The real estate sector in Rajasthan has evolved in various ways in the past few years. This article talks about the factors driving forward the growth of the State’s real estate.
The State of Rajasthan, the economy of which is principally grounded on agriculture, mining, and tourism, has witnessed a favourable evolution with its real estate segment performing according to national trends. Be it demand, opportunities, investments, or policy support, all the critical components in union with the key stakeholders of the segment are working in the best interests of Rajasthan. Let us highlight the specifics for a firm grasp.
Territorial infrastructure improvement
It is worth noting that industrial growth has been significant in the State. Rajasthan State Industrial and Investment Corporation (RIICO), a State government agency, has developed 322 industrial areas in Rajasthan out of which 35 are in Jaipur. Besides, Alwar, Neemrana and Bhiwadi are considered to be key geographies for industrial progress.
These industrial zones are well equipped with water, power, roads, shops, and telecommunication facilities, advancing the State’s real estate growth. Solitaire Park, the most thoughtfully developed industrial park, is proud to be a part of this revolution.
In addition, residential growth in Ajmer, Udaipur, and Jodhpur and institutional uplift in Sikar, Kota, and Shekhawati region is promising. Mojika Ultima The Oasis has been amongst the beneficiaries.
The launch of the 3rd phase of metro in Jaipur has been highly appreciated and introducing the same in other cities of the State will be another catalyst benefitting the real estate segment at large. The road network of Rajasthan is the recent attraction for real estate of the State. The ring road, a transport corridor of 47 km seamlessly connects Ajmer Road, Tonk Road, and Agra Road, connecting the satellite towns Kanota, Bassi, Nevai, Bhilwa, Bagru, and Kukas. Jaipur-Delhi Highway, which was on halt, has been completed and is fully functional.
Considering the nation-wide economic development opportunities, the population is eying tier-II cities. Rajasthan tops the list, thus giving rise to the demand for the township in the State.
Off late, non-serious players have backed out in light of the State’s new real estate reforms. On the contrary, established players have started offering further customised products such as comfort homes, senior citizen-friendly homes, kid-centric homes, and more.
Another major development in Rajasthan that has been very encouraging is the rejuvenation of the Dravayawati River and Mahindra World City in Jaipur. Dravayavati river project has significantly reduced pollution by treating 170 million litres of sewerage a day. It has also created land availability for green spaces, social spaces, cycle tracks, and jogging tracks along its banks, thus reducing the threat of floods. Most imperatively, it has increased the demand for riverfront real estate development which has not only augmented employment opportunities but has actively contributed to giving Jaipur the status of a clean and smart city.
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Economic update
The change in the economic fabric of Rajasthan has also played an imperative role in the State’s real estate growth. Be it the interest rates on home loans that have been at their lowest, allowing service-class home buyers to buy or invest in property, or the government’s vision to serve the end-user, or the intention to address the 70 percent dependency of small-scale industries on real estate; all comes as an advantage.
Lesser-known commodities, as well as gold, having witnessed fluctuating prices or a highly volatile share market, properties are one of the most promising with lesser risk and more advantages. Prominent resale opportunity is an added benefit. Also, migration from eastern Rajasthan, i.e. Alwar, Karuli, Dhaulpur, and Dausa, towards Jaipur, Udaipur, Jodhpur has magnified the demand for affordable residential projects.
Taking into account the growing economic standards of Rajasthan, prominent national players are also willing to come up with residential and commercial projects. As per research, it is anticipated that between 2020 and 2025, Rajasthan will be amongst the states having extensive construction activity leading to better infrastructure and improved connectivity.
Keeping in mind the industrial development, it is predicted that 2021 and 2022 will be the emerging years for micro-markets like Bikaner, Jodhpur, and Ajmer as they will have great demand for good quality residential schemes. All in all, 2021 will be primarily concentrating on end-user needs, while investment could take the back seat. Also, since the radius of nearly every city of Rajasthan is 15 km to 30 km, people do not have any issue to opt for properties situated in a town’s exteriors. Besides, the study also suggests that commercial properties are attracting investments.
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Major reforms
Affordable housing properties have had a massive and positive impact on the industry. The Central Government’s vision of “Housing for All by 2022,” and the grant of infrastructure status to compact, affordable residential homes have seen an increase in the demand for low-cost homes.
On the other hand, the implementation of the Real Estate (Regulation and Development), 2016, (RERA) has increased transparency in real-estate deals, making builders accountable and therefore encouraging buyer demand. The introduction of the Goods and Services Tax, 2016 (GST) has further made it easy to do business in the country, seeing a marked increase in infrastructural developments and other real estate projects.
The pandemic has taken a tremendous toll on our countrymen’s lives. But, for real estate, it was a boon in disguise. Unorganised players, whose individual foundations were not robust enough, were shown the door. This phenomenon has helped clean the dust, and now, the end-user is benefitting. The ones who have survived the storm will be able to extend their transparent and consistent customer-centric services in a more unadulterated ecosystem.
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Things to Consider Before Buying a Residential Property in Jaipur
Following are some points that are worth keeping in mind before purchasing a residential property in Jaipur:
Choose a Good Location
Whether you are buying a plot or an apartment, you should choose a good location. So, naturally, a property in a developed locality will definitely be profitable in the long term. First, inspect the neighbourhood to get some information about the locality.
Examine RERA Verification
Before opting for the property, check whether the property adheres to the norms of the Real Estate Regulatory Authority (RERA) of India. RERA is an administrative body formed by the Real Estate (Regulation and Development) Act of 2016, under the Government of India and is present in all states.
RERA Rajasthan records and updates all information related to the properties and builders in Jaipur to maintain accountability and transparency in its real estate sector.
Estimate Your Budget
Make sure to understand your financial goals and obligations before investing in a property. You can, of course, opt for a loan; however, you must sort your monthly budget to be able to pay the EMIs. Other than the price there are other prices which you have to bear like stamp duty, utility costs etc., therefore be prepared for it.
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Stamp Duty in Jaipur, Rajasthan
Currently, the Rajasthan Stamps Act of 1908 governs the stamp tax in Jaipur.. To register any property, the state government levies a stamp duty. The following are the rates applicable in Jaipur:
| Category | Stamp Duty Rates |
| Male | 6% + 20% of 6% labour cess |
| Female | 5% + 20% of 5% labour cess |
Registration Charges in Jaipur, Rajasthan
It is mandatory to pay registration charges to legally own a property after purchasing it. Here’s a small illustration describing the rate of registration charge applicable in Jaipur:
| Category | Registration Charges |
| Male | 1% |
| Female | 1% |
Jaipur Residential Real Estate Sector: What’s the Forecast?
As Jaipur is the financial capital of Rajasthan, according to experts, its real estate market will regain momentum once again. Moreover, the presence of the Delhi-Mumbai Industrial Corridor, healthcare centres like Reliance Medicity, quality education and coaching centres, reputed medical and engineering colleges, and great communication systems make Pink City an ideal destination for real estate investments.
Jaipur is on the way to becoming a Mega City by 2025, and the expected investment at present is a whopping ₹200 crore. Therefore, investing in residential real estate in Jaipur might be a highly profitable venture.
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