Last 3 years - appreciation of real estate in Jaipur
Real estate is an asset class which has risen steadily over a last few years. Developers have been successful in holding their prices even though buyers are still waiting for the bubble to burst, however if this trend continues then your investment will stand you in good yield.
A similar graph has followed in Jaipur where Jaipur reality has witnessed appreciation in cost in recent years. Jaipur, the prominent city of Rajasthan is a major commercial heart of country fulfilling all essentiality of a metro city. Also it has strongly built networks and roads connecting to the metro cities. It is one of the most prominent tourist destinations of India frequented by huge number of tourists from different countries who want to gauge into rich culture and heritage and also experience the lifestyle of kings who had lived there in the past.
Following are a few trends developing presently:
- Micro markets such as Jagatpura, Vaishali Nagar, Patrakar Colony, etc are witnessing maximum activity in real estate markets. Roads and highways connecting with neighboring locations like Ajmer Road, Tonk Road, Sikar Road, Sirsi Road and Delhi Road are also witnessing increasing flow of various developers setting up their developments in these regions.
- Over a short span of 10 to 12 months an approximate appreciation of 8-9% has happened however on a longer time span of 50 to 60 months we may expect approximately 10 – 15% increase in residential. These estimations hold for upcoming micro markets.
- According to a few estimations Jaipur residential real estate is determined by a 60:40 mix of investors and end users. There are buyers which include IT/ITeS/BFSI, business community, migrants from the city, and residents from other towns looking for an ascent in standard of living. Interest from high price NCR markets have also been witnessed.
- Maximum provisions for these markets falls in the range of INR 2000-3500/sq feet.
- It has also been observed that 3 BHK is mostly preferred configuration for residential blocks.
Following is the property appreciation data from National Housing Bank calculated on Base Year: 2007 = 100