Jaipur, the capital city of the Indian state of Rajasthan, is renowned for its cultural heritage and rich history, making it a popular tourist destination in the country. In recent years, the city has seen significant economic growth, with the establishment of new industries and the expansion of its service sector. The upgraded airport at Sanganer, enhanced connectivity, and its role as part of the “Golden Triangle” tourist circuit, along with Delhi and Agra, have also made Jaipur a thriving business hub. As a result, the city has emerged as one of India’s fastest-growing megacities, with an annual growth rate of 4.5%, more than double the national urban growth rate.
As of 2023, Jaipur has an estimated population of 4.2 million, growing by 2.4% in the past year. The rise in employment opportunities and improvements in social and physical infrastructure have earned Jaipur a 23rd place ranking on the Ease of Living Index. Its nominal GDP is estimated at INR 1,22,140 crores ($15.8 billion) in 2020-21, with a per capita GDP of INR 1,41,305. Jaipur was ranked 31st among the 50 Emerging Global Outsourcing cities and is home to the largest IT Special Economic Zone in India, the Mahindra World City. According to NASSCOM, Jaipur is the fifth largest start-up ecosystem in the country.
Not only IT industry, but the robust connectivity has also made Jaipur a preferred destination for setting up Knowledge Process Centre (KPO), and warehousing center in the region. The socio-economic and infrastructure has fueled growth has trickled down in the real estate market in the city, which has witnessed significant growth across asset classes such as
commercial, retail and residential segments. To put things in perspective, Jaipur has emerged as a prominent property market not only in Rajasthan, but also amongst prominent Tier 2 cities across northern
region of India. According to our IRIS Index, which is a leading indicator of upcoming property demand in 42 key cities of India, the online property searches and queries are highest in Jaipur as compared to its North-Indian counterparts of Chandigarh Tricity (Chandigarh, Mohali, and Zirakpur), Lucknow, Ludhiana and Amritsar. In fact, the city has been trending amongst the top-5 key Indian cities with maximum online property volume since May 2022 signaling for the positive trend to continue in the coming years.
A deeper look into the online homebuyer activity in Jaipur indicates that the majority (42 per cent) of homebuyers in Jaipur are looking for apartments, followed by villas which took 23 per cent share in overall searches. Independent homes and plots together take a 32 per cent share in total property searches and queries in Jaipur. Independent floors are the least searched option and account for a marginal share of 3 per cent. In terms of configuration, 49 per cent of the consumers in Jaipur are looking for a property with a 3BHK configuration, followed by 24 per cent of search queries for a 2BHK configuration.
Localities such as Vaishali Nagar, Jagatpura, Mansarovar, Mansarovar Extension, and Jhotwara. The overall homebuyer search trends in Jaipur for preferences of type of property, configuration and price bracket are mirrored in these micro-markets as well.
In a nutshell, Jaipur is an emerging realty hotspot amongst the Tier-2 cities in northern India. The property search trends demonstrated by Jaipur in the recent years signal towards residential demand gaining momentum in the city in the coming years.
Renuka Kulkarni, a seasoned real estate professional, brings over five years of diverse experience in research, consulting, and architectural design within the urban sector. Her expertise spans public and private projects, showcasing proficiency in real estate research, trend interpretation, and policy analysis. With qualifications in architecture and a master’s degree in Data Science (Business Intelligence & Data Analytics) from IIIT Bengaluru, along with an M. Tech in Urban Development and Management from TERI School of Advanced Studies, New Delhi, Renuka seamlessly blends data analytics with market insights, offering a holistic understanding of the industry in her research pieces.
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