Is Jaipur a good place to invest in property?

Is Jaipur a good place to invest in property?

Jaipur, the vibrant capital of Rajasthan, has been gaining a lot of attention from property investors over the past few years. Coming into 2024, many would be left wondering if the Pink City still held some promise in the real estate market. At Landkhoj.com, this blog post shall reveal all the important elements which make Jaipur such an interesting option for property buyers today: the fastest-growing areas, livability, and construction costs. We will also touch on transport and connectivity in the city to give you a fully rounded view of what Jaipur has to offer.

Which is the fastest growing area in Jaipur?

Jaipur's real estate landscape is changing at a fast pace, and there are a few areas that reflect huge growth potential. These are:

Mansarovar

• Fast-developing residential hub
• Good mix of affordable and mid-range housing options
• Proximity to Sanganer Airport boosts property values
• Well-connected to city centre via Tonk Road

Jagatpura

• Emerging as a new IT hub
• House to World Trade Park and upcoming office spaces
• Growing demand for both residential and commercial properties
• Relatively affordable as compared to more established areas

Ajmer Road

• Major development corridor with many upcoming projects

• Mix of residential complexes and commercial spaces

• Good connectivity to other parts of the city

• High returns on investment are possible

Sitapura

• Industrial area that is turning into a residential hotspot

• Home to a large number of IT and manufacturing companies

• Affordable property prices with potential to appreciate

• Increasing infrastructure and amenities

Vaishali Nagar

• Established area with consistent growth

• Favourite place for middle and upper-middle-class families to live

• Well-planned layout with wide roads and green spaces

• Good mix of residential and commercial properties

How is Jaipur settling down?

Jaipur has been an exquisite combination of traditional charm and modern-day metropolitan amenities to make it the place to live in:

Climate

Hot dry summers, April to June

Pleasant winters, November to February

Monsoon brings moderate rainfall in the period from July to September

Culture and Heritage

Rich in history and traditional Rajasthani culture

Hosting UNESCO World Heritage sites like Amer Fort

Vibrant arts and crafts scene

Regular cultural festivals and events

Infrastructure

Improving road network and public transport

Jaipur Metro expanding to more areas of the city

Planned Smart City initiatives to create better urban living

Education

Quality schools and colleges

Institutions such as IIS University and Manipal University

Growing number of international schools

Healthcare

Modern hospitals and specialised clinics

Government and Private Healthcare Options

Next emerging medical tourism destination

Job Market

Fast-growing IT and service sectors; prospering tourism and hospitality sectors; potential in handicrafts and textile sectors.

Cost of Living

More reasonable compared to big metropolises like Delhi or Mumbai

Reasonable housing and daily expenses

Excellent value for money that comes with a good quality of life

Lifestyle

Excellent balance of urban facilities and cultural experiences

 Gradually increasing malls, restaurants, and entertainment options

Ease of weekend getaways to spots in Rajasthan

How much does it cost to build a house in Jaipur?

What is the cost of building a house in Jaipur?

Location Factors

• Locality in C-Scheme or Civil Lines are on the higher side
• Developing locality like Jagatpura or Ajmer Road relatively cheaper
• Land prices have a big impact on overall costs

Construction Costs (2024 estimates)

• Basic quality: ₹1,300 - ₹1,600 per sq ft
• Standard quality: ₹1,600 - ₹2,100 per sq ft
• Premium quality: ₹2,100 - ₹3,200 per sq ft
• Luxury construction: ₹3,200+ per sq ft
• Cost Breakdown (approximate percentages
• Foundation and structure: 18%
• Walls and roof: 22%
• Flooring and tiling: 12%
• Doors and windows: 9%
• Plumbing and electrical: 11%
• Painting and finishing: 7%
• Labour: 28%

Costs to Think About Beyond the Construction Process

• Architectural and design fees: 5-10% of construction cost
• Government Approvals and Permits: Depends on size of project
• Interior Design and Furnishing: Depends on taste and needs

Cost Controls

• Use local materials when possible
• Energy-efficient designs will save money in the long run
• Get multiple quotes from contractors
• Plan thoroughly and avoid changes during construction

Conclusion

Jaipur makes a very strong case for investing in properties in 2024:

Growing Market

• Consistent appreciation in property values during the last few years
• Growth in job market with the influx of young professionals
• Government initiatives that have helped in developing infrastructure
• Diverse Options
• Affordable to luxury housing options
• Residential and commercial investment options
• Emerging areas like Jagatpura and Ajmer Road have huge demand
• Quality of Life
• Amalgamation of traditionalism and modernity
• More affordable compared to major metros
• Infrastructure and urban planning are in the process of up-gradation
• Potential Challenges
• Inadequate water supply in localities
• Congested roads in the heart of the city
• Public transport system has to be developed further

Conclusion

• Jaipur presents some decent short and long term investment opportunities
• Get area and asset class wise feedback
• Study the locality, amenities, and master plans
• Seek local realty experts' views on existing market conditions

Transport and Connectivity:

• Jaipur's better connectivity through transport is another factor that makes the city interesting for end-users and investors alike:

Air Connectivity

• Jaipur International Airport connects major Indian cities and a few international destinations
• Distance from city centre: ~13 km
• Under expansion to cater to more passengers

Rail Network

• Jaipur Junction is well-connected to major cities in India
• Multiple trains to Delhi, Mumbai, and other metropolises run every day
• Luxury trains like Palace on Wheels halt at Jaipur

Road Connectivity

• Well-connected by National Highways NH 8, NH 11, NH 12
• Regular services of buses to nearby cities and states
• Good network of local buses in the city

Jaipur Metro

• Presently functional on one line (9.6 km)
• Phase 1B and Phase 2 to be planned, to enhance the coverage
• Value of property is expected to rise along with its Corridors

Local Transport

• Auto-rickshaw and cycle rickshaws are readily available
• App-based taxi services are Ola and Uber
• Public bike-sharing system in certain parts of the city

Future Plans

• Ring Road project for smooth and hassle-free congestion
• Proposed BRTS System

Smart City initiatives for enhancement in urban mobility

The Jaipur real estate sector is, therefore, promising in terms of fast-growing areas and improving infrastructure for a good quality of life in the year 2024. Investment has its own risks; however, blending beautiful cultural heritage with modern development makes Jaipur one such destination that no property buyer can ignore. Personal goals and careful research are some of the key consideration criteria that should be used while deciding on property investment, just like any other investment.