Jaipur Real Estate: Dreams Unlimited

By: George Gonigal

The growing influence of IT sector has produced a requirement for quality office properties in Jaipur, and the trend is followed by demand for residential properties, as well.

As per market estimates, around Rs 1,50,000 crores (1500 billion rupees) is in the pipeline to be spent in the real estate sector of Jaipur during next four to five years. Property developers from across the country strive for a share of this city's lucrative property market.

Though IT/ITES sector is yet to pick up in Jaipur and as such there is a lack of specific IT/ITES catering developments, the expected ingress of many IT sector companies is attracting lot of foreign investors. At present Genpact alone have its facilities in Jaipur. Nevertheless because of the market all hunky-dory about the upcoming IT projects India's leading real estate developers like Parsvnath, Omaxe, Unique group and many others have been ambitiously building their residential properties in Jaipur.

Apartments under construction in Jaipur's Civil Lines area is regarded as the second costliest real estate venture in northern India with Gurgaon heading the list. Buying an apartment in Jaipur's Civil Lines project is estimated to cost over rupees one crore (10 million rupees). Such rapid growth in the real estate sector has made Jaipur a favorite destination among real estate developers.

Property majors are hopeful that the Jaipur property market will inflate more. It is resolved to get double from what it is today, feels industry sources. Another major attraction for the investors is the much awaiting SEZ (Special Economic Zones), where top conglomerates are setting up their units.

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