Faridabad is one of the oldest industrial townships in the NCR. Old municipal towns of Old Faridabad, Ballabhgarh and New Industrial Town (NIT) along with 38 revenue villages make Faridabad the biggest urban agglomerate in Haryana. But, the city has so far lacked in adequate physical and social infrastructure in comparison to other NCR areas. Faridabad’s economic growth is dependent on infrastructural facilities such as power, telecom, sewage, drainage, roads, water and mass transportation coupled with civic infrastructure.
To bridge the gap, 6 infrastructure development projects were launched under JNNURM (Jawaharlal Nehru National Urban Renewal Mission). Out of these, two are housing projects while the rest are urban infrastructural development projects. The four projects have targeted infrastructure of the city in terms of sewage, drainage and solid waste management. Most of these projects are in various stages of implementation and are expected to complete by mid-end of year 2012.
It has been already witnessed that the Sectors such as 15, 21, 28 & 31 with well-laid out physical and social infrastructure facilities and connectivity through metro are seeing appreciating values than the others.
Renowned developers such as Omaxe Ltd, BPTP Ltd, SRS Group, and Parsvnath Developers Ltd, among others have launched their projects in the city but they are witnessing transaction at a very slow pace, as told by local realtor, Pawan Kumar. The projects were launched in the price range of Rs 1,600 to Rs 2,400 per sq ft in the year 2008-10 and the current values is in the price range of Rs 2,500 to 4,000 per sq ft. Maximum appreciation happened in the past 1 year with improvement in infrastructure facilities and connectivity, he added.
According to another city based realtor, Sunil Kumar, “With completion of ongoing projects the city will be armed with excellent infrastructural facilities as compared to Gurgaon and Noida, enabling Faridabad to grow higher in the realty chart.”
Completion of JNNURM projects will have a direct impact on Faridabad’s economic progress. With infrastructural problems taken care of, more and more developers, buyers and investors will be attracted towards the city.
Source – Magic Bricks