An overview of Real estate in Greater Faridabad
Greater Faridabad has been emerging as a prime location for both affordable and luxury segments of residential realty, owing to its favourable growth opportunities, improving infrastructure and fast connectivity with other prime parts of NCR. It is one the favorite areas for realty investment for middle-class buyers.
Faridabad is a bustling city located at a shouting distance from South Delhi. Sectors 70 to 91 of Greater Faridabad are included under Faridabad. Neharpar, which is emerging as a mega city of Faridabad, has been luring investors with its fast-growing realty prospects.
The region is believed to witness immense growth in industrial sector. Based on the vision, sectoral objectives have been derived. Neharpar, in Greater Faridabad, is expected to be developed as another Noida or Gurgaon. Many long-term investors are showing interest in buying properties in Neharpar area.
Connectivity:
Greater Faridabad is well-connected to Delhi and Gurgaon. Delhi is around 30 km away from this regions while Gurgaon is at around 40 km distance. Also the proposed National Expressway 2 that links Palwal, Faridabad, Noida, Ghaziabad and Manesar will provide interconnectivity among various satellite towns. The Delhi Metro Rail Corporation (DMRC) is extending the metro rail service to the city as well. The proposed Metro rail-link and modernization of Mathura Road will further add to the prospects of this town.
Infrastructure development:
The infrastructure development projects proposed under the new master plan is expected to further give a boost to the economy of the city. However only few sectors of Greater Faridabad have been witnessing residential and commercial projects where the social infrastructure is also in place. But it may take more than a decade for the remaining sectors to be developed.
The state government has proposed several projects for the development of this region. An industrial model township (IMT) on the lines of Manesar is coming up in Neharpar, Faridabad. Central government has proposed Delhi-Mumbai Industrial Corridor (DMIC), 1,483 km-long mega infrastructure project in the vicinity.
Many road projects are coming up to improve the connectivity of the city. A 66 km-road project on a high-density traffic zone, which involves four laning of Gurgaon-Faridabad Road and improvement of Ballabgarh-Sohna Road on Build-Operate-Transfer basis. The KMP (Kundli-Manesar-Palwal) expressway will connect the Neharpar area with Delhi and Gurgaon. Widening of Yamuna Expressway stretch of NH-2 (Faridabad to Agra), upcoming monorail connecting Gurgaon-Faridabad, 1,483 km long Delhi-Mumbai Industrial Corridor (DMIC) and improvement of the Ballabhgarh-Sohna Road are also in the pipeline. The Delhi Agra Toll Road Pvt Ltd (DATRL) road (180 km) that starts from Badarpur Border and ends before Yamuna bridge in Agra is also coming up.
These proposed projects have been boosting the demand for residential, commercial, institutional and entertainment projects in the region.
Price Trends:
The value of properties in Greater Faridabad are likely to witness good appreciation, but in a long run. Apartments are available in Neharpar at Rs 2,500-Rs 4,000 per sq ft. In the last two years, the region has witnessed around 35 percent appreciation. The property prices in Greater Faridabad are affordable compared to other regions in Delhi-NCR which is also a driving factor for residential demand.
Several builders are offering 2 and 3 BHK multistorey apartments in various sectors of Greater Faridabad in the price range of Rs 35-80 lakh, based on the size and location of the property.
Real estate growth:
Greater Faridabad now has over 5000 residential units ready to be occupied. It is expected that with developing sectors like Sectors 75, 76, 77, 78, 79, 80, 81, 82, 83, etc, likely to deliver nearly 50,000 housing units in the next five years, this area would have the potential to house over 2 lakh population.
Observing the potential for real estate in Greater Faridabad, leading builders like BPTP, Era Landmark, SRS, Omaxe, MGH, Ansal, TDI, KLJ Town Planners, etc, have strengthened their land banks and some of them have already launched housing projects. Many integrated townships and commercial complexes are coming up in the region.
BPTP Park Elite (Sector-75), BPTP Park Arena (Sector 80), Park Sentosa (Sector-77), The Resort (Sector-75), Omaxe Heights (Sector-86), etc are some of the projects in Greater Faridabad.
Once the social infrastructure is in place, the property prices are likely to witness significant hike within a short time. The region has good supply of residential projects but the demand was comparatively low. However, the recently approved Master Plan, 2031 is expected to promote economic development, a safe environment and great infrastructure in the region.
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