Jaipur Commercial

Commercial Jaipur

Jaipur Properties At present, the demand of office space in Jaipur is primarily led by the MNCs, banks and other financial institution. However, the city is gast emerging as destination for IT/ITeS services in Rajasthan, with more than 100 IT/ITeS companies already started their operations in Jaipur till date. As per the industry standards, the demand in office spaces is mainly led by the IT/ITeS segment with approximately 65 per cent of the office space demand is being generated by the IT/ITeS sector. The current growth trends of IT/ITeS developments in Jaipur also showing early signs of similar scenario.

IT/ITeS exports from Rajasthan in 2010-11 stood at Rs. 4.92 billion, growing at a CAGAR of 25 per cent in the preceding five years. Also, the top five IT companies (Genpact, Infosys, Deutsche Bank, Met cube Software, Back office, IT Solutions), are all located in Jaipur, contributing nearly 75 per cent of IT/ITeS exports from Rajasthan. Genpact is one of the first and till date the most prominent IT sector operators in the city, providing employment to approximately 6,000 employees. Following the success story of Genpact, a variety of IT companies have also moved into the city.

Fortune 500 companies such as coca -cola and McDonald’s have already set their foot in the city. GE, the company that changed the face of Gurgaon, has moved into Jaipur and this has paved way for the entry of various other IT and ITES firms. Company that changed the face of Gurgaon has moved into Jaipur and this has paved way for the entry of various other IT and ITES firms. Companies like Infosys and Wipro are also schedule to set up bases in Jaipur. Thus, the city is the most significant driver of IT sector growth in Rajasthan.

As per Bureau of investment promotion, approximately 80 per cent of IT/ITeS units in the state are located in Jaipur alone. As of 2011, approximately 15,000 people directly employed in the IT/ITeS sector which is expected to double in the next two-three years. With a variety of proposed IT developments in Jaipur, bulk of the fresh employment in the sector is likely to be created in Jaipur. There may be a large quantum of additional demand for commercial office space to the tune of approximately five million sq. ft. in Jaipur.

The city has witnessed approx. 15% average annual appreciation in real estate market in past 5-6 years. However, despite real estate slowdown in major India cities in past approx. 1 year, there is an approximate appreciation of 8 – 9% observed in Jaipur realty market.

Jaipur Township

Residential townships and apartments in Jaipur

Jaipur Properties Residential development in Jaipur has been developed primarily by private developers, for which land is promoted by Jaipur development authority (Jaipur JDA). With overall growth of Jaipur in terms of population base and city structure, various national and regional developers such as Asnsals, Omaxe, Mangalam group, Vatika and Ashiana developers, among others are developing residential townships and apartments in the city. Similar to other Indian cities, the secondary and suburban residential markets are the targeted growth zones for future residential supply in the city. Majority development is observed in the northern, southern and western location of Jaipur. Most of the upcoming residential supply is observed along Ajmer Road, Sikar Road, Jagatpura, Sirsi Road and Kalwar Road. This supply is in response to the demand from the investors and in city population opting for better lifestyle.

Central and eastern parts of the city comprise of prime residential zone owing to its location, accessibility and quality of infrastructure. The region is primarily characterized by mid-to-large-sized residential plots. Since there is negligible availability of fresh land for development within the region, the capital prices for residential plots in the region have remained the highest in this corridor of Jaipur.

The average annual escalation in property prices in city central areas has been approximately 20-25 per cent which is even higher than Delhi-NCR market in north India. Large residential or industrial plots in the city are being redeveloped as small premium apartment complexes with all luxurious facilities. Owing to their city-centric location and quality infrastructure, these developments are in great demand in Jaipur. The city also hosts a wide range of options including integrated residential townships that offer fully developed plots, independent bungalows, high-rise apartment, pent houses and independent floors.

In addition, the group housing projects in these cities not only offer economical housing but also offer several modern amenities such as health clubs, sports facilities, swimming pool etc. several well-known builders are involved in developing the city with their rich industry experience and knowledge. They ensure to maintain the infrastructural and architectural designs in tandem with the latest prevailing trends.

Jaipur Metropolitan

Jaipur towards proto-metropolitan

Jaipur Properties With the changing scenario of the economy of tier ll cities in India, Jaipur is fast emerging as a component destination for business expansion and investments activities. Real estate market of the city offers a lucrative market for investment and developments by leading construction companies. Property developers and buyers contend for obtaining sufficient share for productive advancement in the real estate sector. The property market is thus reaching astonishing height which will further accelerate the city’s reality trends. Large scale commercial and retail complexes. IT parks and various luxury residential projects are already developed and are in the process of development I the city. Prominent city-based developers such as Mahima group, Bardiya group, RF properties, okay plus, Akshat group and Mangalam group have come up with various state-of-the-art real estate projects in the city, and helping change the skyline of Jaipur. Apart from the leading local developers, various national level developers have entered to develop quality housing stock and infrastructure.

Development of large-scale self-contained integrated townships and group housing developments comprising of residences, commercial establishments, shopping complexes, hotels, and medical facilities are attracting investors to Jaipur. Main city areas are primarily end-user driven, however, suburban and peripheral location are observing investor interest. Available at affordable prices even now, the expected appreciation of Jaipur real estate is a huge attraction for investors within and outside the country. Local buyers are investing in mid-rise developments, floors and plots within Jaipur whereas high rise buildings are primarily developing in the outer locations. Various prominent developers of Jaipur such as Mahima group, Okay plus, Unique dream builders, sand dunes, ARG group GHP group, Dhanuka group and SNG group are developing real estate projects in the city that are catering to this typology.

On the back of factors such as proximity to Delhi, affordable rates, infrastructure development, good returns and several reputed builders having delivered and under development real estate projects here, Jaipur is proving to be one of the most lucrative options for property investment of Rajasthan. Property prices are accepted to rise in the future owing to the infrastructure developments planned in addition to many high-rise building that can be seen all around the city. Major infrastructure initiatives have been taken up or planned by the state government to accommodate the high growth rate of city that have received major boost from the capital’s realty market. Some of these initiatives include Jaipur metro rail, ring road development and expansion of NH-11 corridor. Enormous investing potential of the city has also attracted prominent Indian realty developers who are willing to invest in Jaipur to develop the state-of-the-art real estate projects. Developers of the national repute have already set shop in the city, major among them are Omaxe, Aaashiana, Vatika and Ansal. Moreover, the city also boasts of premium quality projects from prominent regional developers such as Alokik, Mangalam, Anukampa group, Okay plus, Unique builders, Mahima developers, Ashiana, Akshat group, Pearl group, Sunny developers, Guaman group, Arihant group and UKM group among others. After being ranked high on the traveler’s itineraries, Jaipur is now emerging as a prominent real estate destination.

Jaipur as education hub

Jaipur is viewed as the educational hub of the state

Jaipur Properties Being the capital of Rajasthan, Jaipur is viewed as the educational hub of the state as it offers many medical and engineering colleges. There are over 400 institutes providing higher education in Jaipur, creating a large pool of skilled and qualified manpower. Jaipur also has a number of prestigious schools affiliated to the central board of secondary education (CBSE), which contribute to maintaining the highest literacy rate in the state. Best of professional colleges in Rajasthan ate housed in Jaipur and these include the university of Rajasthan, SMS medical college, Mahatma Gandhi medical college, BMIT, Jaipur engineering and research college, Rajasthan institute of engineering and Dr. Radha Krishna instate of Technology among others. Being the educational pivot of the state, Jaipur attracts a lot of student population from all across Rajasthan, factoring which the retailing segment in the city is on an all- time high.

Favorable demographics of the city add to its sustainability over long-term. The demographics of the city add to its sustainability over long term. The demography of Jaipur is not just about numbers or quick stroke figures but it gives insights into how the city is faring on a wider canvas. Jaipur, by and far, is the largest and has been the only million plus city in the state of Rajasthan in 2001. Its share in the state’s urban population was 15 per cent in 1991 which has substantially grew to 17 per cent in 2001. Today the city ranks first in the state of Rajasthan, showcasing the highest urban population. The population has increased from 2.3 million in 2001 to 3.07 million in 2011. And by 2025 the population is likely to double to a level of approximately 6.5 million which shall generate huge demand of approximately 650,000 residential units. With shrinking size of the existing city area, majority of development is likely to advance towards city suburbs, primarily along the growth corridors such as Ajmer road, Sikar road, Sirsi road and Kalwar road. This phenomenon has already started to take shape since 2005 as various growth corridors of the city observe quality upcoming projects all across.

In terms of SEC classification, around 30 per cent of the population of Jaipur recorded in the Socio Economic Classification SEC of A and B, both the income and expenditure propensities are at an all-time high indicating a higher paying capacity of the city residents as compared to average Indian cities. The per capita annual household income of the Jaipur is approximately: 48,140 with an average saving of 40 per cent which further seconds the willingness of residents to spend. The city’s booming economy is also the main reason so many people migrated to Jaipur in recent years in search of better living conditions and employment. All this is leading to the transforming of Jaipur city towards proto-metropolitan. With wide spectrum of opportunities offered in urban areas post-1991 economic reforms, prime cities of various states have observed tremendous population migration and Jaipur is no exception to this phenomenon.

Rajasthan on the growth radar

Rajasthan on the growth radar

Jaipur Properties Favorable demographics and economic growth have led to the expansion of municipal limits and Jaipur now comprises other location apart from just the old city. Today, areas like Ashok Nagar, Rambagh , Banipark Gandhi Nagar, Vaishali Nagar, Civil Lines, C-Scheme, Malviya Nagar, Patrakar colony and Jagatpura from the ‘New City’ and represent urban Jaipur.

The city is witnessing a vast real estate development, especially along major roads connecting with the neighboring cities. Located in northwest India, Jaipur lies approximate distance of 250 km from Delhi-NCR. Apart from its culture and history, the city is also a premier educational destination in Rajasthan and one the state. This historic city has emerged as the third corner of golden triangle tourist circuit, strategic location on the western Railway main line and the Delhi-Jaipur National Highway 8. Jaipur has acquired a unique importance as a regional Center of retail, commerce, administration, education, production and marketing in the state of Rajasthan. The multitude of new development projects coming up in Jaipur and its ever-changing skyline are testament to its growth story.

Being the capital of Rajasthan, Jaipur offers innumerable options and varied opportunities in terms of both employment and lifestyle. Enhanced connectivity, an upgraded airport at par with international standards at sanganer and being an important part of the ‘Golden Triangle’ along with Delhi and Agra, India’s most visited tourist circuit makes Jaipur a flourishing business destination apart from just being the most popular city in Rajasthan. Ample parking facilities, congestion-free traffic in prime city areas with a number of flyovers and bridges, well- carpeted roads and civilized people augurs well for the city. Viewing the social life in the city, Jaipur boasts of several clubs that offer recreational facilities including indoor and outdoor sports.

Ranking high on tourism influx and activities, Jaipur also records other prospering factors. The city has observed a shift from its cultural focus to a more evolving segment of modern technology centers. Social environment of the city is conducive for economic growth and prosperity. The economic opportunities coupled with favorable linkage through railways, highways and international airport make it the favorite destination for investors and entrepreneurs.