Rajasthan's New it Policy to Trigger Jaipur Properties
Good times ahead for Jaipur real estate. With the announcement of its new IT policy, the Rajasthan government has announced a slew of incentives to boost investments from the IT sector in the state.
The policy states, "All new IT industrial units would be provided 50 percent exemption from payment of electricity duty for 7 years."
The policy also provides rebate to IT and ITeS companies in land cost and offers additional sops on first come first serve basis, by offering subsidy to the first five IT and ITES SMEs (Small and Medium Enterprises) employing more than 50 employees in IT or 100 employees in ITeS sector.
Definitely, the real estate developers keep their fingers crossed over this as the same will cast a positive impact on commercial properties in Jaipur, and a subsequent impact will also be there on residential properties.
Ongoing Projects
Jaipur real estate is the only city in Rajasthan that is enjoying attention of IT sector, and big real estate developers of the country. Let's discuss some of the projects.
Spread over 800 acres on the Ajmer Road, an 8-lane expressway, one of the largest IT/ ITES projects in Jaipur is going to be the Vatika Group's Vatika Infotech City. This would be a self-sufficient integrated township with seamless connectivity to the main Jaipur city.
Another project Mahindra World City, Jaipur, is being developed as a multi-product SEZ on the format of an "Integrated Business City" and is a joint venture between Mahindra Gesco Developers Ltd (a Mahindra Group Company) and Rajasthan State Industrial Development and Investment Corporation Ltd (RIICO), Government of Rajasthan.
The project is proposed to be developed over 3,000 acres. The company is also developing a Technology Park within the IT SEZ, which will offer built-up space to IT/ITES companies on lease. IT majors Infosys and Wipro have already agreed to develop their IT campuses in Mahindra World City, another boon to Jaipur Properties in deed.
Future Outlook
The IT sector is estimated to generate about 40 per cent of the additional employment and now it will be in smaller towns like Jaipur, media reports state.
With a high literacy rate of over 70 per cent, low cost of living and a base of trained IT personnel, progressive policies, infrastructural components such as strong road network, ample power supply and human resources, Jaipur will surface up as an IT destination.
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