Faridabad - Growing Real Estate Trends

Faridabad is the largest city in Haryana. It enjoys a good strategic and geographical location owing to its close proximity to the major cities in NCR – Gurgaon, South Delhi and Noida that has helped enhance its economic possibilities as well as the city’s real estate market. There is no denying the fact that Faridabad has been gaining the attention of a lot of real estate investments, well thanks to land shortage in Delhi. 

Courtesy: Net

Real estate trends in Faridabad

Due to the construction of numerous properties, the realty market in Faridabad will be a significant one. The shortage of saleable land in Delhi and its neighbouring cities as well as the exorbitant land and housing prices in Gurgaon and Delhi has made Faridabad the major attraction for investors now. With the industrial and commercial real estate markets in Gurgaon already reached the skies, Faridabad is now under the scrutiny of the real estate developer.

Ideal localities for investment in Faridabad

A lot of investors are eyeing Greater Faridabad or Nehrapur. Nehrapur boasts of world class amenities and facilities with the Kundli-Manesar-Palwal Expressway connecting the city with Gurgaon and Delhi and with the ROI touching one percent every quarter and the sale of residential units increasing by 11% every quarter. Vast acres of green spaces in Nehrapur are another persuading factor to invest here. Those who want to buy residential apartments in Faridabad are considering Nehrapur.

Surajkund also enjoys similar prospects. The commercial real estate of this place is booming. Besides Surajkund, another area that is developing is Dayal Basti. This locality is experiencing a fine price appreciation of 5 % quarter-on-quarter. It is in close proximity to Ballabgarh and NIT and houses good hospitals, schools and colleges.

Most residential properties for sale in Faridabad tend to be small and medium sized projects. Several luxury projects are also available. Faridabad is easily one of the most affordable realty markets in NCR. In fact, there are more end users compared to investors; however, this may change in the future owing to upcoming projects by Mahindra and BPTP. The real estate market in Faridabad is dominated by middle class people and the construction quality also remains mid-grade. There are a few above average constructions as well. Hence, Faridabad is an ideal location, wherein the middle income users can invest their savings.

Land and Plots for Sale in Faridabad Promising Future Growth

Faridabad, the largest city in the prominent north Indian state of Haryana happens to be a real estate domain with promising future. Apart from being the leading industrial centre, Faridabad now houses plenty of residential complexes and properties of various styles. There are extensive plots in Faridabad that are now being sold at high rates and used for the development of massive residential complexes.

Image Courtesy: Net

Why Faridabad Witnesses Real Estate Sector Picking Up?

The location of Faridabad makes it an important place with its proximity to Delhi and affordability compared to the main city. Strategically situated between Delhi, Noida, Gurgaon and Greater Noida, Faridabad has Delhi to its North, Greater Noida to its East, Noida to its North East, and Gurgaon to its West. Thousands of people are buying residential properties in this city to avail the benefits of all these prime cities situated around. It is easily accessible via National Highway 2.

Development at the plots in Faridabad – The city has some of the most beautiful residential and industrial constructions made. The vacant plots are eventually being developed as self-sustained sub-city. The wide roads, massive buildings, educational institutions, malls, commercial and health centres are being constructed at these plots.

Price of these plots in Faridabad varies according to the area and location. Some of the recent plots available for sale in Faridabad are as below –

1) Malik properties are selling their 485 sq. yd. land at Huda location at price Rs. 80 lacs. It’s located near the Mathura by pass road. It is a freehold property under Haryana Urban development authority.

2)  Vohra Real Estate Agency is selling 160 Sq. Yard plot in Faridabad at Rs. 60 lacs. This residential land is located close to the market and has good connectivity to nearby prime locations.

3) On Mathura Road, Volcanic Tech Private Limited is selling 50 Sq. Yard land at the rate of Rs.6000 per sq. yd. From Green city Sikiri, this plot for sale is just 5 minutes’ drive from National Highway 2.

4) Harsh Properties is selling off a residential plot at 75 Lac in Nehar Par. The area covered is 300 Sq. Yards and is named as BPTP Plots.

There are many more plots for sale in Faridabad, all you need to check before purchase is the location and facilities available as the prices quoted now stand reasonable according to the real estate graph. 

Faridabad Real Estate Set to See a Boom

Haryana has fast developed into a real estate center with fast developing cities like Gurgaon, Faridabad, etc. Faridabad is the new real estate hotspot for the state turning out to be an area of interest. A part of the National Capital Region (NCR), it is located close to Tughlakabad, Badarpur, Sangam Vihar and Asola. Faridabad was initially developed as an industrial town, as a number of industries were established in the city.

Image Source: Net

Faridabad is well connected to the major part of NCR and hence is a sought after real estate destination. It is easily accessible through its road network, and has a number of recreational and commercial outlets. The real estate market in Faridabad has been slow over the past years owing to its poor infrastructure. But, the scenario is soon to change with the new infrastructure plans to connect the city. The Faridabad-Gurgaon Expressway is already underway, and there are plans for the six lane Mathura Road.

Plans are also ripe to expand the metro rail to Faridabad while the foundation for the Faridabad-Noida-Ghaziabad expressway has also been laid and is underway to connect it to Noida. These developments have increased the demand of residential properties in Faridabad. The city offers projects of all range, from ready to move in, to resale, and new launches. Options are available at different stages from which one can choose to suit their budget and requirement.

Omaxe, Mahindra, Eros  and Ansals are some well know real estate companies present in the city. They have projects with 2/3/4 BHK apartments located in some upcoming areas. Prices vary between Rs 3299 to Rs 5277 per square feet. Some of the well known areas to buy residential property in Faridabad are:

·         Sector 86

·         Sector 76

·         Sector 82

·         Greenfields

·         Surajkund Road

With the development of the IT Park, the city is set to see a boom in the market, as this will create many job opportunities in the city. The Confederation of Real Estate Developers’ Associations of India (CREDAI) has asked for many developments in Faridabad, which if developed are sure to create a boom in the real estate market.