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Tuesday, 27 May 2014
Being an end user driven market, Faridabad has been off the radar for the prime investors of the national capital region. Now with the population outburst and the rapid infrastructural developments in the area, the city has been successful in attracting some leading builders and investors to put in their money and boost the realty scenario of the city. Read on the article to explore more about the reasons, which have made Faridabad an ideal realty investment destination!
When the infrastructure of Faridabad was planned, it started as an industrial town, offering a lot of employment opportunities in the national capital region, particularly in the industrial sector. With the due course of time and population burst in Delhi, the realty segment of the city also witnessed some positive trends. Now that the city has seen increased services activities and the establishment of some more industrial corporations, the rental segment of Faridabad has witnessed an upsurge in the past few years. Availability of house for rent in Faridabad at rentals less that in Delhi, Gurgaon and Noida has made Faridabad an ideal residential destination for the middle income home buyers.
Why invest in Faridabad
Faridabad has been able to attract investors, builders and corporate world in recent years. Construction of 1,483 km long Delhi-Mumbai Industrial Corridor (DMIC), under construction industrial model township (IMT) which spans over 1,750 acres, and the rapidly developing Nehar Par locations of the city are expected to change the realty scenario completely, thus adding to the property values in the entire NCR.
If we consider connectivity in the city, Reliance Infrastructure has come up with a 66 KM road project in an area, which is famous for its high-density traffic. Construction of a 4 lane Gurgaon-Faridabad Road is proposed, while Ballabgarh-Sohna Road is all set to be renovated.
Here are two other reasons very important reasons, which have left no stones unturned to catalyze the growth of realty segment of Faridabad.
1. Introduction of new residential and commercial projects
As we all are aware that there has been surging demands for commercial spaces, which has gone up by around 40% since 2013, and is expected to go up further due to increasing occupancy level. One of the most popular commercial and residential destinations in Faridabad has been Faridabad-Mathura Road, which has witnessed introduction of new projects from the leading developers like BPTP Group, SRS Group, MG Housing, Piyush Group, Parsvnath Developers Ltd., among others.
The real estate companies are operating in the mid segment areas as over 50% of the demand for homes arise from this segment only. The demand will be picked up more after the city goes through complete facelift. The experts suggest that the homebuyers are waiting for price correction in certain projects, as a number of projects had been launched at very higher prices. The revival is expected very soon.
Talking about the commercial space, a range of commercial properties will also be available, thus offering some golden opportunities for the business and long term investments. A number of IT companies have plans to set up their offices because the prices are still under control if compared to Noida and Gurgaon.
2. Metro link
Along with other physical and social infrastructural developments, the upcoming metro link is expected to boost the real estate value, as the city will get connected to rest of the NCR. From Badarpur to YMCA Chowk, Faridabad will be another city Gurgaon to witness real estate boom.
The localities around the metro station will certainly face uplift after the metro becomes operational. The experts state that before the announcement of the metro link, there were hardly any demands in these localities, but with this announcement and the work going on at mass levels, the homeowners are ready to fetch higher rentals for their properties, while the homebuyers are also eyeing to invest in new properties.
The metro network has already operation in Badarpur, and furthermore, it will cover localities like Sarai Khwaja, NHPC Chowk, Badkal Chowk, Old Faridabad, Neelam Chowk and YMCA Chowk. This will connect every prime city locations, and will thus connect the entire Faridabad city.
These factors have certainly contributed in the real estate segment growth of Faridabad. The market had lagged behind somewhere because it was mainly an end-user driven market. However, the investors have started considering putting in their money in the projects there in Faridabad, thus exploring and benefitting the real estate segment. Faridabad is no longer a place with limited real estate activity.
Author Bio: Rashmi Karan is a professional writer who writes about the realty industry of India and focuses on offering location-specific information of the cities. She also offer solutions for the real estate related queries.
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