Capital city of the erstwhile princely state of Rajasthan, also known as the pink city, jaipur is full of heritage and culture. It is one of the most important hub for tourism in India, with tourists, both national and international flocking to have a look at the forts and culture of the state of Rajasthan, and jaipur being the gateway. Having a sound education system, the city has also been home to a huge service sector, attracting people from all over the country. This has ensured that the property market is well fed with constant activity both, in the form of sale purchase and rentals.
With the efforts of the state government, the pricing of the houses has been kept in check, by the launch of cheap and affordable accommodation. This has resulted in a lot of investors investing in the city. Jaipur has witnessed a lot of investment from the NRI who have shown a lot of faith in the demand in the real estate sector. The prices are steadily increasing and the investors are a happy lot. The city has also seen a lot of activity in the rental property market. The demand has been increasing for rental properties and many investors have resorted to letting out their properties for an added income. The affordable price of the property has attracted a lot of people from outside the state, who have invested with the sole aim of providing house for rent and enjoying the rental income.
Information and Technology has been one of the main reasons for increase in demand of rental properties. Jaipur proximity to the national capital and a great connectivity has seen a lot of people converge on this city for employment. IT and ITeS sector has provided a plethora of work opportunities to the youth from outside as well as from the state itself. This influx of manpower, with good salaries has resulted in a huge demand for house for rent in Jaipur. As these people have migrated from different states and cities, they are keener on renting a house rather than buying one. This has worked in favor of the investors who are getting decent returns every month. A smart investor would invest in property keeping in mind some basic rental tips as it sure goes a long way in ensuring not only high returns from the property but also a steady monthly income.
- One should always try to invest in a residential property near commercial hot spots. Office areas always attract more customers who are on the lookout for residential space near to their office. This not only results in easy availability of tenants but also ensures higher rent.
- Rajasthan is a major tourist hub and Jaipur is its gateway. A lot of foreigners travel to Rajasthan and spend a lot of time exploring the history and culture. These foreigners can be tapped and the property rented out to them. They are comfortable in giving better rent than the prevailing market rates even.
- Converting your property into service apartment is also a good idea. With so much tourist inflow, service apartments provide a cheaper accommodation than hotels to the travelers and the landlords get a higher return. It’s a win-win situation. With lot of corporate travelers too visiting Jaipur often due to its high ITeS industry, service apartments can fetch good clientele as well as good revenue.
Although these tips would ensure high income, one should be aware that there are some points which must be kept in mind while letting out the property. Whenever giving a house for rent in Jaipur, one must ensure proper paper work and go for an agreement. A background check of the tenant is also a must and government or corporate clients who have transferable jobs should be preferred as they have to leave the city in few years thereby ensuring that the property is not illegally occupied.
“Being a freelance Marketing and Human Resource consultant for the last 17 years, Manoj Malhotra has had the opportunity to gain exposure and thorough knowledge about people and their behavioral patterns and an insight into varied fields.”