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Thursday, 06 March 2014
The satellite city of Faridabad is coming up in a big way in terms of real estate investment. From commercial to residentialóboth the segments have been performing well with a few localities topping the list. Read on to know more.
Faridabad Ė an overview
Faridabad, one of the major business hubs of Haryana, also shares its boundary with Delhi. While agriculture has been dominating the economy of the region all this while, the city has undergone a rapid transformation over the last one decade. Its vicinity to Delhi and availability of land at a cheaper price has been instrumental in turning the city into an industrial hub.
Today, Faridabad is considered the industrial capital of northern India. It is home to several large-scale organizations like Escorts Group, Whirlpool, Havellís L&T and many more. Now, with an upsurge of the industrial segment within the city, the real estate segment has also been performing extremely well. The rapid growth in the infrastructure of the region has had a huge impact on the Faridabad property market.
The government has taken enough initiatives to improve the infrastructure of the region. One of the major initiatives in this regard is the Kundli-Manesar-Palwal Expressway. This grand project is all set to smoothen the connectivity all across the region. Faridabad will easily stay connected to places like central Delhi. According to experts, the real estate market of Faridabad will undergo a facelift once the metro connection becomes operational. The metro link that would start from Badarpur is proposed to cover Sarai Khwaja, Badkal Chowk, NHPC Chowk and the YMCA Chowk. The areas that this route will cover are Springfield, Greenfield and IP Colony. The metro project is expected to be completes by 2014 and thereby a boost in the overall property market is expected to be witnessed in the coming quarters. Some of the preferred locations of for property investments in Faridabad are explained below:
Primarily an industrial town, Surajkund is often referred to as the green area of Faridabad. This are offers some excellent residential properties that come with the affordable price tag. Moreover, this locality enjoys a grand location; thus attracting a lot of investments from developers at one go. The region is also famous for the Asola Bhatti Wild Life Sancturay and the Sun Temple. The highest locality prices for apartments are priced at INR 7400 per square feet and the lowest ranks at INR 5000 per square feet.
One of the new regions of Faridabad, Nehrapur has recorded some new infrastructural developments; experts are of the opinion that in another ten yearsí time Nehrapur will become next Gurgaon. This is all the more because of the Kundli-Manesar-Palwal Highway that is coming up connecting Nehrapur with Gurgaon and Delhi.
Investors have been smart enough to identify the prospects of this region thus they have been continuously capitalizing on these areas. Apartments in Nahrapur, Faridabad now comes at a cost of INR 3800 per square feet. The rental prices for apartments have been raising high since the last one year.
Green Valley is a comparatively posh locality of Faridabad that comes along with some of the best facilities and amenities. Green Valley is well connected to the south Delhi localities of Saket and Qutab Minar. Moreover, this area lies quite close to the metro station, is barely walking distance from the Mathura Road, MG Road and shopping malls.
Needless to say that this region is obviously witnessing a price rise in the residential segment category; apartments for sale in these regions now come at a cost of INR 5700 per square feet to INR 6000 per square feet.
Apart from the above-mentioned locations, overall Faridabad has loads of options in terms of residential and commercial real estate. At present the real estate segment of Faridabad is recording an appreciation of at least 9% to 10% on an average. The way in which the real estate segment of Faridabad is recording an appreciation, it can be said that investing in a property in this region is bound to yield great results.
Author Bio: A skilled writer and an ardent blogger, Sampurna Majumder loves creativity and challenges. She has been providing her expertise to the world of new media for over a year now by penning articles and posts for various real estate websites that cover all kinds of information about real estate. She has written various articles related to real estate in India. The above post focuses on the Faridabad real estate.
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