With Slow but sure steps, Faridabad is entering the big league. With improving connectivity, growing infrastructure and affordable rates, its position as a leading realty hub in the days to come is assured,
Greater Faridabad or Neharpar, is emerging as a key location for someone looking for affordable housing in close proximity to Delhi
With the real estate market spilling out beyond the confines of mega metros like Delhi and Mumbai, the peripheral cities have positioned themselves as the new hub of realty in the country. And with the National Capital Region comprising Delhi and its neighboring cities in Haryana, Uttar Pradesh and Rajasthan, holding the key to the growth of the country’s real estate sector, no wonder then that Faridabad is becoming a cynosure of attention.
Excellent Connectivity, proximity to the national capital, conducive law and order situation, urban planning and employment opportunities created during the past decade are among a slew of factors that favour Faridabad, an industrial hub of Haryana, located just 25 km from the Delhi ISBT.
It is also the best bet from the affordability angle which has had homebuyers rushing in by the hordes. The land crunch in Delhi coupled with the insatiable demand situation has led to skyrocketing prices in the capital to the benefit of Faridabad which has become a logical choice.
Expectedly, the all-round infrastructural development along with buyers’ preference has attracted realty majors to bring in projects in and around Faridabad that are truly reflective of international style and standards. Most of the prominent real estate majors, including BPTP, Eros, Crown Group, Gold Souk and SRS Group have lined up attractive commercial and residential projects to contribute even more to the booming realty scenario of the area.
The industrial city enjoys geographical and infrastructural advantages and there is a wider scope for real estate development here. Besides being closer to Delhi, the city has the merit of proximity to other NCR cities like Noida, Greater Noida and Gurgaon. These factors are driving end-users, investors and corporates to choose Faridabad.
The administration is also doing its utmost for a comprehensive and multi-dimensional development of the environment, infrastructure and economy, in its bid to transform Faridabad into a model town, whose rising economic prowess is matched by modern, efficiently-managed urban services.
Faridabad is also home to several MNCs, big, medium and small-scale manufacturing units. The total number of small, medium and large industries in the Faridabad Ballabgarh region is around 15,000. The complex provides direct and indirect employment to nearly half a million people. Aggressive demand, both from the residential and commercial sectors, is leading to a boom in the real estate sector thereby transforming the skyline of Faridabad.
In terms of connectivity, Faridabad has distinct advantage. The city is only 10 km from the Ashram crossing at Delhi’s busy Mathura Road. With completion of the about-3-km Badarpur flyover and broadening of NH-2, the drive is almost signal-free from the Ashram Crossing as one moves towards Agra. Also the Delhi-Mathura-Agra road or NH-2 passes through the middle of the district and Faridabad, Ballabgarh, Palwal and Hodal are the main towns of the district on the national highway. The Metro rail-link has only added to the prospects of this town as a preferred realty destination.
Faridabad’s infrastructure is also being overhauled with the state Government pumping in crores of rupees. The government has also boosted the confidence of investors in the area by announcing a plan for an industrial model township (IMT) on the lines of Manesar. Faridabad has all the modern amenities along with social and physical infrastructure, all within easy distance from any part of the city.
Entertainment facilities have always been a prime focus in the city. It also has reputed educational facilities with franchisees like DPS, Ryan International, Modern and many premier engineering and management institutes.
Therefore, it is not without reason that Suprabha Dahiya, Commissioner, MCF, & Administrator, HUDA Faridabad, is upbeat about the prospects of the town as a hot realty destination. With pride in her voice,
Dahiya tells Realty & More that “Faridabad is a fully developed city.” The final development plan, she said, had been finalised but could not be published due to court stay orders. “The Final Development Plan 2031 reflects the planned development of Faridabad city. So far as all-round development is concerned pertaining to new projects and new plans, such plans are developed at the state level and the institutions at the district level are basically executing agencies,” she says.
Admitting that Faridabad has lagged behind due to lack of good road connectivity with Delhi or with the adjoining towns of Gurgaon or Noida, Dahiya adds “now connectivity with Delhi has improved due to the Badarpur flyover and four-lane road between Faridabad and Gurgaon.”
In the latest development plan, connectivity with Noida has also been planned, she informs. Dahiya also brought up the bridge connecting Faridabad with Noida, the foundation stone for which was laid on August 15 this year, pointing out that it will be very beneficial for improving connectivity between the two cities.
Said the top Faridabad official: “MCF and HUDA plan to concentrate more on improving the basic infrastructure, including road connectivity, drinking water, sewer and sanitation services in the city. HUDA has just floated Sector 56-A houses for home-seekers in Faridabad.”
Considering the infrastructural and other related advantages that Faridabad has to offer, a host of real estate developers have come up with residential, official and commercial projects in the area. Prominent among them are Crown Group’s Business Park, Vatika Mindscapes, SRS Tower, SSR Corporate Park, Piyush Global and RPS lnfinia.
Crown Business Park, located strategically at the edge of Main Mathura Rd (NH2), Delhi, is offering over 7,00,000 sq ft of leasing space spread across two majestic towers. The 13-floor project boasts of modern design and aesthetics. It also has recreation and utility services and dedicated retail spaces for food courts, spas, gyms, multi-cuisine restaurants, ATMs, convenience store and coffee shops. The CBP also has ample parking space to accommodate over 1,700 cars in the common basement at four levels.
Most of the developers whom Realty & More spoke to were highly enthused by the prospects of Faridabad as a preferred destination for real estate development.
Kushagr Ansal, Director, Ansal Housing, said: “Developers have been extremely enthusiastic when it comes to launching projects in Faridabad. In fact, the demand for residential units in Faridabad has been on the slower side due to the lack of an integral attracting factor.”
Faridabad, he said, for most of the time had been an industrial city. “It is only in the last couple of years that Faridabad’s connectivity with key areas like Delhi, Gurgaon and Noida has improved. These aspects resulted in an average growth of residential projects launched in the region”.
According to Sushant Muttreja, CMD of Cosmic Group: “Nowadays,Faridabad is considered one of the best bets for affordable living in NCR. With improving infrastructure, the region has transformed into a booming economic warehouse. The land crisis in Delhi is one of the chief issues for rising prices in the NCR, along with a keen demand. Faridabad fits in as the perfect answer for such problems.”
Muttreja adds: “The industrial city enjoys geographical and infrastructural advantages as the city is close to Delhi as well as to NCR cities like Gurgaon and Greater Noida. These reasons are motivating end-users to choose Faridabad as a potential booming real estate destination. But there is still much to be done in order to renovate this region to make it a better realty destination.”
SJ Singh, CMD, Urbania Spaces, said: “The region has drastically improved its connectivity with key destinations of NCR, primarily Delhi and Noida. Therefore, the scope for investing in the region is improving.” “Battling firm competition with other areas of NCR, in terms of affordability, Greater Faridabad or Neharpar, is emerging as a key location for someone looking for affordable housing in close proximity to Delhi.”
But Singh hastens to add: “There is still a long way to go for Greater Faridabad to live up to customers’ expectations and to match up to Noida Extension or Raj Nagar Extension or Yamuna Expressway.”
Dinesh Kasana, Managing Director of Crown Group, whose company has many a project going in Faridabad, is quite bullish about the realty scenario in the area. He says, “Faridabad has huge potential for real estate which is yet to be fully tapped.”
Kasana is happy that homebuyers and investors are now attracted towards Faridabad because of its “better connectivity and low-cost factor.” He is also satisfied with the administration’s efforts in overhauling the infrastructure of Faridabad. Due to improved connectivity, he said, Nahrapur (Greater Faridabad) is emerging as another Noida and Gurgaon. “As Noida and Gurgaon are established, the realty rates there are higher in comparison to Neharpar”.
Amit Chhabra, CEO Anglian Flamingo, said, “The region of Faridabad is presently more of an end-user/buyer market and less of investors. But still, it stands well amongst the affordable markets of other NCR regions, prices of the units and the sizes of apartments in Faridabad suit the requirements of a lower- middle or middle level household, barring a few projects”.