Real estate in this part of the world has seen a meteoric development in the recent years. While metro cities are fast reaching space crunch from prime localities to excess capacity in the suburbs, the investors in real estate are looking at niche destinations for rapid realization of their investment. The Tier 2 cities are growing in leaps and bonds. The property investment in Jaipur, the most favoured destination approximately within 300 km from Delhi is reflecting the same – niche in property development in India. Jaipur is the 11th largest city in the country. It had the highest decade growth in population (49%) from 2001 to 2010. These are strong indicators of vibrancy in the real estate industry.
1. Property Investment in Jaipur :
a. Delhi-Mumbai Industrial Corridor: Govt of India announced Delhi- Mumbai Industrial Corridor (DMIC) in the Annual Budget 2 years back. It is seen as the one of the most prolific and ambitious projects of the recent years to boost various Industries falling on the Delhi-Mumbai route touching states of Rajasthan, Haryana, UP, Gujarat and Maharashtra. Jaipur-Dausa Industrial stretch falls directly over the DMIC and has been recognized as one of the Industrial Areas (IAs) with Jaipur becoming ever so important industrial destination. Historically, Jaipur is known as the Tourist capital of India but with advent of DMIC and other Industrial programs launched in the recent years it is now fast becoming the most important industrial city in North India after Gurgaon. More information about DMIC can be found on : http://www.dmicdc.com/cpage.aspx?pgid=12
b. Multiple growth in Special Economic Zones/Industrial Zones across Jaipur: For the last one decade Jaipur has seen major rise in provisioning and growth of SEZs; pro–active governance and pro–investor policies making Jaipur a dream destination for the knowledge industry.
- Mahindra World City (MWC) – Spread over 3000 acres, MWC is easily the IT destination of the city. Located on the NH-8 (Jaipur- Ajmer Expressway) it boasts of companies like Deutsche Bank, Infosys, Genpact, JCB, ICICI Bank, Tech Mahindra and Wipro already operational in MWC. The SEZ is showing sharp growth of about 50% annually in employee strength. The area adjacent to MWC (The Ajmer Road) is rapidly becoming the most important geographical cluster in the city. More Info about MWC could be found on – http://www.mahindraworldcity.com/
- According to Economic Times report (Submitted by consulting firm Tholons) – Jaipur has been ranked 38th in the list of most lucrative IT/ITeS/Outsourcing destinations in the world. More info could be found on – http://articles.economictimes.indiatimes.com/2014-01-23/news/46514278_1_philippines-six-indian-cities-3-cities
- Sitapura Industrial Hub (RIICO) – Established in 1980, Sitapura Industrial Hub (SIH) is the most reputed and well planned economic zone developed in North India giving platform to about 1000 SMEs in the area of global trade and e-commerce. Spread across 1600 acres of land SIH is divided in 6 different zones to give a focused and competitive growth for various companies operational in the area. SIH is located on Jaipur- Agra Expressway and is pinned to grow @ 30% annually in the employee strength. SIH has been the main reason for the growth of Jagatpura residential cluster in the city. More info about SIH could be accessed at – http://sitapuraindustriesassociation.com/about-us.php#tab1
c. World Events – The Jaipur Literature Festival & The Jaipur Jewellery Show: Last decade has seen Jaipur emerge as the world destination for Art & Literature – both the mentioned events has positioned Jaipur as the stage for the finest in the world of art. Jaipur was always the center of excellence in the Jewelry and Gemstones businesses around the world but with a platform like Jaipur Jewellery Show (JJS) – now the best in the business get to showcase their work to the clients across the world – it’s a hybrid event with focus on both B2B and B2C clientele. The Jaipur Literature Festival (JLF) has put Jaipur on the world map with world literati gathering annually in the city to discuss and explore areas of poetry, journalism, literature and art. More info about these events could be found on – http://jaipurliteraturefestival.org/ & http://www.jaipurjewelleryshow.org/
d. Booming Real Estate and Infrastructure growth: Research shows that real estate of Jaipur is growing at a healthy 18-20% annually. Jaipur has witnessed significant demand and supply in the real estate sector in past few of years. Better connectivity and improved basic facilities has attracted developers, investors and buyers to the city. Also, attached is the ICICI Bank Real Estate Report from Jan 2013. I will share more reports on Real Estate in Rajasthan as and when they are updated for 2014.
e. Bisalpur Water Project – For years, Rajasthan was seen as a state grappling with water shortage, inhabitants of Rajasthan may differ strikingly on this though as Rajasthan was never short of drinking water! Rajasthan Urban Infrastructure Development Project (RUIDP) under its aegis has delivered the Bisalpur Water Project (BWP) which will reduce the city’s dependence on the ground water. This project is seen as one of the extremely important project to ensure regular and uninterrupted supply of water and electricity in the city. More info on – http://ruidp.rajasthan.gov.in/Bisalpur.htm
f. Connectivity with the Metro Cities of India – Jaipur is connected with all the major cities of the country via Rail, Air and Road. Some of the info is below:
- Jaipur – Delhi: Direct via Air, Road (Road 225 Kms)
- Jaipur – Mumbai: Direct via Air & Road (1130 Kms via Ahmadabad)
- Jaipur – Agra: Direct via Air & Road (239 Kms)
- Jaipur – Ajmer: Direct via Air & Road (131 Kms)
- International Connectivity to – Dubai, Muscat, Sharjah, Abu Dhabi
g. Jaipur – The “tourist capital” of India – Jaipur – Delhi – Agra form the Golden Triangle of National Highways connecting these 3 very important tourist destinations.
2. Jaipur as a dream city to strike the work-life balance:
a. Jaipur Metro Rail Project – Jaipur is the smallest city in the country to have its own Metro rail connectivity. Year 2014 will see Metro phase 1 getting completed with Mansarovar (one of the most developed Jaipur Sub-urban area) getting connected to Chandpole area (old Jaipur city) reducing the time of travel from 60 minutes to just 7 minutes. Mansarovar being one of the posh residential areas of the town spurring the growth on the on Jaipur – Ajmer stretch. Phase 2 is underway and is likely to be operational by year 2016. The quality of commuting is poised to go up many folds in the months to come which eventually adds to the pleasure of staying an urban life. More info on –http://www.jaipurmetrorail.in/
b. Ring Road – Ring Road project has truly elevated Jaipur to the category of Class A cities of the country. In Phase 1 , 47 Kms long road encircling the city is due for scheduled opening by mid 2014 connecting the Jaipur – Agra highway to Jaipur – Ajmer highway and all of the areas that fall between this stretch – Jagatpura, Pratap Nagar, Malviya Nagar, Tonk Road, Mansarovar etc. Phase 2 of Ring Road will stretch for 97 Kms and will complete the circling of the city by end 2016. More Info on – http://jaipurjda.org/page.aspx?pid=88
c. Multiplexes & Shopping Malls – There are many world class multiplexes and shopping malls which has sprung-up in the city in the city in the last 5 years. Mahima Group has delivered 4 major shopping complexes in the city adding to the ever increasing number of malls such as The Crystal Palm, The Crystal Court, The Crystal Mall, Trinity (All Mahima’s), World Trade Park, The Triton & The Pink Square. The acceptance of these malls among the population is an example of the changing lifestyle of a common Jaipurite.
Some other important points about Rajasthan state –
- Net State Domestic Product of over US$ 11.5 billion
- Ranked 8th largest economy in the country
- Ranked 9th in Human Development Index
- Largest state in India – area wise
- Excellent road network – 14 national highways pass through the state
- Well connected via 3 airports, including an International Airport at Jaipur
- Enjoys convenient access to the wealthy north and the prosperous west, the two largest consumer blocks within India.