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REAL ESTATE OVERVIEW
January 2015

JAIPUR FACT FILE

Jaipur is likely to become a Mega City by 2025 with a population of 10 million people covering an area
of about 800 sq km. With flourishing tourism, manufacturing, export and educational infrastructure,
Jaipur, the capital city of Rajasthan, is witnessing a booming real estate market. The city is
strategically located at the confluence of three national highways, namely, NH-8 which connects
Delhi to Mumbai, NH-12 which links Jaipur to Madhya Pradesh and NH-11 which links Bikaner to
Agra.

The Jaipur Residential Real Estate Overview highlights some of the key trends in the Jaipur
residential real estate market. The report has been prepared based on a detailed market study by the
ICICI PSG Research Team.

Some of the factors resulting in Jaipurs popularity as a real estate destination include affordable
investment options in comparison to NCR, rapid industrial and commercial development and a fast
emerging IT sector leading to creation of employment opportunities. The plethora of socioinfrastructural developments such as the Jaipur Metro project, construction of Ring Road around
Jaipur and major upcoming projects like Mahindras 3000-acre Special Economic Zone (SEZ),
Reliance Medi-city and the Delhi Mumbai Industrial Corridor (DMIC) will be further strengthening the
citys real estate potential.

The realty market of Jaipur has witnessed maximum activity in suburban micro-markets of
southern and western Jaipur such as Jagatpura, Tonk Road, Vaishali Nagar, Patrakar Colony, etc.
The roads and highways connecting Jaipur with neighboring locations both outside and within
Rajasthan, such as Ajmer (Delhi-Mumbai) Road, Tonk Road, Sikar Road, Sirsi Road and Agra Road,
have also been witnessing traction and various known developers have forayed into these regions
seeing strong future growth potential along these corridors.

Jaipur residential real estate market is driven by a 60:40 mix of investors and end users respectively.
The local consumption of flats is comparatively low and the local investors prefer investing in
plots as the business community which forms a major chunk of the local population comprising of
marble traders, jewelers etc. view it as an easy exit option with the added advantage of flexibility to
use the land if needed. The investor community consists of investors primarily from Delhi-NCR, UP,
Kolkata and NRI investors from Dubai, Muscat, Kuwait, US etc.

The report concludes with a Location Attractiveness Index, which grades each micro-market on the
basis of certain key parameters such as the current state of Infrastructure, Residential Cost, Proximity
to Retail Establishments, Future Employment Generation Capacity etc.

Overview
Jaipur is the capital and the largest city of the Indian state of Rajasthan. The city dates back to
1727. It was founded by and named after Maharaj Sawai Jai Singh II, the ruler of Amber. The city
blushed in pink, is steeped in history and culture. Known for its handicrafts, gems and exports industry,
this famous 'tourist spot' is also emerging as a favorable IT destination. Jaipur, an amalgamation of
traditional and modern industries, is evolving well on the real estate development map.

Jaipur is one of the earliest planned cities of India dating back to the 18 th century. The citys growth
began from the Pink City area expanding primarily towards the western and southern Jaipur as the
Nahargarh hills in the North and the East are physical barriers to the growth of the city. The setting up
of Rajasthan Housing Board in 1970 with the objective of providing housing facilities to the citizens of
7 cities of the state, which has currently been expanded to 52 states, greatly enhanced the urban
landscape and infrastructure of the city.

JAIPUR FACT FILE

Geographical Location
Jaipur is situated in the east of Rajasthan state. The city is located approximately at 26.920N and
75.820E. Jaipur district has an area of 11,152 km 2 and is surrounded by Sikar district in the north,
the state of Haryana in the extreme north-east, Alwar and Dausa districts in the east, Sawai
Madhopur district in south-east, Ajmer district in the west, Nagaur district in the north-west and Tonk
district in the south. It lies 431 meters above the mean sea level. Moreover, east and north of Jaipur
district are surrounded by the Nahargarh hills. The city is also very well connected to Delhi, Agra,
Jodhpur, Udaipur and Jaisalmer through a network of roads, highways, railways and airways.

Demographics (Census 2011 Highlights)

As per provisional reports of Census India, population of Jaipur district in 2011 is 6,626,178; of
which male and female are 3,468,507 and 3,157,671 respectively. In education section, total literates
in Jaipur district are 4,300,965 of which 2,554,793 are males while 1,746,172 are females. Average
literacy rate of Jaipur is 75.51 percent. Jaipur will soon join the club of top ten most populated cities
of urban agglomerations in the country (Urban agglomeration is the population of main city added
with the population of any suburbs). For Jaipur, it includes suburbs like Bassi, Sanganer,
Shivdaspura, Ramgarh and Kanota.

6,626,178

5,251,071

Male

3,468,507

2,768,203

Female

3,157,671

2,482,868

Area Sq. Km

Density/km2

Average Literacy

26.19%

32.40%

11,143

11,143

Male Literates

Female Literates

595

Literates

9.67%

471

9.29%

910

897

861

899

75.51%

69.90%

4,300,965

3,027,923

2,554,793

1,891,074

1,746,172

1,136,849

Child Proportion (0-6 Age)

14.03%

17.51%

Boys Proportion (0-6 Age)

14.40%

17.49%

Girls Proportion (0-6 Age)

13.63%

17.53%

Child Sex Ratio (0-6 Age)

2001

Population Growth

2011

Population

Proportion to Rajasthan
Population
o Sex Ratio (Per 1000)

Description

Source: Census2011

JAIPUR REAL ESTATE

Economy
The state and the city pay a substantial focus to the tourism, manufacturing, exports and education
sectors. A variety of traditional as well as non-traditional items are exported from Rajasthan.
These include precious and semiprecious stones, jewellery, ready-made garments, carpets,
handicrafts, leather goods, chemicals, minerals, marbles, granite, engineering products etc. Jaipur's
proximity to the National Capital Region is one of its biggest advantages. The nearby markets of
Delhi and Gujarat have been both complementing and competing forces. The Delhi Mumbai
Industrial Corridor (DMIC) will further strengthen Jaipur's development as an important economic
hub.

History
Jaipur was founded in 1727 by Maharaja Sawai Jai Singh II, who ruled Jaipur State from 16991744. Initially his capital was Amber, which lies at a distance of 11 km from Jaipur. He felt the need
of shifting his capital city with the increase in population and growing scarcity of water. Jaipur is the
first planned city of India and the king consulted several books on architecture and architects before
making the layout of Jaipur. After several battles with the Marathas, Maharaja Jai Singh became
extremely concerned about the security aspects of the city. Due to this reason, he focused on his
scientific and cultural interests to make a brilliant city. Being, a lover of mathematics and science, Jai
Singh sought advice from Vidyadhar Bhattacharya, a Brahmin scholar of Bengal, to aid him design
the city architecture.

Administrative Framework
Being a state capital, Jaipur has Legislative Assembly, Secretariat, State level offices of maximum
Government departments with divisional and district level offices. There are 13 Tehsils and subdivisions in the district which are named as Jaipur, Chomu, Amber, Sanganer, Shahpura, Bassi,
Chaksu, Mojmabad, Jamwa Ramgarh, Phagi, Phulera, Kotputli, Viratnagar. Also, there are 13
Panchayat samitis and 2,369 villages.
CONNECTIVITY:

Roads
The city of Jaipur is centrally located and lies at the confluence of three National Highways. NH8, one of the busiest highways in the subcontinent, links Delhi to Mumbai as well as important cities
Gurgaon, Ajmer, Udaipur, Ahmedabad, Surat, Jaipur and Vadodara, NH-12 links to Jaipur (Rajasthan)
to Jabalpur (Madhya Pradesh) via Kota and Bhopal and NH-11 links Bikaner to Agra, passing through
Jaipur district with a total length of 366 km.

City Bus Services

RSRTC (Rajasthan State Road Transport Corporation) operates bus service to all the parts of
Rajasthan and New Delhi, Uttar Pradesh, Haryana, Madhya Pradesh and Gujarat. City buses are
operated by Jaipur City Transport Services Limited (JCTSL) of RSRTC under JNNURM (Jawaharlal
Nehru National Urban Renewal Mission). The service operates more than 300 regular and lowfloor buses. The three major bus depots are Vaishali Nagar, Vidyadhar Nagar and Sanganer.

Railway
Jaipur Railway Station (Jaipur Junction - JP) is the largest of all railway stations in Jaipur and the
busiest railway station in Rajasthan. It has direct trains on the broad gauge network to all major cities
in Rajasthan and India. One of India's most famous and luxurious trains 'The Palace on Wheels' also
makes a scheduled stop in Jaipur.

Other Railway Stations served by the Indian Railways network at Jaipur are:
Gandhinagar Railway
Station
Gator Jagatpura Railway Station
Durgapura Railway Station

JAIPUR REAL ESTATE

Airway

Jaipur is served by an International Airport, which is situated in its satellite town of Sanganer, at a distance of
10 km from city center and offers sporadic service to major Domestic and International locations. The Terminal
1 is used for both International and Domestic flights, while Terminal 2 is reserved for Domestic carriers. The
up-gradation of airport has offered improved connectivity and wider choice of services to air travelers,
boosting both International tourism and Economic development of the region.

Micro-market Overview:

The Jaipur market has not witnessed much of a change in the realty absorption levels with the absorption
hovering at around 1400-1600 units per quarter during the first three quarters of CY2014. The investors are
willing to invest in the areas developing along the spokes around the center of Jaipur such as Jagatpura,
Tonk Road, Ajmer Road, Sanganer, Patrakar Colony etc.

The Jagatpura micro-market, with 25 residential projects coming up in this area, is attracting attention being
located around 6 kms away from Malviya Nagar which is a region that hosts good civic amenities such as
schools, hospitals, multiplexes and malls that cater to the whole city. It is touted to become a major medical
hub of Jaipur with Fortis Hospital, Apex Hospital, Narayan Hridayalaya falling in the vicinity of Jagatpura
along with two proposed healthcare projects of Bombay Hospital and Reliance Mega Medicity. Investment in
this market has seen an uptrend because of availability of regular rental income as it is a major
educational hub due to the presence of various technical universities located in this area. The ticket size of in
this area lies in the range of 30-90 lacs.

Patrakar Colony located in the proximity of Mansarovar colony which has developed a sustainable eco- system
due to its long history of inhabitation and its well-planned layout developed by the Rajasthan Housing
Board, is a major factor driving the demand for Patrakar Colony. The proximity to the Mansarovar Metro station
which is the starting point for the Phase I of the Jaipur Metro Rail Network will be an important driving factor
for the real estate market in the area. Patrakar Colony is around 8 kms from the airport and the ticket size
lies in the range of 20-80 lacs. It is the second most active micro-market in terms of absorption with
around 400 units being absorbed till October 2014.

Tonk Road (beyond the B2 Bypass Road) is a micro-market where the builders are betting big on this area
due to the high sentimental value attached to it due to its proximity to Pratap Nagar, a well- developed
residential area, and good connectivity with other parts of Jaipur due to the availability of ample public
transport facilities.

The investors who had invested in the Ajmer Road micro-market are still
holding on to their investments as the resale market is virtually absent due to
a low demand. The low demand can be gauged from the over- exploitation
of the area with inadequate infrastructural support such as continuous
water supply, electricity etc., thus skewing the demand-supply dynamics
towards the supply side. The occupancy rates are currently only around 30%
with very slim chances of any increment unless the basic amenities are
taken care of. There are currently around 1 to 1.5 lac units being constructed
which will further add to the woes of the region.

Special Economic Zone (SEZ) joint venture by Mahindra & Mahindra with
RIICO, the Mahindra City, spread across 3,000-acres, serves as a conduit
between entire North India and the ports of the Western coast. It is divided
into two zones one zone being the IT zone and the other zone being
dedicated to Export industries such as Gem stones, jewellery, handicrafts,
garments etc. This will be a major driving factor for the Jaipur market as it
is located on NH-8 which connects Delhi to Mumbai and is well connected
to the Kandla Port in Gujarat being a major hub for exports. The Mahindra
World City, Jaipur in its masterplan has planned to develop the social and
residential infrastructure such as housing facilities, healthcare facilities,
educational institutions, banks and ATMs etc. to enable a holistic living
environment.

JAIPUR REAL ESTATE

Factors affecting Residential Market Development in Jaipur:

Employment generation opportunities: In 2008, Jaipur was ranked 31 among the 50 Emerging Global
Outsourcing cities. Deutsche Bank Group Jaipur, Genpact and Infosys have their BPO in Jaipur and and
many more indigenous and multi-national companies are exploring business opportunities in Jaipur. Mahindra
World City in Jaipur, is Indias largest IT SEZ with 51 Companies who have signed the MoU for INR 13.6
billion and there is scope for further investment (Source: Invest North 2013, a CII-KPMG Study). The SEZ
has a dedicated IT/ITeS zone spread over 750 acres which provides seamless telecom and broadband
connectivity, quality satellite linkage and a range of voice and data solutions.
o

Good connectivity of Jaipur to the remaining parts of the country is a great advantage for the real estate
market of Jaipur. Sirsi Road, Sikar Road and Kalwar Road merge in to the Ajmer road and connect Jaipur to
West India. Tonk Road connects Jaipur to Central and South India, NH-8 passes through Jaipur and thus
connecting it to Delhi and the rest of North India and Agra Road connects Jaipur to the UP and further to the
East.

The local consumption of flats is low and the local investors prefer investing in plots as the business
community forms a major chunk of the local population comprising of marble traders, jewelers etc. Who view
it as an easy exit option with the added advantage of flexibility to use the land if needed.

The end-users of Jaipur have become more acceptable to the concept of high-rise apartments and have
started moving into these structures.

A lot of investors are investing in Jaipur from Delhi-NCR, UP, Kolkata and NRI investors from Dubai, Muscat,
Kuwait, US etc. which is aiding Jaipurs real estate market in its course of improvement.

INFRASTRUCTURE GROWTH STIMULATORS

Metro Rail Network: Rapid transit rail project 'Jaipur Metro' is expected to be one of the biggest growth
stimulators for Jaipur realty market. The project is being handled and executed by Jaipur Metro Rail
Corporation Limited (JMRC) that was setup by the Government of Rajasthan as a wholly owned company of
the State Government. The project is planned along two corridors: The 'East West Corridor' and the 'North
South Corridor'. The East West Corridor planned from Mansarovar to Badi Chaupar is being executed as
Phase-I of the Project. The North South Corridor from Ambabari to Sitapura shall be taken up as Phase-II of
the project. This project is currently undergoing the testing phase in the East West Corridor and is likely
to be operational from March 2015. Once the metro becomes operational, rates of residential property in
the areas on and near the metro route are expected to flare up.

Bus Rapid Transit Service (BRTS): Jaipur BRTS has been proposed to cater to city's growing traffic needs
in the next 15-20 years. In Phase I, two corridors have been proposed: "North-South Corridor" from Sikar
Road to Tonk Road, and an "East-West Corridor" from Ajmer Road to Delhi Road.

Ring Road: The proposed Ring Road project launched by Jaipur Development Authority (JDA) will be a
seminal project in terms of becoming the arterial road connecting the major areas of Jaipur together.
Construction of Ring Road around Jaipur was conceived by PWD (Public Works Department) in December,
2000 on BOT (Build- Operate-Transfer) basis. In Phase I & II, a 47 km road will connect Ajmer Road, Tonk
Road and Agra Road. In Phase III, a 97.75 km road will connect Agra Road, Delhi Road, Sikar Road and
Ajmer Road. It will consist of a six- lane access controlled expressway with a three-lane service road on both
sides. The Expressway will have investment zones for commercial as well as residential development on both
the sides. The road is envisioned as a toll-free and signal-free expressway.

Dedicated Freight Corridor running through Jaipur: Dedicated Freight Corridor (DFC) a 1,483 km
long rail corridor connecting Jawaharlal Nehru Port near Mumbai to Dadri near Delhi will allow high-speed
connectivity for high axle load wagons (25 tonnes) of double stacked container trains supported by high power
locomotives.

Delhi Mumbai Industrial Corridor (DMIC): A band of 150 km on both sides of the DFC has been chosen
to be developed as the Delhi-Mumbai Industrial Corridor (DMIC). With nearly 39% of DFC passing through
Rajasthan, opportunities for industrial establishment along the route are aplenty as the corridor will make
Rajasthan easily accessible to western and northern markets. About 60% of the State's area (in 22 Districts
including major districts such as Jaipur, Alwar, Kota and Bhilwara) falls within the project influence area of
DMIC.

INFRASTRUCTURE GROWTH STIMULATORS

1
0

Other Infrastructural Developments: The Jaipur Development Authority (JDA) will come up with two
knowledge cities in this region. The Knowledge City North, has been planned at the intersection between
the Jaipur-Dehi highway and the Sikar Road near Chaup village. Knowledge City South, will come up near
the satellite town of Phagi. The JDA will also open up a Science-Tech City near Achrol on the Jaipur-Delhi
highway planned on 150 hectare of land. The location is opportune for investments in the higher education
sector.

Several healthcare projects such as Reliance Medicity and Bombay Hospital will also give a boost to
medical tourism in the region and provide extensive employment generation opportunities.

All these developments are expected to boost the demand of housing units for the employees who will be
migrating to Jaipur.

CITY SUPPLY AND ABSORPTION TRENDS

Quarterly Trends:

16,000

14,000

12,000

10,000
Units

8,000

6,000

4,000

2,000

Q1-2013

Q2-2013

Q3-2013

Q4-2013

Q1-2014

Q2-2014

Q3-2014

Source: PropEquity, ICICI Property Services

Group. Note: Quarters as per CY2014

The number of new units launched has been following a downward trend in CY2014 and decreased by
about 55% in Q3-CY2014 over the previous quarter primarily due to the high amount of unsold inventory still
available in Jaipur. The total absorption levels have been around 1400-1600 units per quarter during
CY2014.

Weighted Average Price Trend

Q3-2014

Q2-2014

Absorbed Units

Q1-2014

New Launches

Q4-2013

Available Units

Q3-2013

4,000
3,800
3,600
3,400
3,200
3,000
2,800
2,600
2,400
2,200
2,000

Q2-2013

Q4-2012

INR SqFt

Q4-2012

Q1-2013

Source: PropEquity, ICICI Property Services

Group. Note: Quarters as per CY2014

The weighted average price of the Absorbed units, which is at around INR 3500, has shown a healthy
trend showing that the investors have an inclination to invest in the Jaipur housing real estate market.

10

CITY SUPPLY AND ABSORPTION TRENDS

Price-based Trends:

14,000

Units

12,000

10,000

8,000

6,000

4,000

2,000

0
o

o
o

2000-4000

4000-6000

6000-8000

>8000

Source: PropEquity, ICICI Property Services Group.

Note: Residential (Apartments, Villas and Floors) data for 2014 (from Jan-2014 to Sep-2014). Absorption is summation of new launches
and unsold stock absorption.

Configuration-based Trends:

8,000

7,000

6,000

5,000

Units

<2000

4,000
3,000

2,000

1,000

0
o

o
o

11

1 BHK

2 BHK

3 BHK

4 BHK

5 BHK

Source: PropEquity, ICICI Property Services Group.

Note: Residential (Apartments, Villas and Floors) data for 2014 (from Jan-2014 to Sep-2014). Absorption is summation of new launches
and unsold stock absorption.

CITY SUPPLY AND ABSORPTION TRENDS

Top 10 Micro-markets (absorption-wise)

500

Jagatpura

Sirsi Road

1000

MWC
Road

Kalwar
Road

1500

Sanganer

Durga
Pura

2000

Vaishali
Nagar

Tonk
Road

2500

Ajmer
Road

Patrakar
Colony

Units

o
o

*Source: PropEquity, ICICI Property Services Group

Note: Residential data for 2014 (from Jan-2014 to Oct-2014). Total availability indicates the availability of residential units at the end of Oct-2014

As per the above fig., the maximum absorption has been in the Jagatpura micro-market of approximately 900
units as of October 2014 followed by Patrakar Colony with an absorption of about 400 units. Ajmer Road and
Tonk Road have also witnessed good absorption rates of about 375 units and 360 units respectively as of
October 2014.

12

For the purpose of this study, we have classified the real estate space in Jaipur into 5 distinct
zones:

Central, North, South, West and East based on the geographical location.

CITY SUPPLY AND ABSORPTION TRENDS

13

CENTRAL JAIPUR

o
o
o

14

Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market. Missing line segments indicate
unavailability of residential units in the primary markets during the specified time frame.
*Quarters as per CY2014

Q32014

2,000

Q22014

Q12014

4,000

Q42013

Q32013

6,000

Q22013

Q12013

8,000

Q42012

Q32012

10,000

Q22012

Q12012

12,000

Q32008

Q22008

14,000

Q12008

Q42011

The weighted average price of residential projects in the micro-markets of this region primarily lies on the
higher side lying in the price band of INR 8,000 12,500/sqft. Some of the key developers in this region are
SDC, Pearl Spytech, Trimurthy, Om Group, Unique Builders, Unique Dream Builders, Mahima, Okay PLUS.

Q32011

Q22011

Adarsh Nagar is situated beyond the western walls of the Pink City. The place is an important commercial
centre in the city of Jaipur. The locality has good commercial / residential development and developer projects,
though few, offer units priced at approximately INR 7,500 8,000/sqft.

Q12011

Q42010

Bapu Nagar is situated to the south of the walled city. This area lies at the heart of Jaipur hence the real
estate costs typically lie on the higher side, in the range of INR 12,000 13,000/sqft. These areas are one of
the oldest areas of Jaipur being the residence of mostly government employees (judges, IAS officers etc.)
and generally comprise of smaller sized (1000 sq. yards to 2000 sq. yards) plots.

Q32010

Q22010

Civil Lines is a prime location and is the residence of the Chief Minister of Rajasthan along with the other
important state dignitaries. Apart from premium independent houses, apartment complexes by renowned
developers are also available in the price range of INR 8,000 to 10,000/sqft.

Q12010

Q42009

C-Scheme, one of the premium locations of Jaipur being located in the center of Jaipur and thus is wellconnected with other parts of Jaipur. The locality is primarily dominated by commercial development such as
Axis Mall, Silver Square etc. From the residential development perspective, the micro-market has witnessed
new constructions primarily being done on approximately 2000 sq. yards plots. It is an end-user driven micromarket and has witnessed a good price appreciation with the current rates hovering around 8,000 - 12,000/sqft.

Q32009

Q22009

Pink City is the old walled city built in pink stucco with well laid-out plan in 1727, and it is located towards the
north-east of the city centre. All the old traditional shops and market places, various buildings of historical
significance such as City Palace, Museum, Hawa Mahal and Jantar Mantar lie within this region. Residential
development in this pocket is typically comprised of old independent houses, and no major residential upgradation could be noticed here. The micro-market is end-user driven. This area primarily witnesses transactions
in the secondary markets, and a lot of residential properties are being used for commercial purposes.

Q12009

Q42008

Major Locations: Pink City, Adarsh Nagar, Bapu Nagar, C-Scheme, Civil Lines, M.I. Road, JLN Marg,
Raja Park, New Sanganer Road, Panchsheel Colony, Shyam Nagar, Sodala, Tilak Nagar

INR/Sqft

CENTRAL JAIPUR

Locations

Capital
Values
(INR/sqft.)
8000-12000

Rental Values
of 2 BHK
(INR/month)
20,000-25,000

C-scheme

Bapu Nagar

12000-13000

Adarsh Nagar

7500-8000

Civil Lines

Shyam Nagar

Market Outlook

SS

15,000-20,000

SS

8,000-10,000

SS

8000-10000

15,000-20,000

2800-3000

9,000-10,000

**Indicative mid-market
segment Source: ICICI
Property Services Group

Outlook Key: R - Rising F - Falling S - Stagnant SW - Stagnant but likely to weaken SS - Stagnant but
likely to strengthen

15

NORTH JAIPUR

o
o
o

Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market. Missing line segments indicate
unavailability of residential units in the primary markets during the specified time frame.
*Quarters as per CY2014

16

Active Locations

Vidyadhar Nagar

Capital
Values
(INR/sqft.)
4000-4500

Rental Values
of 2 BHK
(INR/month)
10,000-15,000

Sikar Road

2500-3500

8,000-12,000

SS

Bani Park

6000-7500

12,000-15,000

SS

Market Outlook

**Indicative mid-market
segment Source: ICICI
Property Services Group

Outlook Key: R - Rising F - Falling S - Stagnant SW - Stagnant but likely to weaken SS - Stagnant but likely
to strengthen

Q32014

Q22014

Q12014

Q42013

1,000

Q32013

Q22013

2,000

Q12013

Q42012

3,000

Q32012

Q22012

4,000

Q12012

Q42011

5,000

Q32011

6,000

Q22011

Q12011

7,000

Q42010

Q32010

8,000

Q22010

Q12008

INR/sqft

Q12010

Q22008

Q42009

Vidyadhar Nagar is one of the most prime localities of Jaipur due to its robust infrastructure structure
comprising of hospitals, schools, banking facilities, etc. This micro-market is primarily investment-driven with the
investments taking place in plots. The price lies in the range of INR 12,000 to 20,000 / sq. yard.
Sikar Road is primarily an industrial belt that witnesses some residential projects by local developers. It is
located along the Delhi Bypass connecting the heart of Jaipur to the Vishwakarma Industrial Area which is
the biggest operational RICCO industrial area of Rajasthan. This micro-market has the average ticket size (2
BHK) falling in the range of 30 35 lacs. The important driving factors for this micro-market are its proximity to
Vidyadhar Nagar and its good connectivity to the other parts of Jaipur through the Bus Rapid Transit
Service (BRTS) system.
Bani Park is a prime location of Jaipur, offering a mix of commercial and residential development. Various
Government offices, the collectorate and the civil court are located in this region. The region is predominantly
landscaped with independent houses but some apartment complexes can also be seen here. Average capital
values in this locality range from INR 6,000 to 7,500/sqft. approximately.
The weighted average price of residential projects in this region lies in the price band of INR 2000 4500/sqft
with the exception of Bani Park having a much higher weighted average price of INR 7000/sqft. Some key
developers are Vardhman Group, Siddha, Akshat, SDC Group, Ashiana, Mojika Group, GHP Group.

Q32009

Q22009

Key Highlights:

Q12009

Q42008

Major Locations: Bani Park, Gopalbari, NH-11, Niwaru Road, Shastri Nagar, Sikar Road, Subhash
Nagar, Sushant City, Vidhyadhar Nagar

Q32008

WEST JAIPUR

o
o
o

17

Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market. Missing line segments indicate
unavailability of residential units in the primary markets during the specified time frame.
*Quarters as per CY2014

Q32014

Q22014

Q12014

1,000

Q42013

Q32013

1,500

Q22013

Q12013

2,000

Q42012

Q32012

2,500

Q22012

Q12012

3,000

Q42011

Q22008

3,500

Q12008

Q32011

The weighted average price of residential projects in the micro-markets of this region lies in the range of INR
2800 3200/sqft. Some key developers in this region are Sankalp Group, Manglam Group, Unique Dream
Builders, Unique Builders, Siddha, Emaar, SDC, Mangla Group, Vatika Group, Anukampa Group, Mapsor
Infrastructure, Sriram Group.

Q22011

Q12011

Kalwar Road has not witnessed much activity with the rates being almost stagnant for the past 4-5 years.
The residential projects in this patch are priced in the range of INR 2500 - 3300 / sqft. The proposed JaipurJodhpur mega-highway project is expected to bring more traction and focus to this area but as of now, the
execution of the project is yet to start.

Q42010

Q32010

Sirsi Road micro-market is located near Vaishali Nagar and moves to the west of Jaipur and connects the
Jaipur to the west of Rajasthan and further to Gujarat. It witnesses a host of developer projects priced to the
tune of INR 3,000 - 3,500/sft. This micro-market is currently end-user driven with the average ticket size (2
BHK) falling in the range of 30-35 lacs.

Q22010

Q12010

Vaishali Nagar is one of the prime locations in Jaipur. It is located in southwestern part of the city and offers a
healthy mix of residential, retail and commercial development. The locality has a well- developed infrastructure
comprising of malls, multiplexes, restaurants and other entertainment centers and hospitals and medical clinincs.
Nemisagar is the most premium colony of Vaishali Nagar. The region witnesses a majority of small builders
offering low-rise floors along with various bigger projects by renowned local developers as well. Residential
units in this region are priced in the range of INR 3,000 - 6,000/sft.

Q42009

Q32009

Ajmer Road in Jaipur is attracting investors from neighboring regions like Delhi NCR witnessing the
development of integrated townships. A lot of projects have come in this area by a variety of builders but the
absorption levels have remained low due to the inadequacy of infrastructural support such as continuous
water supply, electricity etc., thus skewing the demand-supply dynamics towards the supply side. The occupancy
rates are currently only around 30% with slim chances of any increment unless the basic amenities are taken
care of. The Ajmer Road micro-market has been over-exploited and is currently facing a huge demand-supply
gap.

Q22009

Q12009

Key Highlights:

Q42008

Q32008

Major Locations: Ajmer Road, Vaishali Nagar, Sirsi Road, Kalwar Road, Sodala, Sushant City, Vatika
Infotech City

INR/sqft

WEST JAIPUR

20

Active
Locations
Ajmer Road

Capital
Values
(INR/sqft.)
2500-3500

Vaishali Nagar

3000-6000

Sirsi Road

3000-3500

Kalwar Road

2500-3300

Rental
Values of 2
BHK
NA
(INR/month)
15,000-20,000

NA

5,000-6,000

Market Outlook

S
SS
R
SS

**Indicative mid-market
segment Source: ICICI
Property Services Group

Outlook Key:
R - Rising F - Falling S - Stagnant SW - Stagnant but likely to weaken SS - Stagnant but likely to strengthen

Key Highlights:

Jagatpura is a well-planned area having the advantage of close proximity to the Sanganer Airport, the
railway station and Sitapura industrial area. It is an upcoming location in the south-eastern part of Jaipur. The
location is also set to become one of the major medical hubs in the region with Fortis Hospital, Apex Hospital,
Narayan Hridayalaya falling in the vicinity of Jagatpura and two proposed healthcare projects of Bombay Hospital
and Reliance Mega Medicity would further strengthen the healthcare landscape of the area. The area has
witnessed price appreciation of approximately 40% in last two years. Investment in this market has seen an
uptrend because of availability of regular rental income being a major educational hub due to the presence
of various technical universities located in this area. This micro-market has been the focus of the present
political establishment which can be gauged from the fact that approx. INR 55 crores have been sanctioned
for constructing a dam to cater to the water needs of the area.

Tonk Road is an important connecting link of Jaipur that runs parallel to the Jagatpura micro-market. It is
well-connected with the central part of the city and the Tonk Road micro-market (beyond the B2 Bypass road)
has good connectivity with other parts of Jaipur due to the availability of ample public transport facilities. The
area has good potential of developing with a string of projects coming up in the area.

Malviya Nagar is a prime location in the southern precincts of Jaipur. Named after the noted freedom fighter
Madan Mohan Malviya, the location has a good mix of commercial, retail and residential development. The
region hosts good civic amenities with schools, hospitals, multiplexes and malls that cater to the whole city.
Jaipur International airport terminal 2 is located in vicinity to the region. The activity is present primarily in the
secondary (resale) market in this area.

Mansarovar, touted as Asia's third largest colony, was established by the Rajasthan Housing Board and thus is
a well-planned market. The region caters to a mix of Low Income Group (LIG), Middle Income Group (MIG) and
High Income Group (HIG) segments. The development has predominantly been low rise; however, there are
plans to go vertical. Being the starting point of Phase 1 of the Jaipur Metro which is currently undergoing trial
runs will be an important driving factor for the area. Currently, the micro-market is primarily driven by
secondary (resale) market.

Patrakar Colony is placed approximately 2.5 km from the Mansarovar Colony and 5 km from the Sanganer
Airport. The region is also located in close proximity to the Mahindra SEZ. The region witnesses the presence of
various good local developers. It has a high growth potential being close to the Mansarovar Metro Station. The
occupancy in this area is currently of independent floors and low-rise apartments. The capital values lie in the
range of INR 3,500 - 4,000 / sqft.

Durgapura is a densely populated residential area and having one of the best proximity and connectivity to
the major commercial/retail hubs of Jaipur. The good connectivity is due to the fact that it lies along the Tonk
Road with the airport only a kilometer away and Durgapur Railway Station lying within the area itself.

WEST JAIPUR

Mahindra World City is likely to gain impetus from the huge employment opportunities generated because of
the Mahindra SEZ and act as a part of the infrastructure to support the upcoming employment opportunities.

NRI Colony is dotted with bungalows and row houses with Jagatpura placed close to this location.

The weighted average price of residential projects in the micro-markets of this region primarily lies in the
range of INR 2500 4000/sqft. Some key developers in this region are Akshat, Ashiana, Mojika, SDC, Pearl
Spytech, Trimurthy, Om Group, Unique Builders, Unique Dream Builders, Mahima Group.

Q32014

Q22014

Q12014

Q42013

Q32013

Q22013

Q12013

Q42012

Q32012

Q22012

Q12012

Q42011

0
Q22008

Q12008

Q32011

1,000

Q22011

Q12011

2,000

Q42010

Q32010

3,000

Q22010

Q12010

4,000

Q42009

Q32009

5,000

Q22009

Q12009

6,000

Q42008

7,000

Q32008

INR/sqft

Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market. Missing line segments indicate
unavailability of residential units in the primary markets during the specified time frame.
*Quarters as per CY2014

Location

Capital
Values
(INR/sqft.)
2500-3500

Tonk Road

2500-3200

Rental
Values of 2
BHK
8000-10000
(INR/month)
12000-15000

Jagatpura

Malviya Nagar

3000-3500

Patrakar Colony

3500-4000

Mansarovar

Durgapura

5000-5500

NA

Mahindra World

3000-3200

NA

NA

Market Outlook

15000-20000

8,000-10,000

10,000-15,000

SS

City**Indicative mid-market
segment Source: ICICI
Property Services Group

21

Outlook Key:

R - Rising F - Falling S - Stagnant SW - Stagnant but likely to weaken SS - Stagnant but likely
to strengthen

Major Locations: Agra Road, Amer Road, Goner Road, Ramgarh Road
Key Highlights:

Source: PropEquity
Note: Graph represents weighted average price of residential units available in the primary market. Missing line segments indicate
unavailability of residential units in the primary markets during the specified time frame.
*Quarters as per CY2014

22

Q32014

Q22014

Q12014

Q42013

1,000

Q32013

Q22013

1,200

Q12013

Q42012

1,400

Q32012

Q22012

1,600

Q12012

Q42011

1,800

Q32011

Q22011

2,000

Q12011

Q42010

2,200

Q32010

Q22010

2,400

Q12010

2,600

Q42009

Q32009

2,800

Q22009

Q12009

3,000

Q12008

Q42008

The weighted average price of residential projects in this region primarily lies in the range of INR 2500
3000/sqft. Some key developers in this region are SDC, Pearl Spytech, PinkCity Infracon.

Q32008

Q22008

Agra Road: This is the only active micro-market of this region currently as the region is restricted due to the
Nahargarh Hills. The area has seen an uptrend in terms of the pricing. The proposed infrastructural projects
in this area as it will prove beneficial for it in future as it will have good connectivity because of the Proposed Ring
Road and being a part of the Golden Triangle connecting Jaipur-Delhi-Agra enhancing tourism and investment
opportunities. As per Master Plan 2015, it is being developed as a Satellite Town of Jaipur and the Sector Road
Plan for Agra Road has been launched.

INR/Sqft