Residential rentals in Jaipur are on downslide. According to MagicBricks studies, there has been a decline of 10-15 per cent in the average rentals at the prime residential colonies of Jaipur.
The lower limit for monthly rentals for residential properties at localities of Bani Park, and Malviya Nagar have come down by almost 10-20 per cent, in the past 3-months. Bani Park Properties that were commanding average rental value of Rs 10,000 per month in August 2007 were available at Rs 8,000 in November 2007. Similarly, the monthly rental values at Malviya Nagar were reported at Rs 7,000 in November 2007, almost 13 per cent down from Rs 8,000 being recorded in August 2007.
Property brokers inform that residential properties in Jaipur that were occupied by corporate executives at superior rental values are lying vacant for several months. Resultantly, landlords are now asking for lower rentals in order to let their property continue generating rental income.
Real estate consultants further informed that residential rental values in Jaipur had doubled in the past 2-3 years because of sudden spurt in economic activities in the city but the picture was not realistic and it was only a small section of corporate employees that were able to rent residential properties at inflated levels.
According to sources, the rental values in popular residential areas like Malviya Nagar, Sanganer, C-Scheme, Mansarovar etc for apartments and builder floors had witnessed an increase of 50-150 per cent in the past couple of years but now
Jaipur Real Estate markets are in retrospective mode now. Especially, residential properties that were receiving tremendous response from property investors are now facing loss of interest from the markets.
Meanwhile, average rental values at Pratap Nagar and Sanganer, hovering between Rs 5,000-Rs 10,000 a month, remain unchanged in this period.
According to property dealers and real estate developers operating in Jaipur, residential rentals in Jaipur started rising soon after the entry of big corporate players like Genpact, Wipro, Reliance, Mahindra, and Hero Honda.
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