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Faridabad: Not so far away
Sanjiv Bajaj : Sat Dec 15 2012, 09:30 hrs
Faridabad is one of the major industrial hubs in NCR. It lies on Delhi-Agra highway at a distance of 30 km from Delhi. We can say that this city enjoys a great geographical advantage of being located close to the Capital and the suburbs of Noida and Gurgaon.
Road projects
In the near future, Mathura road leading up to Faridabad will emerge as a commercial corridor. It already has Delhi Metro connectivity. The city is also emerging as the NCR’s next big site for residential developments within next few years, as some of the biggest names in the real estate business have commenced projects here. This city will have very good connectivity with Kundli and other areas of NCR as it would be connected by the upcoming Kundli-Manesar-Palwal (KMP) Expressway.
Faridabad, where large scale residential and commercial development began barely six-seven years ago, has now developed into an attractive destination for end-users. With high property rates in Gurgaon and Noida, Faridabad comes as a profitable and affordable locality for real estate investors and buyers.
With the completion of the Badarpur flyover the huge traffic jams are over. The proposed FNG Expressway is being planned to link the town with Noida and Greater Noida. The other link connecting Faridabad to Gurgaon is being widened into a four-lane road.
This easy connectivity i.e. with Delhi, Noida and Gurgaon has attracted buyers, investors and developers in large numbers. The development of Mathura Road in Faridabad into a six-lane expressway and the proposed underpass at Ashram Chowk will boost connectivity in the near future.
Delhi Metro Phase III (to be completed by 2014), is already under progress, which will connect Delhi to Faridabad by linking Badarpur, NHPC Chowk, Badkal Chowk, Old Faridabad and YMCA Chowk and will bring more infrastructure development to the city.
Fast-paced development
The sectors that are being developed along this corridor are 1, 2, 8-10, 15, 28, 29, 37. The new developments which are coming up in Sectors 75–90 that lies opposite the Agra Canal are considered to be most valuable areas for real estate investment. Sectors like 87–89 have greater potential as these areas will be close to two forthcoming highways.
With an increase in this connectivity, the industrial and commercial activities are also growing at a fast pace. The administration authorities around this area are more focused on a comprehensive and multi-dimensional development of environment, infrastructure and economy.
Faridabad is already home to many MNCs such as Whirlpool, Larsen and Toubro, Goodyear, Escorts and Eicher. With an increasing number of companies shifted their offices here, the demand for housing is increasing.
With the rise in demand, projects like The Resort and Pratham which were launched at the price range of Rs 2,200 per sq ft are now selling around the range of Rs 4,000 per sq ft. The prices in this area are still reasonable, if compared to other areas of Noida and Gurgaon. The property rates of this area have showed stable to positive values in rates and have witnessed an average hike of 20 per cent per annum since last 3-4 years.
The first developer to move in this area was BPTP, which is now developing BPTP Parklands covering approximately 1,700 acres spread over Sectors 75-77, 80-86, 88 and 89.
This was followed by the entry of other players like SRS Real Estate, Puri Constructions, Omaxe, Ansals, KLJ Group & Pal Infrastructure. Currently these residential projects are selling in the range of Rs 3,500-6,000 per sq ft depending upon their location, developer and stage of construction.
New Faridabad is offering apartments at much more affordable prices that are well within the reach of working professionals. With an investment period of 3-5 years, one can expect a minimum of 25-35 per cent returns.
A word of caution: Some projects are getting delayed but one can still invest by looking at the developers’ past credentials.
In future, with the development of urban infrastructure projects being developed under JNNURM scheme (expected to complete by mid-2013), the city will be having excellent infrastructural facilities, which will result in greater growth. — The author is MD, Bajaj Capital. With inputs from Sunil Agarwal, Principal Advisor – Bajaj Capital Realty
http://www.indianexpress.com/news/faridabad-not-so-far-away/1045453/0
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