Early signs of uptick in real estate industry in Jaipur
After years of decline, the real estate project pipeline has witnessed signs of recovery with realty market research firm Grant Thornton projecting 4,500 housing units adding to the inventory in 2018.
Gathering information from secondary sources, Grant Thornton said that 7,800 housing units were built in 2013 but thereafter the new supply started falling to as low as 3,210 in 2016. The trends showed a small uptick in 2017 at 3300 units indicating initial signs of optimism by the developers.
“Most of it is now driven by affordable housing segment. After demonetization, the market went into a tailspin and whatever demand is coming of late is from actual users. Sops under Mukhya Mantri Jan Awas Yojana is attracting new buyers to the market,” said Gopal Gupta, chairman of CREDAI Rajasthan at a real estate summit organized by FICCI-Rajasthan.
In order to provide time-bound clearances to affordable housing projects, the state government last month allowed architects empanelled by urban development department to approve the building plans for projects up to 40 metre high.