for investment in Jaipur. It has fifty projects available, comprising of under construction ones and ready to move in properties. The locality has 2 and 3 BHK flats for sale in Jaipur and 5 and 4BHK villas. The price of villas begins at Rs 50 lakhs and goes up to Rs 1 crore. For apartments, the prices range from Rs 40 to 70 lakhs. Ajmer Road is strategically placed by the Elevated Road. It has several hospitals, schools, banks and convenience stores in the vicinity. The highway continuing on to Ajmer is only 2 kilometres from here while the Inox Cinema is 4 kilometres from here. The highway enhances its connectivity with Gurgaon and Delhi.

Investing in Jaipur is a good prospect not only for people living in Jaipur but also in Delhi NCR. The area’s infrastructural development is improving and with the inflow of corporate companies, the real estate value of various pockets in the city is steadily increasing. The rates are also quite affordable, thereby making investment possible.