Faridabad, that could become a gem in the real estate world of National Capital Region (NCR), failed to keep pace with realty growth of other cities like Gurgaon, Noida and Delhi itself. The main negative point in Faridabad was the lack of connectivity with Delhi. When the country saw a boom in IT sector, the giant companies chose Gurgaon over Faridabad as it had better infrastructure, offered easy connectivity to the airport and the central parts of Delhi.
Now that the property market of Gurgaon has come to the point of saturation, companies find it hard to get a good office space in the city. Hence, a number of IT giants are now moving towards Faridabad. Several developers are also launching their property for sale in Faridabad. Rapid infrastructure development has put Faridabad on top of investor’s priority list.
A number of projects that are directed towards the betterment of Faridabad’s physical framework have now got approvals. The six lane Mathura Road and the Gurgaon-Faridabad expressway have construction work going on in full swing. The foundation stone has already been laid for the Faridabad-Noida-Ghaziabad expressway.
Recently, the extension of Delhi Metro’s violet line has also made it possible for the commuters to access some far off locations of Faridabad. This extended line of metro stretches over 14 km and has nine new stations namely Sarai, NHPC Chowk, Mewala Maharajpur, Sector 28, Badkal Mor, Old Faridabad, Neelam Chowk Ajronda, Bata Chowk and Escorts Mujesar. With better metro connectivity, Faridabad will no longer be the market of cars, autos and buses. Commuters will find it easier to reach and hence the realty sentiments will also improve.
Real estate experts say that the coming of metro will revive Faridabad real estate, highest demand expected to come from the salaried class. People were averse about working in Faridabad but now they will. Also, the city was mostly thronged by the manufacturing companies so the population has a lesser disposable income eventually resulting in low demand. However, better connectivity will improve commercial real estate. Now IT firms and service organizations and planning their set up in Faridabad. New companies will generate more employment opportunities which will consequently improve residential real estate sentiments as well.
Investors are also eyeing some areas of Faridabad that are expected to fetch exponential returns in the medium to long term time frame. New Faridabad is one such location. It will be in high demand from the middle income group; new projects have already started coming up in the area. The inventories which were in different stages of development but lagged behind in sales are now getting new customers.
The fate of a city’s real estate sector lies in the state of its infrastructure. Faridabad is the latest example of it. Infrastructure and better connectivity results in an increased number of commercial establishments, which in turn will improve the demand of residential real estate. It is evident that metro completely changes the face of a city’s real estate. Hence, Faridabad is set to become the new real estate hub of NCR.
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