Faridabad: Riding On Infrastructure and Affordability
Faridabad is a leading industrial centre and situated in the National Capital Region sharing its boundary with Delhi and other key realty regions
The prominent sight at Faridabad persuaded the authorities to work on the infrastructure of this region by connecting it to major cities like Delhi, Noida, Greater Noida and Gurgaon thereby fuelling the realty region of Faridabad. “Faridabad has witnessed a tremendous transformation over the decades with respect to infrastructural growth, connectivity with key realty destinations like Noida, Gurgaon and others; and impressive sight of key private realty players in the country. The growth in the service industry at Faridabad had created a new trend in the region and demand for housing has seen a great rise in the last one decade”, states Mr. Praveen Tyagi, CMD, VVIP. This region’s real estate market is going to witness an additional impetus on account of the improved connectivity brought by the FNG expressway, KMP Expressway and the Delhi-Badarpur flyover. “However, not many new projects have been launched over the past few years due to slowdown in the economy, but almost 75 percent inventory in over 30 residential projects in Greater Faridabad has been already sold. Also, around 5 - 6 IT park projects are in the final stages of completion in Faridabad and the market is expected to witness a big boost with their completion”, believes Mr.Deepak Kapoor, President CREDAI Western U.P. & Director, Gulshan Homz. Moving ahead, a much well planned and newly developed residential and industrial part of Faridabad present from sectors 66 to 89, between Agra canal and Yamuna River was earlier known as Neharpar or now popularly referred to as Greater Faridabad. “Greater Faridabad or Neharpar will be a major real estate hub in the future; so if somebody has to wait for a few years,then good appreciation is definitely on the cards. Its proximity to Delhi and other key cities of NCR like Noida, Ghaziabad or even Gurgaon will prove to be a critical reason of growth in the coming times. Sector 75 is set to be connected to Sector 79, which is chosen as the commercial district by the Municipal Corporation of Faridabad, so investments will be safe and are sure to earn handsome returns”, says Mr. Kushagr Ansal, Director, Ansal Housing. Earlier in May this year, the Haryana government had approved the extension of metro project from YMCA Chowk in Faridabad to Ballabgarh. Mr. Prithvi Raj Kasana, MD, Morpheus Group states, “The process of conversion of Faridabad into a realty hotspot has been quite gradual with several plans failing to be implemented on time”.