The recently functional metro line of Jaipur from Mansarovar to Chandpole is proving to be a boon for long distance passengers. The public transport network and the real estate market has had a positive impact since its commencement. A total of 9 stations are functional in the first phase of the metro line. It passes through well-developed areas such as New Aatish Market, Vivek Vihar, Shyam Nagar, Ram Nagar, Civil Lines, Railway Station and Sindhi Camp. Work for the second phase from Chandpole to Badi Chaupad is underway.
Active localities impacted by metro
According to Rameshwar Choudhary, managing director, Square Real Estate In, “The metro line has ensured prompt connectivity within localities but not all have been impacted positively in terms of real estate. Areas such as Chandpole, Railway Station and Sindhi Camp are already developed and compact with no hope of new infrastructure development or revival of rental.”
However, areas such as New Aatish Market, Vivek Vihar, Shyam Nagar, Ram Nagar, Civil Lines among other neighbouring areas like Nirman Nagar, Bani Park, Ram Bagh, Sodala, Lalkothi and Sunder Nagar, all within 2 to 5 km radius from the metro line have benefitted an increase in the rental value.
Sanjay Dutt (executive managing director South Asia – Cushman & Wakefield), says “Civil Lines and Mansarovar are two sought after luxury residential localities of Jaipur that have witnessed and are being benefitted the most by the completion of phase 1 of metro line.”
Mansarovar: The locality was established by the Rajasthan Housing Board and is the third largest housing colony in Asia. It is well-planned and consists of low-rise developments in the affordable and mid-segment category. It is preferred by middle class families, students and single working professionals. “From Oct to March, the rental value of a 2BHK apartment in the area ranged between Rs 8,000 to 9,000 per month. However, from Apr to June, the capital value has increased by 10 per cent which amounts up to Rs 10,000 to 11,000 per month and is expected to rise further.”
Civil Lines: It is one of the most sought after luxury residential destination in Jaipur owing to its gentry and central location. The area has primarily plotted development along with small scale apartment projects by developers. The monthly rental value of a 2BHK apartment in the area ranges from Rs 12,000 to 25,000 followed by Rs 15,000 to 45,000 for a 3BHK apartment.
Choudhary continues, “Properties near the metro line, has witnessed more renting traction. Active housing localities in a radius of 2 to 5 km from the metro stations seem to be a viable and attractive option for both buyers and rent seekers.”
The rental market of Jaipur seems positive with the new metro line and the upcoming one. Improved connectivity has definitely impacted the real estate market.
SOURCE: Magicbricks
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