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Tuesday, 14 July 2015
Faridabad is fast-becoming a worthy competitor in the economic and industrial market in India. This city, the largest in Haryana, is bound by a number of key locations such as Delhi, Noida, and Gurgaon. Its geographical and infrastructural edge has, in recent times, brought a substantial change in the real estate sector of NCR.
The strong industrial growth has enabled Faridabad to emerge as a realty hotspot in NCR. The emergence of the service sector, particularly, has contributed to the development of several residential and commercial complexes in the city. Real estate developers such as BPTP, Eros Group, Omaxe, SRS Group etc. have played a major role in changing the façade of Faridabad.
Faridabad is enroute to becoming a self-sustained city with well-planned commercial developments, educational institutions, malls, and industries being set up. The shortage of land and affordable housing in neighbouring cities like Gurgaon and Delhi could direct the realty boom to Faridabad. The city’s policies support rapid industrialization and urbanization, which make it a preferred choice for investors, despite heavy competition from other industrial centres in NCR.
An increase in the number of industries, both small and medium, have driven economic growth in Faridabad. Top class infrastructure, cost-effective living, and budding employment opportunities are some of the key factors that have contributed to its portfolio.
Cost of Housing in Faridabad
Prominent localities such as Sector – 70, Sector – 88, SurajKund, and Charmwood Village demand an average of INR 3000 – INR 4000 per square feet. Rent prices are almost 57% lower than that of Gurgaon. The price appreciation has been consistent at about 10% over the last couple of years, despite the economic instability, high inflation, and liquidity crisis.
In spite of its geographical advantage, property prices have always been lower in Faridabad than Delhi or Gurgaon. The changing face of the city has led to a lot of projects in the residential and commercial markets. Many apartments are small and medium-sized ventures with a few luxury projects.
The city is among the most affordable markets in the region, largely catering to service and industrial sector households. Middle-income users, with lower disposable income, have a greater advantage due to many low-budget housing plans available in Faridabad.
Connectivity to Major Cities
Initially, the city suffered from disjunction with its more developed neighbours. The Gurgaon-Faridabad expressway, six-lane Mathura Road, and FNG expressway have contributed to its improved connectivity to major metros and cities in NCR. The initiative of the Haryana government to extend the Faridabad-Ballabgarh Metro Project has ensured rapid development of the region. The greatest advantage of the city is its proximity to the capital, and the metro connecting Faridabad to New Delhi will play a major role in the city’s expansion. Neharpar, now known as Greater Faridabad, has furthered its image, thanks to the Kundli-Manesar-Palwal Expressway connecting it to the capital.
This connectivity has brought in numerous investors and corporates, which have contributed to the demand for office spaces, IT Parks, and commercial establishments in the city. This shows the impact of a good road and rail network on the overall growth of a region.
Role of the Haryana government
Though political uncertainty has affected the price appreciation for housing projects, the government of Haryana is playing an active role in making Faridabad the best city in Haryana. Increased contribution to implement new metro projects and extensions has revolutionized the realty sector. Price appreciation has improved by 30% – 50% since the introduction of these metros in Ghaziabad, Noida, and Gurgaon. This visibility is long awaited in Faridabad and is fast catching pace.
The role of Faridabad as a player to reckon with, is gradually taking shape. The infrastructure developments and metro projects have resulted in the city becoming a prominent powerhouse in the realty sector. A rapidly developing economy has made Faridabad an ideal market for realty developers, investors, as well as the common populace.
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