Residential Rentals Stabilize in Jaipur

By: George Gonigal

After enjoying an incessant growth in rental values for the past couple of years, the residential properties in Jaipur have reached point of stabilization at least for the past 6-months.

Earlier, the rental values in prime residential areas like Malviya Nagar, Sanganer, C-Scheme, Mansarovar etc for apartments and builder floors had witnessed an increase of 5-10 per cent in every two-three quarters. Perhaps that's why the rentals have reached rooftop and there is no space left for a hike as of now.

Interestingly, the lower limit for monthly rentals for residential properties at localities of Bani Park, and Malviya Nagar have even come down by almost 10-20 per cent, in the past 3-months.

As per MagicBricks studies, the average apartment rental value in Jaipur's Bani Park was recorded at Rs 10,000 per month in August 2007, however the same was registered at Rs 8,000 in November 2007.

Similarly, the monthly rental values at Malviya Nagar were reportedly at Rs 7,000 in November 2007, from Rs 8,000 being recorded in August 2007.

Average rental values at Pratap Nagar and Sanganer, hovering between Rs 5,000-Rs 10,000 a month, remained unchanged in this period.

According to property dealers and real estate developers operating in Jaipur, residential rentals in Jaipur started rising soon after the entry of big corporate players like Genpact, Wipro, Reliance, Mahindra, and Hero Honda.

The companies employed a considerable number of people in their facilities and more than 80 per cent people came from outside the city. Apparently, demand for house on rent rose suddenly in areas like Mansarovar, Malviya Nagar, Bani Park and C-Scheme etc as these places are in close proximity to the prime commercial areas of Jaipur, and it is very easy to commute within the city from these areas.

The capital values of residential properties in Jaipur also rose by 20-100 per cent in a short period of 2-3 years, and the impact was virtually there on the capital values as well, Suraj Sharma, a property dealer informed.

For more information on visit magicbricks.com

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