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News & Views on Indian Real Estate

Monday, August 18, 2008

Marwari bond is fuelling real estate market in Jodhpur


Jaipur’s loss is Jodhpur’s gain. The downfall in the state capital’s property market post-bomb blasts, which had ripped the city apart in May, has steered investors to look westwards. This apart, the strong Marwari bond is fuelling the real estate market of Jodhpur. Marwari business community from across the globe is investing heavily in their hometown. Marwaris may run their business anywhere in the world but they don’t leave their roots. They prefer to have a base in their home town. This has created a big demand for prime properties in the city which is expanding horizontally on all sides. Apart from that, a large expatriate population working with the armed forces, railways and corporates form the biggest customer base. The simplicity and easy-life of the city never let them off post-retirement. Driven by the local residents’ wish to live outside the congested walled city, the periphery of Jodhpur is witnessing a real estate boom. Even old residents of the main city prefer a house on the outskirts for open space and better infrastructure in terms of water, road, electricity and parking facility. In fact, retail and commercial rates are riding on corporate demand for retail and office space within city limits and the outskirts too. Changing consumption patterns, shopping centres, cineplexes and malls are replacing the old structures which were once the identity of this heritage city. Major players such as Ansals, Tulip in collaboration with Jodhpur royalty, Khalsa Developers and Ashapurna are coming up with mega malls to cash in on the retail boom. Many banks, retail and business houses with a pan-Indian presence have brought their zonal/ regional office spaces here. Zee group’s Ecity Bioscope has already entered the city in Ashapurna Mall, while Reliance Hyper will start functioning soon at the same mall. Being an army and airforce base, Jodhpur offers a safe and secure residential option.