The “arrival” of Jaipur metro has created a remarkable influence on the city’s realty market. India’s sixth metro rail system, after Kolkata, Chennai, Delhi, Bengaluru and Mumbai, Jaipur metro is connecting the two major parts of the city, Mansarovar and Chandpole, covering a distance of 9.63 kilometers. Jaipur is becoming a hotspot for property investors, buyers, developers and renters owing to factors such as better transport infrastructure, improved connectivity, and the potential development that may be brought Metro launch.
Increase In Demand For Real Estate Property
Jaipur metro is proving to be a boon for the working individuals. Ranking 31 among the 50 Emerging Global Outsourcing cities, Jaipur is also acknowledged for its growth in the IT sector. People are searching for communities nearby metro line as it has reduced the commute time. Prior to metro, the journey from Mansarovar to Chandpole took almost an hour and forty minutes by means of public transport and 40-50 minutes by private vehicles. This time is considerably reduced to 20-25 minutes by metro, and hence more people are moving to locations that are nearby metro.
The Real Estate Developers Queuing Up
Keeping pace with the demands in the housing and commercial sector, Jaipur is attracting real estate development. Due to the scarcity of land in the city, multi-story residential or commercial projects are the best options for the developers. The government has passed the provision for unlimited FAR (Floor Area Ratio) for buildings that are nearby the metro line. Due to this, the developers are rushing to lay their hands on these lands. With the healthy demand from home buyers, Jaipur is becoming a premiere investment place. Furthermore, the realty market of Jaipur is drawing attention from foreign investors with the growing IT parks and metro development.
Hike In Land Prices
The circle rates of lands have shot up in Jaipur as a result of the metro. The capital values have accelerated by more than 36% and 28% in Civil Line and Shyam Nagar localities respectively. Moreover, in Mansarovar, a 3BHK apartment spread over 1200-2000 sq ft., is priced in the range of Rs 30 lakh to over Rs 1 crore. The price rise is not limited to just property buying. From the start of the construction of the metro, the rental market has shown upsurge. Areas like Shyam Nagar, New Aatish Market, Vivek Vihar, Civil Lines and other neighboring regions have shown a tremendous hike in rental amount owing to the adjacent metro line.
The Big Beneficiaries
The Pink Line (Phase 1A) has majorly influenced Mansarovar, Vivek Vihar, Shyam Nagar and adjoining areas. Connecting the business hub, Chandpole, and the residential area of Mansarovar, the Jaipur metro has majorly contributed to the overall development of the proximate areas. Though Chandpole, Railway Station and Sindhi Camp are developed and have not seen any sweeping change, Civil Lines and Mansarovar are emerging as luxury residential localities of Jaipur.
What Future Stores?
Phase 1B metro, which will connect the outskirts to the main city, is expected to be operational by 2018. It will further boost the real estate growth in Jaipur. The peripheries along the Phase 1B, including Choti Chaupar, Sitapura and Laxmi Nagar, are busy with different construction activities to become an active residential real estate hub. It is predicted that the future of the real estate market in Jaipur will take an upswing after the completion of Phase 1B metro.
According to the real estate experts, the real estate market will flourish more in the future. With the Phase 1A metro, Jaipur has become one of the major cities with functional metro. And the upcoming Phase 1B metro will lead to escalating property prices and the rise of more residential, industrial and commercial real estate projects.