By Lokendra Singh
Jaipur, Jan.25 : Jaipur city has taken a leap forward from its historical heritage to join the ranks of modern technology centres of reckoning in the country.
The growing influence of information and technology in Jaipur has created a need for commercial spaces built with the help of modern technology and the subsequent requirement for appropriate housing.
In tune with these trends, real estate development in Jaipur has reached astounding heights as property developers from across the country vie for a share of this city's lucrative property market.
As per market estimates, around rupees 150,000 crores (1500 billion rupees) is in the pipeline to be spent in the real estate sector of Jaipur during next four to five years.
"Investors are drawn to Jaipur because of good infrastructure and it has developed 6-lane and 4-lane networks. It has an international airport. Even the government has liberal policies.... Many IT sector companies are coming here and because of which foreign investors are coming," said Pankaj Joshi, Executive, Amrapali Group.
Due to its proximity to the national capital, investors from Delhi have shown interest. Even people from Mumbai are buying and developing properties in Jaipur.
"The property hype has just started now and because of FICCI (Federation of Indian Chambers of Commerce and Industry) programme, a lot of investors have come and targetted for rupees 150,000 crores investment," said Rajkamal Soni, Architect.
A project of apartments under construction in Jaipur's Civil Lines area is regarded as the second costliest real estate venture in northern India with Gurgaon heading the list.
Buying an apartment in Civil Lines project is estimated to cost over rupees one crore (10 million rupees). Such rapid growth in the real estate sector has made Jaipur one of favourite spots for builders and developers.
The recent upgradation of Jaipur airport has placed it on the international airlines map that, in turn, has further enhanced the worth of real estate.
Many builders are hopeful that the market is likely to expand from what it is today.
"Jaipur market will grow by 2010. It will become double from what it is today," said G S Mathur, Vice President, Som Dutt Builders.
Another major attraction for the investors to invest in Jaipur is the opening up of SEZ (Special Economic Zones), where leading multi-national companies are setting up their units.
Renowned BPO and IT companies have already set up their offices in Jaipur as their operational cost is low in comparison to other metropolis.