| Better known for its annual Suraj Kund Mela and perhaps the Badhkal Lake, Faridabad chose to step aside and allow neo-cities Noida and Gurgaon to hog the limelight in the last few years. Content with its status as an industrial and residential satellite town for those who could not afford Delhi land rates, Faridabad made no attempt to woo the IT and MNC s setting up base in its neighborhood.
Real estate in Faridabad has thrived in spite of this indifference. In fact, Faridabad is being touted as NCR’s hottest property as new areas of land and improved connectivity with other cities is being strengthened.
Enjoying the most advantageous location with Delhi, Faridabad is also very well connected to Gurgaon and Noida. A strong infrastructure package for the city includes the Taj Expressway, the proposed highway from Kalindi Kunj connecting all the new sectors in Faridabad to join Mathura Road, the Faridabad - Noida - Ghaziabad - Kundli Expressway, the KMP Expressway, and the Badarpur over bridge. And with the Metro link with Delhi in the pipeline, Faridabad is a sure bet., currently witnessing price escalation of land by as high as 100 per cent. In the last year, land prices in this satellite town have increased by more than 60 to 70%. In prime sectors like 15 and 16 land prices fetch Rs 20,000 to 22,000 per sq yard today.. In sectors 81 to 90, the prices have increased to Rs 9,000-Rs 10,000 per sq. yard.
Faridabad has a sizeable affluent and trendy population, notwithstanding the absence of the MNCs, which have been catalysts in the transformation of Gurgaon and Noida. The city is at par with other NCR cities with regard to quality of construction – BPTP Parklands, Omaxe and Era Infrastructure have ultra-modern residential projects coming up. Whilst Sectors 1-65 have been developed by HUDA, the new sectors from 66 to 91 are dominated by private builders.
Faridabad has traditionally been an industrial city, with 300 large and 10,000 small scale units and the Haryana Government’s new Industrial Model Township will integrate industrial, commercial and residential facilities.
Large commercial projects in the city include Eldeco’s and the city’s first theme mall “Station 1” in Sector12, based on a steam engine! Ansal and Crown Plaza are lavishly designed malls catering to chidren’s entertainment and hospitality. All signature brands and lifestyle products are on display. Mall Manhattan, a Parsvanth –Landmark Builders’ joint venture in Sector 20A is popular amongst shoppers.
So if you’re wondering where to put your money, Faridabad’s price advantage over other NCR cities, backed with growing infrastructure spell good returns in the near future.
|
