Jaipur: Jaipur’s residential property market is witnessing a slowdown in the mid-segment, with sales of homes priced around Rs 1 crore falling by 40%, even as developers report some traction in luxury properties costing more than Rs 2.5 crore.Builders attributed the decline to cautious buyers, rising property prices and uncertainty over the economic outlook, while maintaining that higher land and construction costs leave little room for price cuts.“We don’t see Diwali making a big difference to the market dynamics this year. The global geopolitical conditions, the falling stock market and uncertainty about the domestic economy do not seem to be supporting a sharp upward trend,” said a developer preferring anonymity.He said property developers are not going to bring down prices even if the demand is subdued. “We do not think the prices will come down. The costs of land and construction have increased significantly. So, builders would rather wait than reduce prices,” he added.Demand for properties priced above Rs 50 lakh has also weakened, indicating that the slowdown extends to a broader segment of the market.Despite fewer buyers, builders have largely refrained from reducing prices. They said land prices have risen considerably over the past couple of years and construction costs have increased significantly, making it difficult to lower selling prices without squeezing project margins.In contrast, homes priced above Rs 2.5 crore are witnessing some demand, according to developers. Though there are a handful of projects in this category, the demand is encouraging more high-end projects with prices going up to 12-15 crore.“Buyers in this segment are increasingly looking for gated communities that offer security, a sense of community and shared amenities such as gyms and recreational facilities,” said Rajesh Dukiya, a leading real estate developer in the city.Published market reports have cited prices of Rs 25,000–35,000 per sq ft in some high-end developments, with certain villas reportedly commanding even higher rates. These are advertised prices, however, and do not necessarily reflect completed transactions.
