Faridabad’s realty market catching pace!

Faridabad, which is the largest city of the Northern Indian state of Haryana; as a destination had emerged as pure industrial town with enormous employment opportunities coming out from the industrial sector. Today also, it is a leading industrial centre and situated in the National Capital Region sharing its boundary with Delhi and other key realty destinations. Speaking about the neighbouring regions, it is surrounded by Delhi towards its North, Noida to its North East, Greater Noida to its East and Gurgaon to its west; thus making it easily accessible from all the key locations in NCR. Moving down towards the southern direction along NH 2, it has Palwal, Mathura (along Vrindavan) and then Agra. Therefore, as a region it enjoys a prime location geographically which is the backbone for any real estate region to perform.

Regardless of its proximity to Delhi, Noida and Gurgaon, and fairly decent connectivity with its bordering cities by road and rail network, the property market of Faridabad has not kept pace with the real estate market in other NCR cities. Even with all its potential to become a ‘model city’, Faridabad had suffered on account of inferior infrastructure and poor connectivity, and thus failed to register the kind of growth witnessed in the adjoining regions such as Gurgaon and Noida. The principal issue with Faridabad was poor connectivity initially due to which it could not record itself in the minds of the public. The IT industry chose Gurgaon over Faridabad because of its better connectivity with the capital and proximity to IGI airport. Since youth with high disposable income like to work in IT industry, it had a ripple effect on the real estate market and led to the emergence of shopping malls and encouraged the demand for housing as well. On the other hand, Faridabad mostly had manufacturing units employing labour with less disposable income, thus diluting the effect of stable demand. Nevertheless, the realty pocket of Faridabad is now booming with improved infrastructure like Gurgaon-Faridabad expressway, six-lane Mathura Road, expansion of metro rail, FNG expressway and now making it to the Smart Cities list. Moving ahead, there is 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 which was earlier known as Neharpar and now popularly referred to as Greater Faridabad. The plan for the area is well laid down with an aim to develop this area as a self-sustained sub-city with wide roads, high rises, shopping malls, educational hubs along with commercial and health centres. The region itself has been well divided with sectors 66 to 74 being industrial sectors, while sectors 75 to 89 being residential.

Putting light to the region of Faridabad, which is now looking ahead for an unprecedented growth towards hospitality, commercial and residential segments; Avneesh Sood, Director of Eros Group, who had recently joined hands with Carlson Group to come out with Radisson Blu Hotel in Faridabad believes, “The process of conversion of Faridabad into a realty hotspot has been quite gradual with several plans failing to be implemented on time. Although, what started off as an industrial town is now looked upon as one of the rapid developing and still affordable destinations of NCR. With plans now falling well in place and infrastructure now looking towards growth; demand and supply will follow quickly, which will result in good appreciation and returns on property in the long run.”

 

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