End-users Drive Jaipur Residential Real Estate

By: George Gonigal

Jaipur residential market is being driven by the end user. Majority of the buyers are middle to upper middle classes. People are moving away from joint to nuclear families as also from within the walled city to the outskirts to live in the spacious homes in townships.

Jaipur is both a heritage and a hi-tech city. Touted as an alternate addition to Gurgaon, there is a huge interest in Jaipur's real estate market by both investors and end users. According to Jaipur based real estate developer Dhirendra Madan, Managing Director of Mahima Real estate Pvt Ltd, 'Jaipur is part of the golden triangle and is a tourist city. It is a peaceful city and the kind of place where people would like to settle down. It has very good infrastructure and is very neat and clean and is a preferred city after the metros.'

In Jaipur's residential real estate market, the maximum demand is for middle budget homes and this constitutes 60 per cent of the total demand. The prices have escalated in Jaipur and today 3BHK apartment is not available for anywhere less than Rs 45 lacs. Even on the outskirts where there is no physical and social infrastructure and the project has just been announced the flats cost Rs 20 lakh.

A significant trend in Jaipur's real estate market is that people are moving from villas to apartments, primarily for reasons of safety and security. It also helps end users as they get easy access re-consolidated services of plumbing, electrical, gardener, bills dispatch and maintenance, being managed by the apartment.

Jaipur-based Satya Prakash Builders (P) Ltd built the Royal Ensign apartments in the heart of the city, in the C circle area in 2006. Surja Ram Meel, Managing Director says that they retailed Royal Ensign at Rs 900/sq ft when we started but within 2 years it escalated to Rs 1500/sq ft. The apartments which cost Rs 70 Lakh are selling for nothing less than Rs 1.5 crore today.

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