Real estate sector in Jodhpur - growth and current trends

The real estate sector has seen a good growth in Jodhpur in last one decade as not only the city has expanded in all directions, but new townships have also come up. This article studies the factors responsible for growth and the current trends.

Real estate is one sector through which a person can have an idea about the development in a particular area. A boom in that sector signifies that the city is growing and people have money to spend. Often the boom results due to the big businesses setting up their establishments. One of the prime examples is that of Gurgaon in Haryana. Real estate is also growing at a healthy rate in Western Rajasthan, particularly Jodhpur. This article examines this trend.

Jodhpur was one of the many cities in India which saw a upswing in the property rates in the new millennium due to the impressive growth rate of the country. It helped changing the complete scenario of the Suncity. Even towards the fag end of the 90s, few people had envisioned a residential area beyond Chopasni Housing Board, Banar or Mandore area. Even these areas were treated as far ends of the city by most of the inhabitants. The reasons were very straightforward. There was little to cheer for on the commercial front while the citizens, who were accustomed with the traditional life style of closely held inner city, didn't want to leave the comfort and security of their homes. Others didn't have enough money to buy land and have a construction. This was pretty much the state of the real estate sector before 2000s. And then things begin to change.

There were a no. of factors which served as catalyst in real estate growth in Jodhpur. Some of them included -

1. The face of banking industry changed in late 90s and it was reflected in their policies. The banks started disbursing housing loans at comparatively affordable rates to the general public. Suddenly, the dream of a sweet home could be realized. The people jumped on the opportunity and very soon the property rates began to soar. As the lands in the city became dearer, people begin to look for cheaper options on the outskirts of the city. Jodhpur then witnessed the expansion of the city.

2. Jodhpur witnessed a boom in the education sector in the new millennium as a lot of people from the private sector sought to establish colleges pertaining to degrees like engineering, management, pharmacy and dental. All of these institutions bought lands at some distance outside the city and raised their infrastructure there. In due time the area lying between the city and these colleges gained demand and the prices of the land soared. Later on setting up of institutes of national repute like IIT Rajasthan as well as Ayurvedic University in Jodhpur added more momentum to it.

3. Seeing how there were takers for the lands even in the areas way outside the city, many people living in the areas like Boranada, Banar and Mandore put up their land, agricultural or non-agricultural, for sale. The plots were cut in the distant areas as many bought the land with a view to invest and create an asset.

4. Handicraft industry of Jodhpur too was seeing a golden period then. As the new ventures opened up in this sector, manufacturing units were established at different corners of the city. Villages outside Jodhpur like Salawas, Sangaria and Tanawara became hot spots for the businessman as they procured land at much cheaper rates than those in the vicinity of the city. Sometime later the prices saw an upswing here too.

5. Real estate biggies like Ansal and Parshvanath too saw a huge opportunity in this region and they began their projects of apartments and townships. It again caused the property rates to rise.

All these reasons paved the way for boom in property market. Countywide boom in real estate became the catalyst for the business here as well. Many investors from the different part of the country, especially Metros like Mumbai, Kolkata, and Chennai & Bangalore purchased land in Jodhpur. The scenario became such rosy that property dealing became a full time job for many. Big players in the field became more systematic & rational in the dealings. Even the recession in 2008 had a minimal impact on the sector in Jodhpur. After a brief stint, which showed land prices in stable condition, the situation started improving fast.

Current trends in the real estate sector in Jodhpur

The announcement of refinery in Barmer/Balotara district has again brought the focus on the real estate as the former will lead to establishment of many ancillary units in and around Jodhpur. This means that the property rates will continue to rise. After a relatively lopsided demand over the years, the flats are finally getting acceptance in Jodhpur. 2, 3 and 4 BHK flats are being sought out by the people. Most of them aren’t able to find land at a reasonable rate in the city and that has prompted them to go for flats. One of the areas which are seeing a huge jump in property rates is that of Pal road. Govt. has launched few sponsored schemes here, and AIIMS Jodhpur too is set to begin functioning soon.

A mega highway is proposed in Jodhpur in coming years; and with few more industrial projects on their way, the real estate sector in Jodhpur should witness healthy growth in the future.


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