Jaipur, one of the fastest growing cities of India, may see a major change in its transportation system in the next three years with the introduction of Metro network joining several parts of the city. The trial run for the first phase (East West Corridor) of the Metro line was conducted in 2013 and the commercial run of the same is expected to start anytime in 2014. The Phase II (North South Corridor) is expected to be functional by 2017.
The real estate brokers in Jaipur believe that the sector did witness some growth when the metro was first announced in the city and after that it became stagnant. Some others believe that due to the Metro, some areas are already showing growth, especially the suburban and the outer parts of Jaipur.
“At the time when the plan was announced, the real estate sector saw some activity, but now the market is stable for the past six months. We expect the real estate sector to grow again once the construction of Phase I is completed and metro starts running,” says Harvinder S Sandhu, director of Apple Homes, a real estate firm in Jaipur.
The Phase 1 (A) of the Metro will pass through Mansarovar, New Aatish Market, Vivek Vihar, Shyam Nagar, Ram Nagar, Civil Lines, Railway Station, Sindhi Camp and Chand Pole. “Most of these areas are quite developed”, says Harvinder. “Middle class people cannot afford to buy properties in places, such as Mansarovar, Civil Lines and Sindhi Camp,” he adds.
In the next three years, when the Metro will be functional, the suburban and outer areas will receive the much-needed connectivity with the main city. “Areas like Sitapura, Durgapura and other areas near Sanganer Road at present fall in the outer areas of Jaipur and it is very hard to commute from such areas to the city,” says Deepak.
“But once the Metro will be introduced, the travelling time will reduce considerably, which will attract people to buy properties in these areas,” he adds.
Some of the suburban areas that will be linked in Phase I (B) and Phase II are Choti Chaupar, Durgapura, Laxmi Nagar and Sitapura, which falls in the outer areas of the city and at present have comparatively less property rates.
Announcement of Metro has already triggered infrastructure development in these areas and property prices are expected to rise sharply in the next three years. However, the development is in its initial stage at present.
Real estate developers even believe that at present and in the coming three years, Jaipur will have the edge over the expensive Delhi NCR market when it comes to real estate sector. The city is comparatively peaceful, less polluted and populated than NCR, which can make it a preferred choice.
According to the market experts the best time to invest in the real estate sector of Jaipur is now when the prices are not very high and the projects are at their initial stage. Once the project will be completed, probably around 2016-2017, people will get the benefit of better connectivity in addition to a cheaper home.