The pink city of Jaipur has long been hailed as a destination for travellers. Now the city is fast becoming a major commercial area for Rajasthan. Being the capital of the state, Jaipur is the hub of all social, cultural and commercial activities in Rajasthan. These prospects drive real estate developments in the city. Here’s a look at the city profile:

Commercial aspects –

Jaipur’s proximity to Delhi is a boon for the city. Jaipur is now considered an alternative city just like Gurgaon, Faridabad and Ghaziabad. Therefore, Jaipur is the first choice for those corporate houses that want to expand outside of Delhi and want to explore the western part of India.

Jaipur has positioned itself as a major IT destination. Global MNC – GE International – already has a campus in Jaipur. Also, Infosys, Cisco, Wipro, HCL, IBM Daksh and Hinduja TMT are ready to hit the town.

Other commercial establishments that are interested in Jaipur include Hero Honda and Anil Ambani’s Reliance Retail. Mahindra has also seized a 3,000-acre land bank to establish an SEZ near Jaipur. The city has an upcoming knowledge corridor where a series of educational and research institutes would be established. Another specialized zone called Sports City will be developed in Achrol, near Jaipur. Now, Mahindra has seized a 3,000-acre land bank to establish an SEZ near Jaipur.

Residential Real Estate –

The increase in commercial activities is boosting the residential real estate sector of Jaipur. The main residential areas of the city like Malviya Nagar, Bapu Nagar and Civil Lines have very high rental rates. A 3-bedroom house in these areas would cost between 15,000 and 20,000 rupees per month. The capital value of the plots varies between Rs 40,000 and Rs 65,000 per square meter. However, outlying areas have affordable accommodation. Sunny urban areas like Kalwar Road have a plot capital value between Rs 3,000 and Rs 7,600 per square yard.

Most of the new development is happening in the areas where IT companies have established themselves. Private property developers are very active in Jaipur. Delhi-based builders Ansals, Vatika, Omaxe, Emaar MGF and Parsvnath have launched a number of residential projects in and around the city. Many local developers like Narvik Nirman, the Narayan group, are also developing residential apartments in the city.