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.