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Ranchi is Jharkhand’s capital and boasts of a vibrant real estate sector. Ranchi’s property prices are soaring as development and investments are going up. Leading the real estate action is Jharkhand State Housing Board with its residential and commercial space developed for the city in collaboration with private builders. Parsvnath Developers is a leading player in Ranchi real estate with many ongoing projects.
The IT industry and Tourism industry are making new investments in Ranchi. As a result, demand for office, commercial and retail properties are on a high. Many companies are setting up offices in Ranchi. Retailers such as Reliance Fresh, Big Bazaar and Spencer have space in the city. More Malls, Star hotels and Multiplexes are the projects under execution. Industrial properties are also in good demand after the fresh industrial expansion in 350 acres of land.
The state government has unveiled a City Development Plan for Ranchi that plans new sub cities in 6400 hectares to accommodate future growth till 2021. The government is upgrading amenities related to water supply, sewerage and sanitation, solid waste management, storm water drainage and urban transport. This positive thrust on urban development has benefited the growth of real estate of Ranchi.
Jaishree Developers is one of the major Real Estate Companies in Ranchi with many Prestigious Commercial and Residential Projects. Its Jaishree Green City, Twin Tower and Shopping Mall Projects are under Development. They include Group Housing Projects, Two Integrated Townships, One Shopping Mall and Commercial Complexes.
Its first township was “Ramdeo Vihar” with 66 Super Deluxe Flats. It has a land bank of 50 acres with entire mini-cities developed into residential paradise providing luxurious housing solutions along with the strength and comforts of each Jaishree Construction.
One major constraint in Ranchi’s real estate is the Chotanagpur Tenancy Act, which prohibits sale of tribal land to non-tribals. However, things are changing with the upcoming Ring Road project that is diversifying development beyond city limits and helping Ranchi to become more defined with enhanced connectivity to peripheral areas. Greater Ranchi, a new township, is also in the pipeline.
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