The real estate market in Jaipur has experienced a slowdown due to the COVID-19 pandemic, but it was relatively stable before the outbreak. Despite the challenges faced by the industry, there are several reasons why investing in a property in Jaipur can still be a lucrative option.
Residential property market trends in Jaipur
According to Nikhil Madan, MD of the Mahima Group, Jaipur's property market witnesses fluctuations every two years. In recent times, there has been a marginal rise in the prices of residential properties, especially in suburbs like Jagatpura, Tonk Road, and Mansarovar Extension. The demand for society or gated community living has also increased, indicating a shift in preferences towards an upgraded lifestyle. The property market in Jaipur is now driven by end-users rather than investors.
Is it worth investing in a property in Jaipur?
Property rates and key micro-locations in Jaipur’s realty market
Jaipur offers diverse micro-locations for property investment, such as Patrakar Colony, Jagatpura, Tonk Road, Ajmer Road, and Sirsi Road. Properties are available in affordable, mid-level, and luxury segments, catering to different financial capacities and preferences. Factors like amenities, location, infrastructure support, and builder's reputation affect property rates. The basic selling price varies between Rs 3,500 per sq ft and Rs 4,500 per sq ft.
Impact of COVID-19 on Jaipur’s realty market
The pandemic has significantly impacted Jaipur's real estate market, mainly due to its heavy reliance on tourism. Hospitality demand, employment, and retail spending have been affected, resulting in subdued construction and development activities. However, post-COVID-19, there is expected to be a greater demand for homes with open spaces and better ventilation. Developers are designing projects that prioritize social distancing, health, and hygiene.
Factors that would propel Jaipur’s residential market, post-COVID-19
Experts believe that Jaipur's real estate market will regain momentum in the coming months, considering it is the financial capital of Rajasthan. The presence of the Delhi-Mumbai Industrial Corridor (DMIC), cultural tourism options, and healthcare centers like Bombay Hospital and Reliance Medicity will boost the growth of the residential property market. Furthermore, the city's high literacy rate and good education system will attract companies, leading to an increased demand for skilled workforce and supporting the real estate sector's growth.
Why Jaipur is a great choice for home buyers
There are several reasons why Jaipur is an excellent choice for home buyers:
- Opportunities for work and growth
- Peaceful and welcoming city
- Proximity to Delhi
- Pollution-free environment
- Excellent connectivity through domestic and international flights, railways, and buses
- Wide roads throughout the city
- Presence of the Delhi-Mumbai Industrial Corridor
In conclusion, despite the challenges posed by the pandemic, investing in a property in Jaipur can be a wise decision. With its growing residential property market, favorable micro-locations, and potential for post-COVID-19 recovery, Jaipur offers a promising opportunity for real estate investors and home buyers alike.
