Pink City, Boom City Boom
India Real Estate Blog
Source: Times News Network
Jaipur Real Estate: On a Costly Bender
Brain child of architect Vidyadhar Bhattacharya, the Pink City of Jaipur is considered to be one of the world’s best planned cities. As Delhi and the NCR area become saturated, in recent times, the real estate boom has shifted to Rajashthan’s princely state of Jaipur, which has begun to witness a real estate boom as prices soar to unprecedented heights. Land prices have doubled in the city since June 2005 causing investors from Delhi and Gurgaon find Jaipur property, a very attractive investment. This has seen a number of big name developers and builders, such as, Sushant, Vatika, Omaxe, Buildtech, Sun City all making a beeline for the Pink City.
With a good return on investments (ROI) in Jaipur, not only NRIs but others as well, are finding it lucrative to invest in land and flats in Jaipur city. Farmers who have land within a 50-km radius of Jaipur are finding it easier to sell their land and invest somewhere else, where they can pursue another profession, other than farming. This has led to more than 100-small and big real estate developers undertaking projects to cash in on the real estate boom.
While, the property boom is concentrated on the outskirts of the city, the place where modern Jaipur is taking shape, the older walled city that at one time commanded the best real estate prices, has not witnessed much of a rise in its property prices. As big plots of land in C Scheme, Bapu Nagar, Tilak Nagar, Bani Park, Malviya Nagar and Vaishali are being converted into multi-storeyed buildings, C-scheme that was home to the affluent of Jaipur city also seems to have fallen prey to developers and builders.
Plots of 600-800 sq. yds and 1,000-1,500 sq. yds are fast turning into multi-storeyed structures, and the demand for real estate created by the builders has caused land costs to increase significantly. What was available for Rs. 12,000 – 15,000 per yd. in C Scheme a year ago, has a going rate of Rs. 20,000 – 30,000, today. As the popularity of flats rises, a 1,700 sq. ft. flat in a location, such as, the Statue Circle now costs Rs. 1-crore, while rates in C Scheme range between Rs. 2,700 to Rs. 3,500 and Tilak Nagar between Rs. 2,300 to 2,700 per sq. ft.
But, the most expensive real estate is to be found on Jawahar Lal Nehru Road, where land prices start from Rs. 35,000 per yd. and go up all the way to Rs. 50,000 per yd. As for, JDA approved colonies developed by housing societies, land prices have also increased dramatically, doubling within a short span of time, with people snapping up land even if it is 20 to 25-km from their place of work. This has seen Jaipur spreading and spilling over on to Sikar Road, Agra Road, Delhi Road and Tonk Road.
Growing at a haphazard pace, farm houses belonging to Jaipur’s elite are also on sale for the best price. Jaipur is on a real estate bender and will not stop until it is as saturated as Delhi and Mumbai! Whichever, way you look, the boom continues to boom in Indian real estate. Across the length and breadth of the sub-continent, from north to south, east to west, India is on a real estate spree!
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