- Harsh Macro
- Mahima Group
- Shreeram Group
Smart City Jaipur Currently, 31% of India’s population lives in cities; these cities also generate 63% of the nation’s economic activity. These numbers are rapidly increasing, with almost half of India’s population projected to live in its cities by 2030. Smart Cities focus on the most pressing needs and on the greatest opportunities to improve quality of life for residents today and in the future
Jaipur Properties South Jaipur is located in close proximity of Jaipur international Airport and therefore marked primarily by various commercial, retail and hospitality developments along with residential ones. Major locations in south Jaipur region include Tonk Road, Jagatpura, Malviya Nagar, and Milap Nagar, Jai Ambe colony, Mansarovar, Diggi Road, Patrakar colony and Durgapura. The residential localities in this zone also comprise of both plotted as well as group housing developments.
With various high-end commercial and hospitality developments along Tonk road and JLN Marg, these regions have emerged as prominent residential destinations. Malviya Nagar is a prime location in the southern precincts of Jaipur. The location in the southern precincts of Jaipur. The location has a good mix of commercial, retail and residential development. Jaipur international Airport Terminal 2 is located in vicinity to the region. Dominated by JDA development and independent houses, few developer projects can be seen here. NRI colony is another prominent colony region and comprise of bungalows and row houses.
Jagatpura is another emerging location in south- eastern Jaipur. The location is located in close proximity to Sanganer Airport and Railway Station. With the metro route coming upto Jagatpura from central parts, this region is in demand for residential units and has witnessed sharp upward movement in prices post 2009. Residential developments along Tonk Road are also located in vicinity to Jagatpura and are well-connected with the central parts of city. While the location hosts numerous residential projects, the demand in the region has been relatively slower. Distance of localities from established areas of the city, lack of infrastructure coupled with available supply in nearer locations at affordable price points are among the key of factors for the lower demand.
One of the key colonies in south-west Jaipur is Mansarovar. It was established by the Rajasthan Housing Board and caters to mix of LIG, MIG and HIG Segment. The region also comprise of multiple group housing developments by regional developers. Patrakar colony, located in the vicinity of Mansarovar colony is witnessing several group housing developments and targetting the mid-segment end-user and investors. Price points in the region range between Rs. 2,700 and 3,500 per sq. ft.
Jaipur Properties Northern and western sides of Jaipur are other developing regions of the city. Major developments in this catchment comprise of Bani Park, Vaishali Nagar, Subash Nagar, Shastri Nagar Vidyadhar Nagar and Sodala apart from fast emerging sub-urban markets such as Ajmer Road, Sikar Road and Kalwar Road.
Main city locations in this region comprise of upper middle income and middle income residential neighborhoods with medium to high density. Colonies such as Bani Park and Vaishali Nagar attract a relatively affluent buyer in the region. However, suburban locations are primarily an attraction for small investors and middle income population who are looking for affordable segment housing. Growth corridors such as Sikar Road and Kalwar Road comprise of residential developments in the form of group housing, township, etc.
Bani Park is a prime location in the northern hub of Jaipur, offering mix of commercial and residential developments. Various government offices, the collectorate and civil court are also located in this region that initially comprised of independent houses. However, a variety of premium apartment complexes have been developed here. Average capital values in this area range between Rs. 5,000 and 6,500 per sq. ft. Which ranged between Rs. 3,000- Rs. 3,500 per sq. Ft five years ago.
Vaishali Nagar is an affluent location in the western part of Jaipur. The region is a mix of good residential and retail/commercial development with the presence of malls, multiplexes and good restaurants. Various PSU banks and Telecom sector officers are located here. Select pockets of the colony comprise of large plots as well as low-rise floors. However, select group housing projects by renowned regional developers are also being developed in the colony.
Sirsi Road is a prominent growth corridor and is located near Vaishali Nagar and Ajmer Road. It witnesses a host of developer projects priced majority of which are priced between Rs. 2,500-rs. 3,500 per sq. ft. Residential developments are located along Sikar Road. Kalwar Road also observes select residential projects along these corridors are priced in the range of Rs. 2,000-3,500 per sq. ft.
Ajmer Road is another prominent residential corridor of the city. The initial stretch of the highway comprises of a variety of residential developments across all formats including townships, group housing societies and residential plots. The corridors has large presence of national developers as well including Omaxe, Vatika and Emaar among others.
Jaipur Properties Central and East Jaipur zone includes Gandhi Nagar, Bapu Nagar, Raja Park, and Ram Bagh, C-scheme, Adarsh Nagar, Civil Lines and MI Road. Comprising of posh residential colonies of Jaipur, the stand hub comprises of predominantly HIG and upper-MIG population with good disposable income and higher density. The residential stock is primarily in the form of plotted developments vary between plot sizes in C-Scheme which is located in immediate vicinity of the CBD. From the residential development perspective, the location is dotted with high-end bungalows and independent houses. However a variety of apartment complexes by renowned local builders can be witnessed with units in the price bracket of Rs. 7,500-12,000 per sq ft. These developments are primarily small scale developments built over large independent plots. Two eminent projects in the micro market include Satyaprakash Group’s Royal Ensign and Om Metal Infraprojects Ltd.’s. Launched at an approximate price of Rs 900 per sq ft. in 2001, Royal Ensign today commands a sale rate between Rs. 12,500-13, 00 per sq ft. in secondary market. Inventory in Pallacia too is available at Rs 12750 per sq ft. In terms of absorption, only limited units are available in secondary market within Royal Ensign. However, around 75 units have already been sold in Pallacia out of 152 since its launch a year back.
Civil Lines is a prime location of Jaipur. Apart from premium independent houses, premium small apartment complexes have also been developed in the Civil Lines area. Other high income neighborhoods include Adarsh Nagar, Raja Park, Tilak Nagar and Bapu Nagar among others. Apartment complexes in these micro markets are available within a price bracket of Rs. 6,000-8,000 per sq ft. However, capital values have almost doubled in these locations since 2008 wherein the same projects were available within a price band of Rs. 3,500-4,500 per sq ft. in 2008, showing a tremendous increase in demand for residential units in the region.
Jaipur Properties At present, manufacturing contributes approximately per cent to the district domestic products. Further, approximately 1/3rd of this contribution is from unregistered units, highlighting that the employment and investment in industrial sector is likely to be higher than recorded by the respective government agencies. This is a positive sign and factor for the sustainable growth of Jaipur.
The development of DMIC is expected to create further investment and employment in the district. The mega infrastructure project is proposed to cover an overall length of 1,483 km between Jaipur and the business capitals of India, Delhi and Mumbai. In the context of Jaipur region, it implies huge development potential for various industries in the area between Sikar Road and Ajmer Road as this would fall under the influence of the industrial corridor.
Jaipur’s approximately to the National Capital Region is the main driver for the economic growth of the city. The development of industrial hubs in vicinity such as Neemrana and Bhiwadi has also had favourable impact on Jaipur’s development. Backed on these initiatives and coupled with a flexible state industrial policy, the entire region has observed tremendous development in industrial sector, which has further instigated demand for residential and support commercial and retail real estate in the region.
Jaipur Properties Predominantly tradition in its outlook, Jaipur has witnessed in- roads by a variety of international and branded companies within the retail sector. MC Donald’s, Pizza hut, Shoppers stop, Cinepolis, Raymond and other prominent chains have already set up their operations in Jaipur. Though the economy of the city was based on handicrafts and household industries, with the growth of the service sector demand for organized retail along various business lines viz. Lifestyle, electronics, grocery and hyper- marts has increased. The rise in population and increasing tourist inflows also provides a platform for the city to be among the prominent consumer markets of the country.
Prime retail hubs of the city include MI Road, Railway Station Road, Bani Park, and Raja Park, JLN Marg, Bais Godaam, Malviya Nagar and the Walled city. JLN Marg and Malviya Nagar are emerging as preferred choices for retailers because of increasing residential population in the region and conglomeration of retail activity. The micro market observes large format prominent malls with rentals comparable to prime main streets such as MI Road and C-Scheme.
Jaipur has an existing and under construction organized retail supply of approximately 6.28 million sq ft. Majority of the organized commercial developments in the city comprise of a mix of retail and commercial office space. Further, the retail space in such set-ups is typically of a small-scale (1,00,000 sq ft.). Across majority of the small scale and integrated commercial developments, while the lower floors (ground and first floors) are occupied by retail operators, higher floors typically attract office space occupiers. Further, majority of the retail stock in the city is primarily Grade B Stock. However, various upcoming and recently completed retail developments in the city provide larger retail zones and better quality developments.
The pricing of retail space in Jaipur has observed marginal change over the past few years. While the prices in the retail sector had substantially increased between 2005 and 2008, the looming economic slowdown in the second half of 2008 had adversely affected the retail market sentimental in the past. The slowdown also increased vacancy levels in several malls. Due to the same, capital prices and rentals in the retail sector in the city have witnessed low movement. Over the past one-two years, the prices in the retail sector have primarily witnessed marginal growth in capital and rental prices in prime established and upcoming commercial hubs of the city.