CREDAI to boost real estate investment during Rajasthan summit-2022

Jaipur Development Authority and CREDAI Partner for Investment and Job Growth

The Jaipur Development Authority (JDA) convened a meeting with the Confederation of Real Estate Developers Associations of India (CREDAI), Rajasthan, on Wednesday to strategize on attracting domestic investment and generating employment opportunities during the Invest Rajasthan Summit 2022. This collaborative effort aims to leverage the upcoming summit to stimulate economic growth and development within the region.

Anticipated Outcomes of the Summit

Following the productive discussions, officials expressed optimism about the potential for new industrial development and an expansion of Jaipur's tourism sector, creating numerous job opportunities. A prominent Jaipur-based developer committed substantial investments and outlined plans for several key projects, pledging approximately Rs 10,000 crore during the Invest Rajasthan Summit 2022. These projects include initiating the second phase of the Mansarovar amusement park and constructing a medical college within a 10 km radius of the existing medical facility on Shipra Path in Mansarovar. The ambitious plans also extend to the establishment of three industrial cities within Jaipur, projected to house around 2,000 companies. Furthermore, the construction of two integrated buildings with approximately 3,000 plots is in the pipeline. The developer group has committed too setting up an IT center, serving as the corporate hub for their operations in Chennai, Bangalore, and Hyderabad while also taking into account housing construction.

The group verbalized the construction of two shelters for working women on the Jagatpura-Tonk road, in addition to a private golf course on the Delhi highway.

Focus on Real Estate Investment

Other CREDAI (Confederation of Developers' Associations of India) members who were present at the meeting advocated for the development of residential and commercial townships, emphasizing the importance of creating integrated, sustainable communities. Jaipur Development Commissioner Gaurav Goyal commented on Rajasthan's significant industrial potential and noted that investments during the summit would provide multifaceted advantages by promoting Jaipur's development and creating extensive employment prospects:

“Rajasthan is a state with enormous industrial potential. Investment in the Rajasthan Summit in 2022 not only leads to the development of Jaipur, but will also create new job opportunities.”

Chief Minister Ashok Gehlot's announcement in the 2021-22 budget regarding the investor summit underscores the government's commitment to attracting new investors to Rajasthan. Authorities are actively working to enhance investment within the real estate sector, recognizing its crucial role in economic development and job creation.

An official further stated that some CREDAI members proposed concessions and incentives related to utility connections, municipal development memorandums, and development schemes. He said that after collecting feedback, resolvable issues would be addressed during JDA proceedings with matters that surpassed the JDA's jurisdiction referred to the state government for resolution. The ensuing conversation covered the possibility of concessions and incentives, which demonstrated that the JDA is actively working to streamline the process while minimizing costs for developers, reinforcing their efforts to attract more interest in this region.