News roundup: A deep dive into the housing trends in Jaipur, and other headlines

For PropertyGuru’s real estate news roundup, we go on a deep dive into the housing trends in Jaipur, India to unlock property opportunities. In other headlines, China’s construction for Indonesia’s new capital Nusantara is their calling card for more overseas construction projects, while Hong Kong’s Urban Renewal Authority (URA) is set to redevelop six sites in the vicinity of Mong Kok’s flower market.

Unlocking opportunities: A deep dive into Jaipur’s housing trends

Jaipur, the capital of Rajasthan, is distinguished as a primary residential centre within India’s Tier-2 cities in the northern region. Renowned for its rich cultural heritage and international tourist appeal, Jaipur has emerged as a burgeoning residential market driven by various factors, including its status as a regional economic powerhouse and excellent connectivity facilitated by its international airport. Not surprisingly, the evolving economic dynamics have influenced consumer preferences, with a shift towards multi-storey apartments over traditional low-rise formats in Jaipur’s property market. Amenities like clubhouses and swimming pools are now pivotal considerations for prospective buyers.

According to Housing.com, the city’s economic landscape, once centred around tourism and manufacturing, has undergone a significant shift towards a thriving services industry. Notably, the Mahindra Special Economic Zone (SEZ), sprawling over 3,000 acres, exemplifies Jaipur’s diversified industrial and service sector ecosystem, attracting multinational companies. With approximately 2,000 registered startups, Jaipur solidifies its status as a growing economic centre, surpassing other Tier-2 cities like Chandigarh Tri-City and Lucknow.

Jaipur’s strategic location within the influence zone of the Delhi-Mumbai Industrial Corridor has further enhanced its business environment. This influx of employment opportunities has not only propelled Jaipur’s economic growth but also fuelled demand for residential properties, as individuals from across the region move to the city in search of livelihoods.

China’s construction for Indonesia’s new capital Nusantara to lead growing overseas city-building port

China is positioning itself to become one of the top foreign investors in Nusantara, the planned new capital of Indonesia that is being built from scratch over the next 20 years in the middle of forests and palm tree farms.

The investment is expected to become the stand-out showpiece in a growing body of work building smart cities and other landmark urban zones in other countries, analysts said in a report in Bangkok Post.

The projects in turn would help China connect with friendly nations to facilitate trade, they added, giving Chinese construction firms a chance to prove themselves abroad.

“It’s fair to say that China has the strongest squad of engineers and constructors, who have benefited from the country’s building boom since the mid-2000s,” said Xu Tianchen, a senior China-based economist with the Economist Intelligence Unit. “China is also experienced in providing full life cycle solutions, from financing to construction and maintenance, which make life easier for host countries.”

Parts of Hong Kong flower market to be redeveloped, urban renewal body announces

The Urban Renewal Authority (URA) has announced a plan to redevelop six sites in the vicinity of Mong Kok’s flower market with a total area of 29,315 square meters.

The plan to redevelop 33 ground-floor shops and 275 households on Sai Yee Street and the flower market is the first project under a broader initiative to redevelop Yau Ma Tei and Mong Kok.

The project is expected to be finished by 2035-36, the authority’s director of planning and design Lawrence Mak told HKFP, adding that it would cost the authority HKD2.5 billion to acquire the properties to be redeveloped.

About 17 percent of the flower shops would be affected by the redevelopment, the authority said.

The Property Report editors wrote this article. For more information, email: [email protected].