The real estate market of Rajasthan offers commercial and residential spaces that are both fairly priced and conveniently located thereby catering to every demanding requirement of a property buyer. This has created an immense business potential and drawn large interests from some of the leading Indian real estate developers in the state.
Upcoming commercial projects
Commercial real estate in Rajasthan is quite vibrant. The capital rates are far less as compared to Delhi and Mumbai; which has attracted an array of business organisations, who are looking at Rajasthan; especially Jaipur, as a potential commercial hub.
According to recent estimates, Jaipur is facing a shortage of more than 2,000 hotel rooms; leaving room for hoteliers to expand on their projects there. Similarly other projects like SEZs and shopping are being developed in prime commercial areas of Vidhyadhar Nagar and MI Road. These include:
l. GTM Techno Tower: This project by the GTM Group over 3 acre in Jaipur will comprise 2 blocks of G+2/3 blocks having spaces for corporate offices with all basic facilities. It will complete in December 2011.
2. Neemrana SEZ: This multi-product SEZ will be developed by Ansal API on 2,500 acre in Neemrana with an investment of Rs 6,553 crore.
3. Nasal Royal Plaza: Nasal Plaza will be located on the proposed six-lane Expressway between Krishna Garth and Aimer Collectorate. Spread over 3 lakh sq ft it will house a 5-acre amusement park and a 60-room hotel.
Upcoming residential developments
The housing and residential real estate segment in Rajasthan is growing from strength to strength. Not just end-users, but investors too are pumping money into the state, keeping its high-growth potential in view. This has resulted in a number of residential projects being constructed at the most sought-after locations of C-Scheme, Tilka Nagar, Malviya Nagar, Civil Lines and Bani Park. Some of the upcoming projects include:
1. Ashiana Aangan: Residential complex by Ashiana Homes Pvt Ltd at Bhiwadi comprises G+10 storey towers with 2/3 BHK apartments and amenities like piped gas, clubhouse, swimming pool, sewage treatment plant, childrens’ play area, etc. It will complete by March 2010.
2. Damodar Pearl Elegance: Residential complex by Spytech Buildcon in Jaipur comprises G+4 storied residential blocks having 32 flats of 3 BHK and amenities like commercial space, servant quarter in basement, community hall, etc. It will complete by April 2010.
3. Iris Residential: Residential Complex by Mahima Group on New Sanganer Road in Jaipur comprises 8 towers of G+8 storeys having 170 apartments of 2/3 BHK and amenities like clubhouse, swimming pool, etc. It will complete by March 2010.
4. Eden Court Apartment: Project by Verdia Construction at the New Navratna Centre in Udaipur houses 3 blocks of G+6 storey having 76 apartments of 2/3 BHK and amenities like clubhouse, swimming pool, etc. It is expected to complete in July 2011.