Mall impact pushes up land prices in Jaipur
With several retail malls setting base here, Jaipur is in the throes of a realty boom. Six to seven big shopping malls are operational in the city now, and if industry experts are to be believed, over 10 malls are likely to come up in a year.
Experts say Jaipur is likely to get Rs 2,000-3,000 crore investment in the next two years in shopping malls, pushing land rates higher.
The main areas of development are Malviya Nagar, C-Scheme and Sahkar Bhawan Road and builders such as MGF, Reliance, and Mahima Real Estate Pvt Ltd have acquired over 50,000 square metres of land here. Commercial land prices in areas such as Malviya Nagar stand at Rs 40,000-60,000 per square metre today, as compared to Rs 10,000-15,000 two years ago.
According to experts, Jaipur may see a growth rate of 15 to 20 per cent in prices of commercial land in next one year in the city. With properties like the World Trade Park, Gold Souk and Suncity Mall coming up and the kind of investment likely to come up in the next two years, the commercial prices should look up by at least 15 percent, a property consultant said.
He said the improved quality of infrastructure and the migration of builders into the mall business had led to an increase in commercial prices in the city. Multiplexes, IT centres and changes in lifestyle are factors attracting builders and retailers to the city.