Find out which are the top 3 rental destinations in Jaipur

The city of lakes is fast creating a niche for itself thanks to its growing social infrastructure. However, the realty market is yet to define itself, but the new entrants are leaving no stone unturned when it comes to creating a scenario that meets the needs and requirements of many local property seekers. The positioning of the city as an educational hub has played a pivotal role in ensuring Jaipur remains a robust realty destination for both end users and investors.

Although major players are now announcing many extraordinary capital ventures, it’s the rental market that is leading to many registrations. The presence of many educational coaching institutions and MNCs has attracted a pool of migrant population who are now behind the demand for housing. Below are the most preferred localities that are brimming with rental opportunities.

Pratap Nagar

Cited to be a residential hub, Pratap Nagar, located on the NH 8, is becoming one of the fastest growing realty destinations. Owing to its close proximity to the International Airport, the area is a preferred rental locality for many working professionals. There seems to be an inherit demand for 2 BHK apartments for rent here.

Second time home buyers and local investors are now tapping in to this demand and are buying inventories only with the sole aim of renting it out later. While a 2 BHK apartment in Pratap Nagar is estimated to cost an average of INR 33 lakhs, the same home is capable of generating rental returns anywhere between INR 7,000 and INR 16,000 per month.

Mansarovar

An array of educational institutions dot this vicinity. The presence of many management and engineering colleges have lured in a fair share of student population who are now showing a keen interest in renting out residential spaces or living in PGs. Investors with a long term goal have invested in many properties in Mansorovar and have converted them into small time boutique hostels. High return on investment is another factor that has enticed many second time home buyers to invest in properties here. In two years, capital values of properties here have escalated over 16%.

While the current ongoing rates of apartments for sale here are cited to hover between the price bracket of INR 3,000 and INR 4,100 per square feet. Rental yields for the same property cost anywhere between INR 10,000 and INR 20,000 per month, thus making the market a favourable destination for many investors.

Malviya Nagar

Situated right in the middle of a commercial and an industrial belt, a number of shopping malls, healthcare units and multiplexes have mushroomed here. Many families and retired personnel are now shifting base here due to these social amenities. While the locality offers both smaller and generous living spaces on rent- the average size of 3 BHK homes here is going up. Depending on if they are fully or semi furnished, homes here are can generate rental yields anywhere between INR 12,000 and INR 23,000 per month.

Nidhi C Thacker for IndiaProperty.com

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By: indiaproperty.com