Determinants of housing prices in Jaipur city

Abstract

This research study aims to analyze the determinants of housing prices in Jaipur, India, with a focus on locational factors and access to urban transport. The study combines secondary data analysis of housing price trends, time-series analysis, and primary data collection through a questionnaire survey. The National Housing Bank's Residex is used to understand the overall housing price movements and trends in different zones of Jaipur.

The findings of the research indicate a significant relationship between time and housing prices, demonstrating that housing prices appreciate over time. However, it is observed that the rate of increase varies across different zones of the city. The study explores the factors influencing housing prices, including proximity to the central business district (CBD), workplace, marketplace, and metro stations. Correlation analysis reveals a weak but inverse relationship between housing prices and the distances to these amenities, suggesting that housing prices decrease as proximity to CBD, urban transport, office, and market access increases.

In addition to quantitative analysis, qualitative data is collected through a questionnaire survey to understand people's preferences when buying houses. Respondents express a strong preference for residing in areas with good environmental factors, such as proximity to open spaces and recreational parks, while avoiding noise pollution. The study also highlights the tendency of individuals to avoid living near lower-income neighborhoods, with a preference for middle-income or higher-income areas.

The research contributes to the existing literature by providing empirical evidence on the determinants of housing prices in Jaipur. The findings have implications for policymakers, real estate investors, and developers in understanding market trends, making informed investment decisions, and formulating appropriate housing and urban development policies. The study emphasizes the importance of considering locational factors and access to urban amenities when assessing housing prices, and provides insights into the factors that influence housing choices and preferences of residents in Jaipur.

Keywords: Housing prices, Determinants, Locational factors, Urban transport, CBD, Proximity, Jaipur, Residex, Time-series analysis, Quantitative analysis, Qualitative analysis.