Faridabad Real Estate Market:A Better Prospect

Faridabad Real Estate Market
Faridabad Real Estate Market:A Better Prospect

The  largest  city  in  Haryana, Faridabad  is  a  pure  industrial  town, with  the  majority  of  employment opportunities  emerging  from  the  industrial  sector only. Faridabad  real  estate  market  possesses  a  strategic  and  good  geographical  location  due  to  its  proximity  to  all  the  major  cities  in  NCR, namely  Delhi, Gurgaon  and Noida.

Faridabad  property  market  mainly  has  affordable  housing  in  low  ticket-size  projects,  with  a few  luxury projects.  Most  of  the  apartments  in  Faridabad  are  low  and  medium-sized  projects. It  is  one  of  the  most affordable  markets  in  the  NCR  belt.  It  has  more  end  users  than  investors.  The  market  is  dominated  by  the middle-income  users.

Lots  of  new  residential  and  commercial  projects  have  come  up.  Major  Developers  such  as  Omaxe, BPTP, Puri  Construction, Piyush  Heights, Eros  Group, and  Ansals  have  noticeable presence  in  the  region.

The  average  ticket  size  for  apartments  in  Faridabad  is  around  Rs. 3000-4000/sq. ft.  Faridabad has  been consistent  in  terms  of  the  real  estate  price  appreciation,  with  a  price  appreciation of about  8  to  10  per  cent over  the  last  couple  of  years  for  housing  projects.

Not  many  new  projects  have  been  launched  in  Faridabad  over  the  past  few  years  due  to slowdown.  The demand  for  housing  in  Faridabad  has  been  on  the  slower  side  because  of the absence  of  an  inherent  ‘pull’ factor. Unlike  Noida  and  Gurgaon,  it  could  never  create appeal for  corporates,  so  there  was  little  demand  for office  spaces.

Nehrapur  or  Greater  Faridabad  is  considered  to  be  a  potential  market  in  terms  of  returns on  real estate investments.  Nehrapur’s  Kundli-Manesar-Palwal  Expressway  connects  the  city with  Delhi  and  Gurgaon. Another  advantage  is  that  unlike  Noida  where  the  nature  of ownership  is  leasehold,  the  nature  of  ownership of  property  in  Nehrapur  is  freehold.  A  lot  of  investors  are  expressing  interest  in  this  region  and  many  other such  areas  in  Faridabad. Many  major  builders  such  as  BPTP,  Omaxe,  Puri,  Eros  and  Ansals  area  also developing properties  in  this  area.

Surajkund  has  also  better  prospects  as  Its  commercial  real  estate  is  booming. Another  developing  area  that is  experiencing  a  good  price  appreciation  is  Dayal  Basti.  It  is  close  to  NIT  and  Ballabgarh  and  has  good schools,  colleges  and  hospitals.

Faridabad’s  improved  connectivity  with  key  cities  in  NCR,  has  been  favourable  for  its  realty  market. The  new metro  connecting  the  city  to  Delhi  is  operational  from  September  2015. The  real  estate  market  in  Faridabad may  now  boom  with  improved  infrastructure  like  Gurgaon-Faridabad  expressway,  six-lane  Mathura  Road, expansion  of  metro  rail,  and  the  Faridabad-Noida-Gaziabad  expressway. This  region’s  real  estate  market  is going  to  witness  additional  impetus  on  account  of  the  improved  connectivity  brought  by  the KMP Expressway, FNG  flyover  and  the  Badarpur  flyover.

A  metro  connecting  Gurgaon  with  Faridabad  is  set  to  begin  soon.  Its  proximity  to  Gurgaon  will  also  give  it access  to  the  other  city’s  advantages,  including  its  BPO,  IT  companies  and ITES  sectors,  its  investors  and other  factors.

The  city  topped  the  smart  cities  list  in  Delhi-NCR  with  95  points,  has  got  real  estate developers  and consultants  excited.  Under  the  smart  cities  scheme  the  basic  infrastructure undergoes  improvement-there  are safe  pedestrian  paths,  controlled  vehicular  movement,  good drainage  systems,  drinking  water  supply  etc.

Faridabad  could  in  all  likelihood  be  racing  ahead  of  its  rich  neighbours.  Known  for  core industries,  the  city is  likely  to  see  a  shift  towards  service  industries,  outsourcing,  banking etc.

Faridabad  has  the  potential,  and  there  are  many  factors  favouring  Faridabad  but  it  would need  to  address many  issues.  The  biggest  issue  with  Faridabad  has  always  been  the  poor connectivity.  Another  issue  is  that Faridabad  has  employees  from  the  manufacturing  sector with  less  disposable  income.  Faridabad  has  been  an old  industrial  town  and  recently  has opened  up  to  service industries,  but  the  IT  population’s  choice  has  been Gurgaon  due  to  its better  infrastructure  and  proximity  to  the  airport.

Despite  these  many  issues,  Faridabad’s  real  estate  market  has  the  potential  and  is  all  set  to receive  a  boost due  to  its  favourable  geographical  location  and  its  many  new  opportunities in terms  of  employment  and development.  Real  estate  experts  are  of  the  view  that  the market will  uplift  once  road  connectivity  and corporate  activity  improves.

Faridabad  is  the  city  to  watch  out  for  in  the  coming  years.  In  the  next  five  years  city’s real estate development  is  expected  to  catch  up  with  other  NCR’s  real  estate  market  such as Noida  and  Gurgaon.

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