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IT companies likely to spur demand in near term…
While property prices in cities of Delhi, Gurgaon and Noida float at unprecedented levels–the tourist attraction of Jaipur–has been coming up as a potential destination for real estate developers and investors.
Especially, the segment of commercial real estate in Jaipur is quite upbeat for the past one year and a number of business conglomerates are making a beeline to set up their offices in the city, famous as pink city of India, says Anurag Sharma of New Age Consultancy.
In fact, some of the biggest corporate houses have already forayed in this capital city of Rajasthan, with their ambitious projects. Recently, international steel baron LN Mittal announced to establish a technology institute in the city, spread in more than 100 acre. Healthcare majors like Apollo and Escorts, at other end, have also expressed interest in setting up their ultra-modern facilities in Jaipur.
Growth drivers
The biggest advantage that Jaipur Properties offer is that of “cost”. Definitely, the capital prices and rentals of commercial properties in Jaipur are far less in comparison with the cities like Delhi, Bangalore and Mumbai. Thus, a business organization can substantially cut down its costs by operating from Jaipur.
Secondly, the city boasts of an impressive connectivity via all the modes of roads, railways and air, and is well-linked with nearly all the major cities of India. Take the instance of its international airport, the only one in Rajasthan.
Furthermore the availability of land is not an issue in Jaipur, and unlike the big cities, a firm can acquire large chunks of land in the prime locations to build their offices. Owing to these reasons, it makes a sound business proposition for companies to operate from this city. Nevertheless, a lot of companies have identified these advantages and trying to capitalize on the same.
The IT hopes
According to Knight and Frank, a consultancy firm, sufficient availability of land is something that can convert Jaipur into next IT destination of India. Meanwhile, BPO (Business Process Outsourcing) major Genpact has already established a huge facility in the city and mammoths like Infosys and Wipro have also expressed their interest in establishing their offices in Jaipur.
Nonetheless, Delhi-based Vatika group is developing a huge 800-acre infotech city in Jaipur, while the Rajasthan government has also started offering land to IT companies, on subsidized rates.
With this, commercial properties in Jaipur are likely to undergo a boom time as more and more business houses come to the city, professionals from the real estate industry of Jaipur say.
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With increasing real estate costs, and strong competition for skillful labor in major centres, BPO (Business Process Outsourcing) firms are looking at smaller cities as locales for setting up their new operations.
As the BPO industry has registered $8.4 billion worth exports in FY 2006-07, up 35% from the previous year, this is indeed a carnival for small cities like Jaipur. Going further, BPO major Genpact has already established a huge facility in the city and firms like Infosys and Wipro have also articulated their interest in instituting their offices in Jaipur.
The appeal
The principal advantage with Jaipur properties is that of “cost”. As commercial property prices in Jaipur are far less in comparison with cities like Delhi, Bangalore and Mumbai, a business organization can significantly cut down on its operating cost.
Also the city offers good connectivity via roads, railways and air. Furthermore the availability of land is not a problem in Jaipur, and unlike the big cities, a firm can get hold of large chunks of land in the prime locations to set up their offices and development facilities.
BPO brigade – a boom
Both local and international industry biggies have netted BPO facilities in comparatively in smaller cities all over the country in the past few months, such as Mangalore, Jaipur, Coimbatore and Vishakapatnam.
Apart from 15% cost advantage, tier II cities have an unexploited real estate market, which means lower direct costs, and availability of cheaper local labor, says industry experts.
While roads may be less congested in tier II cities, other types of infrastructure may be lacking. But despite the disadvantages small cities like Jaipur may have professionals from the real estate industry believes that the commercial properties in Jaipur are likely to undergo a boom time as more and more business houses plan to set their base in the pink city.¨
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