Jaipur Industrial

Jaipur Industrial Development

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 World Trade Park

Jaipur Retail Real Estate

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.

Jaipur Tourism

Jaipur Travel and Tourism

Jaipur Properties Historically, tourism and local handicrafts industries were the key economic contributors to the city. Tourism industry has continued to see a boom with ever-increasing tourist inflows-both domestic as well as foreign-year-over-year on the back of changing real estate scenario of the city and the upgradation of city infrastructure. Moreover, a large supply of branded hotel rooms in the city in recent past has also impacted positively on the tourism profile of Jaipur. More than 30 miilion tourists visited the state in 2012 including close to 1.45 million foreign tourists which shows a sizeable increase of 5.5 per cent over the previous year. With upgradation of the airport, domestic traffic handled by the Jaipur airport also increased from 986,386 in 2008-2009 to 1,316,362 in 2012-2013. In recent times, the city has also become a key MICE destination catering to large incentive tours, corporate residential meetings and weddings.

Jaipur reflects its grandeur through various heritage hotels which have been created by converting forts, palaces and havelis. On one side, the city showcases eminent forts viz. Amer, Jaigarh and Nahargarh fort that attract tourists to the city, and on the other side, there are endless number of heritage hotel properties to suit the different budgets scenario and stature of the hotels in Jaipur are getting better every year as the city is maturing on tourism front. Moreover, heritage properties provide well decorated and embellished rooms, depicting the culture and flavour of the city.

Viewing the supply statistics, approximately 500 new hotel rooms were added to the market in 2011-12 as compared to just 82 in 2010-11. Going forward, approximately 1,000 more hotel rooms are expected to be completed by 2014-15 and in the long term, an addition of large inventory of hotels in Jaipur, the average occupancy rate in the city has gone up by 1.7 per cent since 23009, closing at 59.4 per cent in 2010-11, clearly indicating an increase in demand on the back of improved supply. Eminent hotels in Jaipur including Rajputana Sheraton, country Inn and Suites, Trident Hilton, Raj Villas, Park plaza, Holiday Inn, Fortune Select Bellacasa, Royal Orchid, Ramada Inn and golden Tulip among others.

Jaipur IT

Jaipur IT/ITeS sector

Jaipur Properties An important initiative that is promoting the IT sector investment in the city is Mahindra world city. These 3,000 Acers Special Economic Zone is a multi-product SEZ approved for IT/ITeS, engineering and related industries, handicrafts and gems and jewelry, and is located along Jaipur-Ajmer Highway (NH 8). Additional sectors proposed to be added within the SEZ include apparel, logistics and warehousing. The economic hub is located in close proximity to established areas of Jaipur, including the Jaipur international Airport.

The developed area of the IT/ITeS zone of the SEZ is spread across approximately 383 acres with proposed development scale of approximately 750 acres. Approximately 35 IT companies have already signed up with few corporates such as InfoTech running operations in full scale. According to rough estimates, total working population of over 1,500,000 persons is expected once the SEZ commences full scale operations. Some of the prominent companies operating within this SEZ include Infosys, DBOI Global services, EXL SEZ, BPO solutions, Nucleus software Exports, and Systweak software among others. Further, an additional IT SEZ is planned in the corridor by Vatika group.

In addition to these developments, RICCO has also developed IT parks and incubation Centre in Jaipur. Moreover, Rajasthan Industrial Corporation has also planned IT Parks in Sitapura with excellent connectivity With Jaipur. Eighty per center of IT/ITeS units in the state of Rajasthan are located in Jaipur alone.

As of 2011, approximately 15,000 people are directly employed in the IT/ITeS sector which is expected to double in the next two-three years, generating a demand of approximately 3 million sq ft. additional IT-based commercial office space in the city.

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 (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.