The Pink City in Limelight
Jaipur the capital and the largest city in Rajasthan is emerging as one of the rapidly growing tier II cities in the country. The city known for its culture and heritage is now gradually stepping towards being a Hi-Tech city. Realty Plus reports the real-estate trends observed in the city.
Jaipur is situated on National Highway 8 (Delhi-Mumbai Highway) and its proximity to Delhi, gives it a strategic advantage. On the infrastructure front the Delhi-Jaipur Express highway expected to become the closest link to the NCR. The proposed Gurgaon-Jaipur Super Expressway will reduce the travel time between the two cities, to 90 minutes. All these factors clubbed with Jaipur’s Metro phase I work and Mahindra’s 3000 acre special economic zone (SEZ) are some of the driving factors of the city. These factors have brought the city under the focus of several real estate developers as the real estate demand across all the real estate asset classes are coming up in a big way.
Talking about the growing prowess of Jaipur’s real estate market, Anuj Puri, Chairman, Anarock Property Consultants said, “Emerging out of its image of being a majorly tourism-led economy; Jaipur has grown beyond everyone’s expectation to become one of the top global outsourcing cities in India. The upcoming IT Parks promise a great future across all real estate asset classes. The 250-kilometer stretch between Delhi and Jaipur has become a hotbed for real estate development, with areas like Manesar, Dharuhera, Bhiwadi, Neemrana, Kotputli and Alwar becoming the new catchwords for investors.”
According to Sanjay Chatrath, Executive Director, NCR at Colliers International India, the upsurge in Jaipur’s real estate market is largely because of its conducive and progressive commercial environment, the traditional commercial real estate market in Jaipur is confined to the development of high streets and shop cum office complexes (SCO’s). With the growth of economic activity and setting up of offices by IT/ITeS, BFSI, Banking and Insurance companies in Jaipur, the SCO’s have paved the way for the development of Grade A commercial real estate in the new city areas, such as C –Scheme, Malviya Nagar, Ajmer road, etc.
Low property prices, fast developing infrastructure, growing employment because of growth in IT/ITes sector, largely because of Mahindra’s SEZ has drawn the interest of investors as well as end-users to Jaipur’s real estate market. The city possesses good medical facilities, education centres, plush hospitality and balance of good malls and retail brands, matches the need of modern-day homebuyers.
A plethora of upscale and self-sufficient integrated townships are coming up within the city. Developers are also launching group housing apartments, villas and row houses also. Some of the prominent indigenous real estate developers in the market are Mahima Group, Suncity Projects, Adarsh Builders, Maple Group, Astha Group,Cedar Group, Mangalam Group, etc. Some of the Delhi based developers such as Emaar, Parsvnath and Omaxe are also operating in Jaipur.
Jaipur is a fast-developing city with many influencing growth drivers in place. It has progressed tremendously on the residential as well as the retail fronts, and is considered one of the most important real estate destinations of North India. Some localities in Jaipur such as Malviya Nagar, Tonk Road and Ajmer Road are among the best emerging investment destinations in the country.
The city’s commercial market can be divided into the Central Business District (CBD) comprising MI Road, C Scheme, Ashok Nagar, Ahinsa Circle, the Secondary Business District (SBD) including Malviya Nagar, JLN Marg, Jhalana Doongri and Periphery Business District (PBD) that consists of Nehru Place, Tonk Road, Vasundhara, Ajmer Road, Mahindra World City and Sitapur Industrial Area.
Significant Micro markets
- Proposed Knowledge City near Bagru that will have Universities, research institute, Convention center, International Library all atone place
- Mahindra World City (SEZ) in which lot of developments are taking place in terms of IT, Financial and Industrial sectors
- Big Investment by JCB, Wipro, Deutsche Bank, State Bank of India, ICICI Bank etc
- Proposed Ring Road will also provide easy approach with City’s other parts as far as connectivity is concern
- Proposed DMIC — Delhi Mumbai Industrial Corridor me Proposed JDA’s Convention Centre & Golf Course
- Development of Industrial Park by private builders
- Proposed Rajasthan Central University (A 5500 Crore Project)
- Availability of Jaipur’s top colleges and institutes
- Availability of big government institutions
- Proximity with International Airport Vicinity to EXPORT PROMOTION INDUSTRIAL PARK (EPIP)
- Proposed south knowledge corridor near Phagi
- Proposed BRTS Corridor will provide the new transportation facilities to the area
- The proposed Ring Road Project will provide an easy & fast access to all major roads connecting Jaipur without entering into Jaipur City
- Due to area’s presence in Golden Quadrilateral Agra road have wide opportunities for future perspective
- Ghat Ki Gooni and Transport Nagar Underpass Opened the new Opportunity
- Area will witness the new growth with Proposed Ring Road
- Rajasthan’s first heritage market proposed on Agra Road
- Construction of film city NearJamdoli on Agra Road
- Availability of National level Universities & Institutes.
- RIICO Industrial Area Kukas
- Proposed Sports City & Science city
- Just 252 Kms away from National Capital this is the highway of new possibilities
- Government has developed its residential plans like Indira Gandhi Nagar Scheme, Ram Nagariya scheme and Mahal Yojna in this area.
- Area is becoming the educational hub with top class colleges and institutes
- Proposed Reliance’s Mega MediCity, Bombay Hospital and expansion plan of Narayan Hrudyalaya are making the area a big Medical Hub
- Close Proximity to International Airport
- Proposed Shooting Range and Indoor Arena
- NRI Colony and Central Spine are the two big residential schemes available in the area.
- Visionary builders of Jaipur creating a whole new ‘JAGAT’ in Jagatpura, with more than 70 real estate projects
- Asia’s largest residential Colony
- More than 15 lacks people live in the area
- 1st Phase of Metro will start from Mansarovar to Chandpole
- Patrakar Colony is becoming new residential hub having projects of top builders.
- Vicinity to International Airport
- Easy connectivity to MahindraSEZ
- Availability of top brand institutes and colleges
- Proximity with Rajasthan’s biggest Vegetable market Muhana Mandi
- Employment opportunities with Mansarovar IndustrialArea.
- Surrounded by Jaipur’s growing areas, like Tonk road, Ajmer Expressway, Vaishali Nagar
- Area is near to Jaipur’s fastest developing area Vaishali Nagar and getting the profit of price difference. Area has very affordable property rates as comparison to Vaishali Nagar which is just 6 Kms from Sirsi Road.
- Due to availability of Bindayka industrial area one can invest in the area for business purpose also.
- Kanakpura Railway Station connects the area with Major Railway stations of the State.
- Good connectivity with Ajmer-Kalwar Road and Jaipur-Jodhpur Highway.
- Area has good connectivity with other parts of city due to presence of BRTS Corridor
- Vishwakarma Industrial Area (The biggest operational RIICO industrial area of Rajasthan) is also on this Road
- Jaitpura Industrial Area also comes in vicinity.
- The II phase of the Metro is in the pipeline connecting Ambabari to the Sitapura
- Jaipur Development Authority (JDA) has also launched affordable residential plots along Sikar Road
- Easy connectivity with emerging Shekhawati area as well Delhi & Ajmer Road
- The 4 lane toll road has reduced travelling time from Jaipur City to Sikar by more than 30%
- Availability of Anaj Mandi, Loha Mandi and Transport Nagar
Jaipur- the Smart City
With the Pink City emerging as a tourism hub and drawing large numbers of visitors, the JDA (Jaipur Development Authority) recognised the need to hasten their efforts. Their mandate was two-pronged. They needed to increase the quality of public services and increase information access available to residents, as well as offer a stellar tourism experience to visitors. A further need was to focus on safety for visitors and residents alike.
As part of the journey towards making Jaipur a Smart and Secure Wi-Fi City, the JDA wanted to provide easy access to information, across multiple devices and platforms, to the residents and tourists of Jaipur. Like most other digital transformation projects, they also had the responsibility to keep an eye on cost-effectiveness and manageability. To do this, they needed a partner with a strong background in technology, and one that can manage this mammoth task, by efficiently implementing reliable solutions.
Cisco worked with the JDA to realise their vision of developing Jaipur city into a Smart & Secure Wi-Fi City through a variety of customised solutions and technology. Cisco empowered the creation of new digital connections to make cities in the region more desirable places to live in— with quality services and safety—and able to support their thriving economies.
“Digitization will be key to how cities, communities and countries maintain global competitiveness, increase GDP growth, foster innovation and create new jobs. ‘Digital Rajasthan’ is a powerful platform to realize that vision. Today, citizens of Jaipur are digitally empowered and this is just the beginning. We envision Jaipur as a role model for digital transformation for other cities to follow,” said, Vaibhav Galriya, JDA Commissioner.
“Jaipur is a historical city that attracts tens of millions of tourists from all over the world annually. Jaipur is focusing on technology innovation as a Digital City to showcase greater connectivity and information access for our citizens and tourist visitors. Working with Cisco has made this vision a reality, and our city is benefitting in every aspect – from safety and security, to easy access to information, to overall improvement of our image and our stepping into the “Smart City” arena,” stated, Shikhar Agrawal, Principal Secretary Water Resources, State Water Resource, Planning, Government of Rajasthan.
Progressesion of Jaipur
- Jaipur is one of the three important constituent of “Golden Triangle” of Indian along with Delhi & Agra which is proposed to be upgraded as National Express Way
- The Smart City plan for Jaipur was selected in the first batch of 20 Smart Cities itself.
- The city is an emerging IT/ITES destination after Gurgaon, with presence of major IT players
- Companies like Genpact, Mico, Coke, Infosys, Cisco, Wipro, HCL, IBM, Daksh, Hinduja, TMT etc are already exploring business opportunities in Jaipur
- More than 35 five star hotel brands are available in the city
- Jaipur is the new education hub with 2 Government Universities, 2 Deemed Universities, 11 Private Universities and more than 80 colleges of various streams
- GDP of the city growing at more than 12% for last three years compared to national average of 7%
- Eleventh largest city in India, it is destined to become a Mega City by 2025 with a population of 7 million persons encompassing over an area of about 3000 sq kms
- The city’s major advantage is its international airport, with flights to all major destinations in India and abroad
- It is the hub of domestic and foreign tourists with almost 80% of foreign tourists coming to India visiting Jaipur
- The city is the largest center for export of colored gemstones, sterling silver jewellery, handicrafts, carpets, apparel, traditional footwear, marble & stone artifacts, engineering goods, etc.
- Special Economic Zone (SEZ) joint venture by Mahindra & Mahindra with RIICO on 3000 Bighas of land is coming up
Jaipur holds great potential and promises good returns on investment, feels, Puri, he further, elaborated, “The government is taking keen interest in developing the infrastructure of this region. The announcement of the Metro has triggered faster infrastructure development, and property prices are expected to witness an upward surge in the next few years. However, the development is still in its nascent stage.”
On the concluding thoughts, Chathrath, added, “The city’s administration pays a substantial focus to tourism, manufacturing, exports and education sectors. Jaipur’s proximity to the National Capital Region is one of its biggest advantages. The nearby markets of Delhi and Gujarat have been a complementing factor for the city. The Delhi Mumbai Industrial Corridor (DMIC) will further push Jaipur’s status as the Economy hub of the region. The Jaipur real estate market is one of the upcoming destinations for the nearby investors looking to settle in the city. The increased rate of migration from the nearby areas will further push the demand in the city for various real estate projects.”
The state government is drafting several plans for the improvement and betterment of the walled city. CM Raje announced that the Ram Niwas Bagh will be connected to Jaipur-Delhi National Highway through an international level underpass. The project will be carried out as part of the Smart City Program and Jaipur Smart City Limited (JSCL) has already started inviting the bid for the project. The funding will be provided by National Highway Authority of India (NHAI). Additional tunnels will be constructed for the parking that will bring the city at par with the infrastructure of foreign countries.
Further, under the Dravyavati river project, INR 50 Crores have been allocated to develop a 30 km long smart corridor, as per international standards. This corridor will be developed with cameras, surveillance, Wi-Fi, sensors, and other hi-tech features.