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Real Estate And Mortgage
Published on: Sep 8, 2015 @ 13:06
NEW DELHI: The extension of the Central Secretariat-Badarpur Metro Rail corridor till Faridabad was inaugurated by Prime Minister Narendra Modi on September 6, 2015. With the launch of the long-awaited Badarpur Extension of Violet Line, the Delhi Metro has now infused life into the urban expansion of Faridabad, where residents had to brave potholed roads and rickety public transport.
According to metro officials, the project has been completed within the sanctioned cost of Rs 2,494 crores and the line covers a length of 13.875 kms. The Metro Line on this route would largely reduce the traffic volume and hassle-free travel for around two lakh daily passengers from Delhi and Faridabad, the industrial hub in Haryana.
The Metro rail will cover a large part of the satellite city and connects Faridabad to the NCR for the first time in the Metro network. It passes over the National Highway 02. It has nine stations from Sarai to Escorts Mujesar. The other stations are Sarai, NHPC Chowk, Mewala Maharajpur, Sector 28, Badkal Mor, Old Faridabad, Neelam Chowk Arjonda and Bata Chowk. Two more stations, NCB Colony and Ballabgarh, will be added by 2017, Metro officials said.
As per the industry experts, the property market in Faridabad is set to undergo a significant uplift after the launch of the metro rail. The areas covered by the Metro include almost every prime location of the city such as Ashoka Enclave, IP Colony, Greenfield and Springfield, thereby connecting almost the entire Faridabad region.
Due to its proximity to Delhi, Gurgaon, Ghaziabad and Noida, Faridabad is an important part of the NCR (National Capital Region). But the property market in Faridabad has not kept pace with the real estate market of the other NCR cities. Faridabad has basically suffered, on account of poor infrastructure and bad connectivity, and has failed to mark the kind of growth witnessed in neighbouring Gurgaon and Noida.
The biggest issue with Faridabad in the past has been the poor connectivity. The new metro link will encourage the developers to come up with their projects in the city. According to a property consultant , the improved connectivity by metro and lower property prices, the Faridabad property market will now attract buyers for long term investment as well as for purchasing a house. The advent of metro in Faridabad has presented the real estate sector with an opportunity to fully explore its potential in the city.
Ajay Verma, founder and writer of TheHousingWorld, a real estate and mortgage news website. He has over fifteen years of rich experience in the above mentioned industries.
