If rising interest rates are compelling you to stall the idea of purchasing a house then think again. When it comes to buying property any time is a good time. While interest rates are cyclical, real estate prices progress in a linear fashion and always head north. The advice holds good especially for Jaipur, shows global research agency CRISIL.
Its report titled ‘Real(i)ty Next: Beyond the Top 10 Cities of India’ shows that property rates in Jaipur have increased by 11-12% during the period 2009 to April 2011. But, that is not the only reason why buying property in Jaipur right now makes a sense. Jaipur also offers the best growth prospects among the 10 smaller cities studied by CRISIL Research.
“Price appreciation is not the sole determinant of long-term attractiveness for investment. Potential for demand growth, price stability, quality of infrastructure,” said Prasad Koparkar, head of industry and customised research at Crisil Research. The number of units sold in Jaipur in 2010 was the highest among the 10 small cities and second largest in terms of value of houses sold.
The cities studied included Bhopal, Bhubaneswar, Coimbatore, Indore, Lucknow, Nagpur, Surat, Vadodara and Visakhapatnam. The report has forecast that of the 10 smaller cities, realty prices will rise in seven of them, while only four of the 10 big cities will register a rise in rates.
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