Further discussing the market trends, Gupta said: "Two to three years back, there was a thrust on plotted development but now there is a demand for apartments. Amongst flats, there is a greater emphasis on middle budget housing i.e. 2/3BHK apartments."
Meanwhile, in Jaipur's residential real estate market, the mid-level budget homes constitute 60 per cent of the total demand, property dealers say.
Developer response
Jaipur is witnessing the launch of mega real estate projects, both by national-level real estate developers, such as DLF, Ansal and Omaxe as well as many Jaipur-based real estate developers.
Integrated township projects with housing units, lifestyle amenities of school, markets, clubhouses and infrastructure facilities of well laid out roads, landscaping have been announced by developers namely Omaxe (Omaxe City), Suncity, DLF, MGF, Vatika (Vatika City), Ansal API (Sushant City), Grassfield, Panchsheel Colonizer and Parsvnath which has entered into a joint venture with a local developer. Jaipur-based real estate developers such as Mahima, Narayan group, Narvik Nirman etc have also launched residential property projects, of late.
All of these projects are on the peripheral areas and the average cost of a residential unit is between Rs 1,500 and Rs 1,700 per sq. ft.
Project update
The Unique Group launched a township at Ajmer road, 17 kms away from the city centre, last month with 3,500 units including studio apartments (8 lakh), 2 BHK (15 lakh) and 3BHK (18 lakh). Narvik Nirman has also launched its township project--Pearl Springs with 2BHK apartments of 1,040 sq. ft for Rs 16 lakh and 3BHK apartments of 1,450 sq. ft for Rs 20-22 lakh.
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