Property prices rise in Faridabad
Faridabad is growing at a rapid pace and is among the fastest growing realty destinations in NCR area.
Increased demand for residential property has pushed the property market and transactions have increased by manifold in the area. Availability of homes at affordable rates along with improved infrastructure have resulted in property prices to go up by 7%-10% in the last 6 months.
The most prominent factor behind the rise of Faridabad real estate as residential destination is the availability of affordable houses. Demand for affordable segment has been higher for price bracket of Rs 20-40 lakh in comparison to luxury segment. Areas which have attracted high demand are sectors-75-78, 89 and Neharpar, as these areas boast of both residential and commercial development.
Residential properties are available across all segments – multi-storey apartments, plots, villas and townships and are being developed by prominent developers such as Ansal, Omaxe, Pal Infrastructure, BPTP, Triveni, RPS, etc.
The new master plan for Faridabad holds key to real estate growth in near future. HUDA has taken up the initiative to improve connectivity with adjoining areas and develop the infrastructure in the area.
Faridabad has seen 30%-40% appreciation in property values in the past couple of years and prices are expected to rise further in coming 5 years. Faridabad, as pointed out by realty analysts, has become an ideal destination area for both investors and end users in Delhi NCR area.
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