Real Estate Boom in Jaipur

Jaipur has always ranked high on the Indian and foreign tourist’s itinerary, and prospered not only because of its proximity to Delhi, but for the rich cultural package it offers to every visitor. Over the last decade, Jaipur has taken a leap forward from its culture and history to join the ranks of modern technology centres of reckoning in India today.The IT wave sweeping the city has created a need for modern commercial spaces and the subsequent requirement for appropriate housing. Real estate development in Jaipur has reached astounding heights as property developers from across the country vie for a share of the very lucrative property market in Jaipur, the pink city of India.

Real Estate Projects in Jaipur

Residential property: The options for investors and end-users amongst the current projects floated by private property developers are several, and affordable even at current rates, which have gained appreciably in the last one year.

The Ajmer Road is the hottest destination for all property builders. The Vatika Group blazed the trail for real estate development in Jaipur with its landmark Infotech City project on 800 acres, a self- contained integrated township with shopping complexes, a five-star hotel, recreational centre, health club, medical facilities and schools. A five-star and a three-star hotel have been planned on the premises, accessible from the main Ajmer Road. A Destination Mall is to be built over one million sq ft, apart from other shopping amenities.

Similarly, Omaxe Limited, Suncity Builders, Panchsheel Colonisers, Era Group and Melange are offering integrated townships of international standards with residential plots, apartments, expandable villas, hospitals, commercial complexes and schools. Rajmahal Royal Residency, Platinum Greens, Mehandipur Residency, Green Heights, Garden City, Blossom city, Westend Heights, Kanak Heights, Vatika Greens, Elite Residency, Holiday Homes, Big Benn, Okplus Tower, Pearl Residency and Pearl Excellency are recently launched residential projects in Jaipur.

Farm houses on the Jaipur –Ajmer Expressway – Vishram Vatika, Jain Farms, Vatika Farms, and Regent Green House sized between 1000 to 3600 sq. yards are catching the fancy of city residents looking for a second home.

Commercial Property: Commercial spaces in Jaipur are being re-defined with landmark structures like the upcoming World Trade Park which will be equipped with retail, trade and business spaces, trading facilities, 5-star hotel, art gallery and museum, an auditorium and a convention centre.

The City Pulse, Crystal Mall, Crystal Palms and the Crystal Court also offer business and shopping under one roof, while the Gold Souk will cater exclusively to shoppers for jewellery. The Metropolitan offers 250,000 sq. ft of shopping, entertainment, a luxury hotel and a business centre.

Other mega real estate projects in Jaipur include the Rs. 10,000 crore Mahindra World City project in collaboration with RIICO, which will be a multi-product Special Economic Zone. Spread over 188 acres in Phase I, it has already enlisted the support of IT majors Infosys and Wipro Technologies. World-class warehousing and logistics zones within the SEZ aim to make Jaipur a logistics hub in northern India.

The blueprint for a Rs 1900-crore film-city project on 1,000 acres in Jamdoli is being drawn up. The State government in March 2007 has also proposed a Science City in Jaipur to be developed with the International Convention Centre. A “Mini India” theme park on 50 acres sharing space with a golf course and a cricket academy is also under consideration.

The Orchid Central Hotel will soon join Jaipur’s august range of hotels, along with Bharat Hotels and Shiv Vilas Hotel and the Panchsheel project for Tivoli Garden Resort Hotel.

The real estate boom in Jaipur is here to stay with the government’s active support for the mega commercial projects – as they take shape, the property market in Jaipur will maintain its healthy upward trend.