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The Luxury Rush: Faridabad’s Quest for Upscale Residential Options

Mohit goel

By: Mohit Goel, Managing Director, Omaxe Group

Imagine your dream home—a home where modern comfort seamlessly merges with unparalleled convenience. Today’s discerning homebuyers seek properties offering not only luxurious amenities but also seamless connectivity to vital city hubs and essential facilities like hospitals, schools, and recreational spaces. This surging demand for luxury residences is unmistakably evident in the Delhi-NCR region.

In 2023, the region witnessed a remarkable surge in luxury housing sales, soaring by an impressive 216%. However, Faridabad, a crucial part of the NCR, lags behind in the luxury residential property segment compared to its neighboring cities like Gurugram, Noida, Greater Noida, and Ghaziabad. Despite high demand, the growth of luxury residential options in Faridabad has been slow to materialize.

This slower growth can be attributed to various factors, including the perception that Faridabad is primarily an industrial area, slow infrastructure development, limited connectivity to other NCR parts, and insufficient public facilities. For decades, the focus was primarily on developing other areas, leaving Faridabad with fewer investments in its residential luxury market.

However, as prices for luxury properties skyrocket in well-developed parts of the NCR, attention is shifting towards developing areas like Faridabad. Faridabad is not merely an industrial hub but a well-planned, developing city under the Smart City project initiated by the central government. Additionally, it has been listed as an A1 city by the Haryana Government, akin to Gurugram.

Despite being in its early stages, Faridabad’s luxury residential market is witnessing significant demand. However, the current supply of luxury residential properties falls short of meeting this demand. While Gurugram and Noida each boast over 7,000 luxury units, Faridabad and Greater Faridabad combined have fewer than 3,000 luxury units available. This disparity highlights the untapped potential in Faridabad’s real estate sector. Developers and investors have a unique opportunity to capitalize on this growing market by introducing high-end residential projects that cater to the increasing demand for luxury living.

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Comparatively, the pricing of a 4 BHK luxury apartment starts at ₹4 Crore in Gurugram and ₹3 Crore in Noida, whereas in Faridabad, similar properties start at around ₹2 Crore with higher appreciation potential. It is also predicted that after the completion of the Faridabad-Jewar Expressway, real estate property prices in the Faridabad region could increase up to 40%. Most of the posh sectors in Faridabad are almost fully occupied, prompting developers to focus on Greater Faridabad for building luxury residential properties.

The ongoing infrastructural developments in Greater Faridabad strategically position it as a vital component of the NCR’s interconnected ecosystem. Beyond just roadways, ambitious plans include extending the metro line along the bypass road and constructing a 75-meter-wide road towards sectors 87, 88, and 89. Additionally, upcoming projects such as the Manjhawali Bridge to connect Greater Noida to Faridabad and the Faridabad-Jewar Expressway promise to drastically reduce travel times, with projections of a mere 15-minute journey between Faridabad and the new Jewar International Airport. These developments are not only fueling demand for luxury residential properties but also for all types of real estate.

In conclusion, the slow growth of luxury residential properties in Faridabad despite high demand underscores the urgent need for more investment and development in this segment. As the city continues to evolve and urbanize, addressing this demand gap presents a significant opportunity for investors and developers. Faridabad’s transformation from an industrial hub to a sought-after real estate destination hinges on meeting the growing demand for luxury residential options. The time is ripe for stakeholders to capitalize on this opportunity and propel Faridabad’s luxury residential market to new heights.

*** Views expressed in this article are author’s personal and do not reflect the opinion of ‘Realty & More’.

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