Real Estate: Investment Prospects in Jaipur

By: George Gonigal

Jaipur is sincerely viewed as an alternative to Gurgaon and it is anticipated as one of the ten mega cities of future, in India. Considering that corporate and institutional focus is the actual indicator of future growth, Jaipur real estate is surely on a spin.

Commercial developments

With several big IT projects coming up in the city, Jaipur has surfaced up as a major IT destination. Major Indian and international MNCs are setting up their feet in the city. Prestigious projects including, Mahindra's 3,000 Acre SEZ, Anil Ambani's Mega City Development Plans and Hero Honda's Rs 700 crore plant are there to be launched soon.

Beside, Infosys, Cisco, Wipro, HCL, IBM, Daksh, Hinduja TMT etc are also exploring business opportunities in Jaipur. Subsequently, there is Knowledge Corridor, Sports City at Achrol and several hospitality projects including five star hotels by the likes of Taj, Hyatt, Radisson, and Hilton in the offing.

Residential property sector

As corporate demand would require quality residential properties and infrastructure to support future expansion, Jaipur is witnessing a horde of such projects both by local as well as metropolitan city-based real estate developers like Narayan group, Narvik Nirman, Omaxe, Suncity, Unique group, DLF, MGF, Vatika, Ansals, Parsvnath, etc.

Recently, Fishman Holdings' Indian real estate development subsidiary, Mondon Investments Ltd., bought a 600-acre plot in Jaipur for $108 million for building a four million square meter integrated township which will include residential units, commercial space, offices, and high-tech space at a whopping investment of $2 billion.

Growth Drivers

The IT wave in Jaipur is termed by the industry experts as the breakthrough for Jaipur real estate. Being strategically located at 3-4 hrs drive from Delhi on Delhi-Mumbai Highway, Jaipur has a well laid out transport network which offers connectivity via all means of transportation, and the upcoming metro link would be an added benefit.

Future Prospects

According to media reports, Jaipur is among fastest growing Tier II cities in the country. Jaipur Development Authority (JDA) has collected revenue of more than Rs 1,000 crores during 2005-06. Further, the rise in is estimated at a significant 10 to 15 per cent per year. Nowadays the saying is, 'home is where the cash flow is' and in Jaipur one can find both.

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