Along with Gurgaon, Ghaziabad and Noida, Faridabad is another city which encircles Delhi and is an important part of the NCR (National Capital Region). The city is taking large strides towards overall development in physical and social infrastructure. With an upcoming metro that aims to bring an improvement in the city’s infrastructure by connecting the entire city from Badarpur to YMCA Chowk, Faridabd is all set to become the next city after Gurgoan to witness real estate boom.
As per the experts the real estate in Faridabad will undergo a significant uplift once the metro becomes operational. According to Sushil Kumar from Faridabad Properties & Consultants, “before the metro link there was hardly any demand or transaction in the real estate along the metro route but with the coming of the metro suddenly it is bustling with activity”.
The metro link, starting from Badarpur is proposed to cover Sarai Khwaja, NHPC Chowk, Badkal Chowk, Old Faridabad, Neelam Chowk and YMCA Chowk. The areas covered under these locations include almost every prime location of the city such as sector 1,2,8,9,10, 15, 15 A, 28, 29, 37 Ashoka Enclave Part 1, 2, 3, IP Colony, Greenfield and Springfield, thereby connecting the entire Faridabad through the metro as told by another city based realtor Uday Singh Chauhan from Realty Constructors and Builders. The entire metro line is planned to be completed by 2014.
This has pushed the developers to come up with their projects in the city. A number of residential and commercial projects are also being developed. Projects such as Omaxe Heights, Piyush Heights, and BPTP’s Princess Park are among the ones that are expected to be benefitted most with upcoming metro. According to Sujeet Singh, property dealer at Singh Associates, “these projects are fetching attention of buyers and investors and are available with premium of more than 30%.”
Even though still under construction, the metro link has had such a positive impact that the demand in the real estate has shot up by 50-60%. Presently the values are 20 to 30 times more than those of the last four months and are expected to rise further as confirmed by Kumar.
According to Rajiv Bhatia, property consultant at V3S Properties, “Faridabad’s proximity to Delhi and Gurgaon, improving connectivity by upcoming metro and prevailing lower values is attracting working professionals for long term investment as well as for buying a house.” He further added creation of demand and supply in city’s real estate can be attributed to the metro. The advent of metro has presented the realty sector with an opportunity to fully explore its potential in the city.
In the next five years city’s real estate development will be at par with that of other real estate hotspots such as Noida and Gurgaon making Faridabad one of the most suitable destinations for middle class and hence making it a real estate hub as anticipated by city based realtors.