Old Forts Add Glitter to Jaipur Real Estate

by : George Gonigal

Jaipur real estate market is witnessing interesting trends. The city is witnessing a boom in the real estate transactions. Besides flats, plots, land banks and apartments; the city has hawelis and forts on sale. Many of Jaipur's ancient hawelis are up for sale or lease. Property brokers in Jaipur are offering big, palatial hawelis to be used as hotels or retail units.

Jaipur realtors, a local property brokerage firm, is offering a 100 years old haweli for sale. The plot size of this place is 864sq yards and is deal for hotel business. It is located near Johari Bazar, which is the city's Chief Business District (CBD). They have another heritage haweli of the size of 864 sq yards up for sale near Rajmandir Cinema Hall. The brokers say these hawelis can be remodeled per the commercial requirements for a limited time period.

Besides this, the brokerage firm also has many forts, fortresses and old garhs (small forts) up for leasing. All such properties usually belong to the erstwhile royals who have now leased or sub-let the properties for commercial benefits. Such properties are ideal for large commercial operations like malls or hospitality businesses. Hence, these properties always fetch good rental returns.

Rajasthan is known for its rich cultural heritage. Hence the hospitality units always do well there. Now, even retail units are gaining popularity and the property brokers are wooing big retail houses like Big Bazaar or Reliance for such properties.

There are other developments on the residential front also. Lucknow-based property developer - Sahara India Commercial Corporation Ltd.- has expressed their interest in building residential units in Jaipur. Sahara has however commissioned Era Infra Engineering to carry out the construction activity. This project is worth Rs 320 million and is expected to be completed by 2009.

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