Why Jaipur is the Best Location to Invest in Real Estate
Jaipur is one of the rapidly growing Tier-II cities in the country. The ‘Pink City’ has also joined the list of smart cities under government’s smart cities mission. Smart city plan of Jaipur along with Udaipur got approved in the first batch of 20 smart cities. According to a recent Ernst & Young report, Jaipur and Surat are set to become the metro cities by 2018, with a combined household income of over Rs. 800 billion.
One of the largest cities in Rajasthan, Jaipur has been highly ranked for its flourishing tourism industry. Its rich cultural heritage and majestic architecture attract a huge number of tourists from across the globe. The charming, heritage city is now capturing the interest of investors and property buyers too, and showing signs of an ideal realty destination.
Connectivity to Jaipur
Jaipur is a planned city. It is well-connected with the national capital and all the Tier-I and Tier-II cities via rail, air and road. Moreover, the upcoming Delhi-Jaipur Express highway is expected to become the shortest way to reach the National Capital Region. The proposed Gurgaon-Jaipur Super Expressway is another major infrastructural development that has been planned to reduce the travel time to almost 90 minutes between the two cities. Jaipur is nestled on National Highway 8 (Delhi-Mumbai Highway) and its proximity to Delhi, with a journey of just around four hours, gives it a strategic advantage. This has brought the city under the focus of several big and small developers of the industry. Moreover, Jaipur Metro will boost housing demand in a big way.
Residential Market in Jaipur
Fair property prices, fast developing infrastructure, attractive rentals and good returns on investments have been drawing investors as well as end-users to Jaipur’s real estate market. The city possesses the finest medical facilities, prestigious schools, recreational centres, plush five-star hotels, luxury shopping complexes and supermarkets to match the needs of modern-day buyers.
A plethora of upscale and self-sufficient high rise residential complexes are coming up within the city that guarantees contemporary community living at par with metro cities. Developers are also launching group housing apartments, villas and row houses. Some promising residential pockets in Jaipur are Vaishali Nagar, Mansarovar Extension, Jagatpura and Patrakar Colony. Major roads like Ajmer Road, Tonk Road, Sikar Road, Sirsi Road and Delhi Road, connected via ring road are also key growth corridors of Jaipur realty market.
Growing business and IT hubs in Jaipur
Several IT giants such as Wipro, Cognizant and Infosys are eyeing Tier-II and Tier-III cities for expansion. This can be mainly attributed to the availability of affordable labour and cost of operations. Some established commercial hubs, like Ajmer Road, are located near bus-stops and railway stations. The emergence of peripheral business districts is also a noticeable trend in the city.
Smart City features of Jaipur
The Jaipur Development Authority recently initiated the Network Operation Centre (NOC) which made Jaipur the first city in India and South Asia, to monitor and operate smart city infrastructure using a single digital network. The NOC will integrate digital infrastructures such as intelligence kiosks, wireless broadband, sensor-based dustbins, smart streetlight, parking and apps. Renowned BPO firm Genpact and American networking giant Cisco have recently collaborated for the launch of a global centre of excellence in the city, as part of Cisco’s Lighthouse City Project, which is a global initiative to promote the smart cities mission.
Other initiatives by the government entail improved pedestrian mobility, integrated transport facility to improve public transportation, solid waste management facilities, increased non-motorised transport and the use of modern technology for monitoring water meters and water supply.