Once famous only for its rich cultural heritage, handicrafts and palaces, Jaipur is transforming. The Pink City is now rapidly becoming a modern urban centre while retaining its traditional qualities. The shift is a result of initiatives from the state government, private investments and key infrastructure developments that are changing the real estate market in the city. These infrastructure projects will increase accessibility and improve urban development, creating future-proof homes for buyers and investors.
The infrastructure revolution
The consistent rise in property prices in Jaipur is mainly being driven by infrastructure projects, such as metro lines and expressways. For example, the areas which were not easily accessible earlier have now emerged as pockets of high value real estate in the city.
After a 12% increase in stamp duty and registration collections in 2023-24, the city has continued its momentum with a 19% rise from April to May 2024.
The construction of expressways, including the Delhi-Mumbai Expressway, will play a major role in boosting the Jaipur real estate market. The expressway will reduce the duration of travel between Jaipur and Delhi and will make the Pink City an appealing choice for those working in the Delhi-NCR area looking for a peaceful life and affordable options.
Rise of gated communities and integrated townships
The real estate market in Jaipur has seen a significant increase in the number of gated communities and integrated townships. With modern amenities and high security, these projects offer a high quality of living and make for an ideal option for prospective buyers.
Such residential developments meet the growing needs of the modern consumer who expects a well-designed home that provides a mix of luxury and comfort. Leading developers are investing in making housing developments that will appeal to the increasing urban population.
Affordable housing and government initiatives
The construction of new highways, better road networks and improved public transportation networks have made way for affordable housing initiatives. In line with the Government’s ‘Housing for All’ initiative, the expansion has not only increased connectivity but also made home ownership accessible to a wider set of consumers.
Affordable housing projects usually target first-time homebuyers seeking quality houses that are within budget.
Future prospects for real estate
Jaipur is expected to experience strong growth in the real estate sector thanks to ongoing and forthcoming infrastructure projects. Be it the Delhi-Mumbai Expressway, Regional Rapid Transit System (RRTS), or the extension of Metro, these infrastructure developments are expected to transform Jaipur into a major commercial and residential centre. As more areas are made available, the need for commercial and residential space will continue to grow, which will increase prices.
Jaipur presents a golden investment opportunity at this juncture. The city’s location, along with the government’s commitment to infrastructure development, makes it a great location for real estate investment.
The city is on its journey to becoming an advanced urban centre, powered by projects to improve infrastructure that improve connectivity, stimulate growth in the economy, and enhance the standard of living for the residents.
(Author is chief interior designer and director of Manglam Group)
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