High rate of urbanisation and growing percentage of real occupants will drive growth for the realty sector in jaipur, says anil sharma
Often referred to as India’s first planned city, Jaipur – the capital city of Rajasthan promises a great deal to real estate developers. As per the report ‘Residential Opportunities in Central India’ by Jones Lang LaSalle Meghraj, “Jaipur is located at a strategic point on NH8 (one of the vertices of the Golden Quadrilateral Corridor of the National Highways Development Project) that connects Delhi and Mumbai... Its share in the state’s urban population was 15% in 1991, which grew to 17% in 2001. Jaipur ranks first in the state with the highest urban population. The high rate of urbanisation is attributed to its administrative, trading, tourism based economic activities concentration in the state. Within the state, it is the center of education and provides one with better employment opportunities and living conditions.” Trade experts claim that the demand for land, houses and commercial property has improved lately with demand for property ranging between Rs.0.5-2 million being high. As per the Government of Rajasthan, there would be a demand for 17 lakh houses by 2021 in the state with an expected growth of 10-15%. Encashing on this opportunity, while some builders are trying to enter into affordable housing, others offering additional features (like complete wood work, modular kitchens, ACs, et al) to woo buyers. Subash Saini, Director, Guru Pragya Real Mart, a local real estate developer, says, “Around 70% of the buyers are end users and remaining small investors. Post-revival, some builders have already increased the rates of their projects and another 10% hike is expected in a month’s time.” Buyers who are presently coming to the market are from middle and lower middle class. “Long term investors who used to invest in higher end (cost) properties have still not entered the market,” says Ravindra Singh Thakkar, Director Unique Dream Builders. At the same time, demand for property, which can fetch rental income is presently high.
Often referred to as India’s first planned city, Jaipur – the capital city of Rajasthan promises a great deal to real estate developers. As per the report ‘Residential Opportunities in Central India’ by Jones Lang LaSalle Meghraj, “Jaipur is located at a strategic point on NH8 (one of the vertices of the Golden Quadrilateral Corridor of the National Highways Development Project) that connects Delhi and Mumbai... Its share in the state’s urban population was 15% in 1991, which grew to 17% in 2001. Jaipur ranks first in the state with the highest urban population. The high rate of urbanisation is attributed to its administrative, trading, tourism based economic activities concentration in the state. Within the state, it is the center of education and provides one with better employment opportunities and living conditions.” Trade experts claim that the demand for land, houses and commercial property has improved lately with demand for property ranging between Rs.0.5-2 million being high. As per the Government of Rajasthan, there would be a demand for 17 lakh houses by 2021 in the state with an expected growth of 10-15%. Encashing on this opportunity, while some builders are trying to enter into affordable housing, others offering additional features (like complete wood work, modular kitchens, ACs, et al) to woo buyers. Subash Saini, Director, Guru Pragya Real Mart, a local real estate developer, says, “Around 70% of the buyers are end users and remaining small investors. Post-revival, some builders have already increased the rates of their projects and another 10% hike is expected in a month’s time.” Buyers who are presently coming to the market are from middle and lower middle class. “Long term investors who used to invest in higher end (cost) properties have still not entered the market,” says Ravindra Singh Thakkar, Director Unique Dream Builders. At the same time, demand for property, which can fetch rental income is presently high.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles.
Prof. Rajita Chaudhuri's Website
domain-b.com : IIPM ranked ahead of IIMs
Arindam Chaudhuri's Portfolio - he is at his candid best by Society Magazine
IIPM Best B School India
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM's Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri - A Man For The Society....
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
IIPM B-School Detail
