It and Retail Pushes Jaipur Real Estate Ahead

By: George Gonigal

With Jaipur all set to become an IT destination and taking on mall culture and upgradation of infrastructural facilities the 'Pink City' is surely going to be one hot investment destination.

The real estate development in Jaipur is expected to boast the economy as well. Take for example, FIRE Capital Fund Investments Mauritius's project, which not only will cater to the needs and requirements of modern living in place; it is expected to generate employment for more than 12,000 people in Jaipur.

Capitalizing on the current scenario, Fishman Holdings' Indian real estate development subsidiary, Mondon Investments Ltd., has bought a $108 million, 600-acre area in Jaipur for developing a township.The project will include residences, commercial space, offices, and high-tech space spread over four million square meters.

Omaxe Ltd has also announced its foray into development of Special Economic Zone (SEZ) by signing MoU with the Government of Rajasthan to develop a multi product SEZ in District Alwar of Rajasthan spread over the area of 5,000 hectare.

IT sector nourishes residential real estate

To meet the future housing demands of the IT sector employees in Jaipur, a number of residential projects are under way by various big and small real estate developers.

Omaxe, Suncity, DLF, MGF, Vatika, Ansal API, Parsvnath, Narayan group, Narvik Nirman, have already announced their township projects in Jaipur.

Recently, FIRE Capital Fund Investments Mauritius, signed a MoU with the Government of Rajasthan for constructing 2,000 acres integrated township at Jaipur, on the Jaipur-Ajmer highway.

The residential real estate values in Jaipur fall in the moderate range. According to market sources, the apartment capital values in November 2007, in Civil Lines is around Rs 2,500-3,500 per sq ft and the rentals are around Rs 9,000-Rs 15000 per month. In C-Scheme the apartment capital value is Rs 3,000-4,000 per sq. ft (2BHK) and the rentals are approximately Rs.8,000-Rs 20,000 per month.

Commercial real estate development is a big draw for investments in residential real estate sector, says M Sharma, a Jaipur-based real estate agent.

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