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Thursday, 25 June 2015
More often than not, IT companies and MNCs decide against investing in Faridabad real estate due to its poor infrastructure and lack of proper connectivity to New Delhi. But with recent developments, Faridabad is transforming into a prominent real estate destination in India.
Faridabad is the largest city in Haryana, is part of the National Capital Region, and shares its boundaries with Delhi, Noida, Greater Noida, and Gurgaon. During the mid-90s, the city witnessed an increase in the demand for residential complexes due to the establishment of various industries. Faridabad could never attract big corporate houses, and this negatively affected Faridabadís real estate market. However, with a slew of infrastructural developments, the region is gaining the attention of investors and employers.
Faridabad has always been a small industrial town. Unlike Noida and Gurgaon, this city didnít initially have good connectivity with New Delhi. As a result, the demand for commercial properties remained low, which adversely affected the real estate market of Faridabad.
With the advent of Delhi-Badarpur flyover, Faridabad-Noida-Ghaziabad Expressway, and KundliĖManesarĖPalwal Expressway, Faridabadís connectivity to Delhi, Noida, and Gurgaon has improved substantially.
Apart from this, the government of Haryana has sanctioned a plan to extend the metro rail line from YMCA Chowk, Faridabad to Ballabgarh, which will be very beneficial for daily commuters. Owing to these reasons, IT companies have started looking for commercial spaces in this part of NCR.
Growth of IT Industry
Faridabad always had a large number of industries, which resulted in low-income households. On the other hand, Gurgaon and Noida housed IT industries, which attracted a large number of high income individuals. Thus, these cities witnessed a surge in the demand for luxury apartments and shopping malls.
However, in the past few years, IT companies have started setting up base in Faridabad. Nearly 5 to 6 major IT parks are nearing completion. The real estate market of the city is expected to boom after the corporate companies become fully functional.
Increase in Demand for Housing
Ever since IT companies have expanded to Faridabad, the demand for residential properties has gone up in the region. Almost 75 percent inventory of more than 30 residential projects has been sold in Faridabad. Since the city still has affordable housing schemes as compared to Gurgaon and Noida, homebuyers are making a beeline for apartments in Faridabad.
Investing in residential or commercial properties in this city will definitely result in high returns. Over the coming years, it is expected that Faridabadís real estate will eventually grow at a faster rate than Noida and Gurgaon.
Establishment of Self-Sustainable Sub-City
Sectors 66 to 89 of Faridabad are going to be developed as major residential and commercial areas of the city. This part of the city is also known as Greater Faridabad. Sectors 66 to 74 have been allotted for developing industrial sectors. The Municipal Corporation of Faridabad has declared sectors 75 to 79 as a commercial district. The rest of the area will be dedicated for developing housing projects, and will also be well connected to Delhi, Noida, Ghaziabad, and Gurgaon.
Other Infrastructural Developments
The Haryana government plans to construct a stadium in sector 79, upgrade the proposed government hospital into a medical college, provide tax exemptions to industries in Ballabgarh, and construct a sewage treatment plant for Sectors 75 to 89.
As more and more people from Haryana and other parts of the country find employment in the MNCs located in Faridabad, the demand for social and physical infrastructure will rise. This is a clear indicator that the future of Faridabadís real estate market is bright.
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