Jaipur has been the top most cities for investment in the state of Rajasthan. However recent reports suggests otherwise. Yes the price of property sites in Jaipur, especially residential ones have been facing a slump in prices. There has been an average decline of close to 4% each quarter over the past year. And these have been worrying signs for the real estate market. In fact there has been a total of 10% decline in property prices in the past year in some localities in the city. Years leading up to the 2013 saw a sharp rise in prices of properties such as apartments for sale in Jaipur. Property prices those years saw a rise of close to 67% which is a mind boggling number for any Tier I city.
"The recent assembly and general elections had an impact hurting demand as investors looked for policy cues from the new governments both at the state and Central level. While the buyers' sentiment cannot be described as bearish, expectations have tempered a bit which is normal after a steamy appreciation. But demand will come back in the couple of months before Diwali which will drive the price appreciation. The reduction of the gap between DLC and market rates will lead to stable pricing regime and will curtail the room for black money transactions although there will be some upward pressure on the property prices" said Vinay Joshi, president, Rajasthan Affordable Housing Developers Association said to the media.
As of today close to 40% of the demand generated in the city for commodities such as property sites in Jaipur come from the end user or home buyers. Home buyers dictate the market to a large extend. And that is probably one of the reasons why there has been such a disparity in the market in the current scenario. Apartments for sale in Jaipur today have only a few takers due to the hesitation on the buyer’s part. However with the new government and the budget being announced, things are said to show threads of improvement.
"If not rising, housing prices have been stable in recent months. But to say that they have declined by 3.8% doesn't seem to be the case on the ground. Pipeline of developments still remains robust and there 500 projects including all segments and sizes are under various stages of planning and development in the city." said N K Gupta, chairman of Manglam group.
Next year is said to be a decider for most Tier I and Tier II cities real estate markets in India. With the purchasing power of the residents of the city improving with the improving economy, things are said to have a trickle down effects on various aspects of the economy and the market. With service sector like IT entering the Jaipur market, the demand for affordable homes and mid segments homes are said to rise. One has to wait and watch how the market responds to the recent developments.
"The recent assembly and general elections had an impact hurting demand as investors looked for policy cues from the new governments both at the state and Central level. While the buyers' sentiment cannot be described as bearish, expectations have tempered a bit which is normal after a steamy appreciation. But demand will come back in the couple of months before Diwali which will drive the price appreciation. The reduction of the gap between DLC and market rates will lead to stable pricing regime and will curtail the room for black money transactions although there will be some upward pressure on the property prices" said Vinay Joshi, president, Rajasthan Affordable Housing Developers Association said to the media.
As of today close to 40% of the demand generated in the city for commodities such as property sites in Jaipur come from the end user or home buyers. Home buyers dictate the market to a large extend. And that is probably one of the reasons why there has been such a disparity in the market in the current scenario. Apartments for sale in Jaipur today have only a few takers due to the hesitation on the buyer’s part. However with the new government and the budget being announced, things are said to show threads of improvement.
"If not rising, housing prices have been stable in recent months. But to say that they have declined by 3.8% doesn't seem to be the case on the ground. Pipeline of developments still remains robust and there 500 projects including all segments and sizes are under various stages of planning and development in the city." said N K Gupta, chairman of Manglam group.
Next year is said to be a decider for most Tier I and Tier II cities real estate markets in India. With the purchasing power of the residents of the city improving with the improving economy, things are said to have a trickle down effects on various aspects of the economy and the market. With service sector like IT entering the Jaipur market, the demand for affordable homes and mid segments homes are said to rise. One has to wait and watch how the market responds to the recent developments.
