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Faridabad, an industrial hub of Haryana, with an area of about 178.39 sq kilometres and a population of over 26 lakh, is situated north-west of Delhi along the NH-2. Here in Faridabad, property is soaring high. Faridabad Real Estate and Property in Faridabad is developing into a well organized real estate market in NCR. We have already provide you the information residential flats, housing schemes, commercial properties, property agents, institutional and residential schemes, over the last couple of years, to meet the demand. Ten shopping mall sites have been allotted in open auction for sectors-12, 19, 20A and 20B. The construction work in most of the malls is going on and is likely to be completed within 2 to 3 years. As for the provision of access, parking and roads is concerned, adequate provisions have been made for these amenities. In addition to the above, twotyre basements is compulsory in shopping malls which will be used as parking space. A dedicated commuter rail link (Metro Rail) with Delhi is also under implementation.
With a population of 26 lakh, Faridabad is already an established suburb of Delhi. During the last one year, Faridabad emerged as the favourite destination of property investors after the government opened up a vast tract of land in the Nahar Paar area for development. Earlier, Faridabad was known as an industrial township. But now, with a number of developers launching group housing projects in the Nahar Paar area, it has also emerged as a residential hub. A major reason why those looking to invest in faridabd property should consider these new sectors is that prices here are among the lowest in the whole NCR.
Basic living conditions in Faridabad have been improving day by day. With the result, the city is competing well with NCR like Noida, Gurgaon. People from Delhi are preferring to shift and settle here because we are trying a lot to provide better facilities and job opportunities. These days, it has become an industrial hub because of the influx of a lot of MNCs and foreign investors. For launching of new residential schemes in faridabad, HUDA has earmarked ample land and is developing new sectors.
The key players in the new sectors of faridabad are BPTP (the largest player which owns about 1,500 acres spread over 11 sectors), Omaxe, RPS, Realtech, Triveni, Shiv Sai Infrastructure, California City, KST and SRS, among others. In the established sectors of Faridabad, such as Sector 15, the price of land is Rs 30,000-35,000 per sq yd. This is one of the upmarket sectors of Faridabad: it has large sized plots of 350, 500, and 1,000 sq yd. Proximity to the Sector 15 market, the most popular market in Faridabad, also makes it a prime colony. In Charmwood Village, Eros group is developing super-premium apartments called Royale Residency II for Rs 9,500 per sq ft. In order to take advantage of the scarcity of hotels, the group is also developing a 165-room hotel in Sector 20B.
In the Nahar Paar sectors, the price of land is about Rs 12,000-13,500 per sq yd in the primary market, and about Rs 9,000-10,000 per sq yd in the secondary market. In Faridabad Sector 21C, the price of land is Rs 22,000-25,000 per sq yd, while in Sector 46 it is in the range of Rs 20,000-22,000 per sq yd. In the established sectors, rates are stable, and there is less scope for appreciation as rates are already quite high.
There is greater scope for appreciation in the new sectors. These include Sectors 88, 89, 84, 85, 86, 81, 82, 83, 80, 79, 75 and so on. There is high demand for Faridabad Property in Sectors 88 and 89 as both are located quite close to two upcoming highways. In these sectors the going rate for group housing ranges from Rs 1,400-1,600 per sq ft in the secondary market. In the primary property market, companies are demanding rates ranging from Rs 1,600-2,200 per sq ft. The price of group housing has risen by about Rs 150-200 per sq ft over the last one year. That of plots has risen by about Rs 2,000 per sq yrd. At present, rates are stagnant as people are waiting to see construction work on projects to begin.
How has HUDA contributed to the development of this fast growing industrial city?
Direct connectivity with Greater Noida and Delhi by four lane and six lane expressway highways have been proposed. HUDA has recently approved three major projects, like ROB sector-59, ROB Badkhal and RUB (Rail under Bridge) in old Faridabad. The railway authorities are being contacted and a consultant has been appointed.
This fast growing industrial city has huge water demand of about 50 MGD. The entire water supply of Faridabad, including industrial requirements, is presently being met from ground water, through a water supply system, with a network of more than 420 tube wells, with an average yield of 300 to 1200 lpm. HUDA has tapped the underground source of water near the Yamuna river belt, flowing on east side of Faridabad, and has successfully inaugurated phase-I of Ranney Well scheme, augmenting water supply of Faridabad by 10 MGD, with an expenditure of Rs. 41 crore.
As per the policy of HUDA, lawyers and doctors are given consultancy permission on certain terms and conditions. Under this provision, these professionals are allowed to use their respective residential houses for consultancy use, up to 50 sq. yards or 25% constructed area, whichever is less, but on the condition that such activities should be free from nuisance. As far as play schools and coaching centres are concerned, they are to make alternative arrangement and they are not allowed to function in the residential sectors.
Future of Faridabad
Once the Taj Expressway is built, connectivity between the new sectors of Faridabad, Noida and Greater Noida will improve. As travel time between the two areas declines, their prices will also come closer. At present the rate of group housing in Sector 93A, Noida, is Rs 3,500-4,000 per sq ft.
Another highway is planned which will begin from Kalindi Kunj, run parallel to Mathura Road, and bypass the city. This highway will girdle all the new sectors, and will merge with Mathura Road on the other side of Faridabad. By reducing travel time to South Delhi, this highway is also expected to provide a fillip to prices in the new sectors. A bridge is under construction which will connect Sector 14 to the new sectors. Once this bridge is completed, the new sectors will be barely a few hundred meters from Faridabad’s posh sectors. This will also have a salutary effect on the prices. An investment in commercial property in Faridabad is expected to fetch good returns. In Jasola, which is being developed by DDA as a commercial hub, the price of office space ranges from Rs 15,000-18,000 per sq ft. Nowadays, several groups such as Vatika, Paharpur and Piyush are developing office complexes along Mathura road. Once the congestion at Badarpur border is removed (a two-kilometer long flyover is planned here), many corporates will take up office space in this area, given the high rates in Jasola. A lot of commercial space is also likely to be developed in the new sectors. BPTP, for instance, plans to invite corporates to set up campus style developments in the commercial areas owned by it.
In nearby Palwal district, DS Constructions is coming up with an SEZ over 5,000 hectare or 12,500 acres. This will be a multi-product SEZ that will include industries such as auto components, pharmaceuticals, food processing, garments, electrical and electronics, among others. To be completed in two phases over the next 10 years, this SEZ is expected to offer employment to 4.5 lakh people.
Faridabad Properties recently were the cheapest in the entire Delhi NCR Region, if you compare with delhi, gurgaon, noida or greater noida. But suddenly the real estate in Faridabad catapulted to one of the most rapidly emerging ones as the Delhi NCR builders woke up to the vast stretches of plots in Faridabad that could be developed into some of the most ambitious residential and commercial projects.
Faridabad is set to emerge as a retail-cum-entertainment destination with a number of malls coming up here. Most of them are located on Mathura road. These include Senior Builders in Sector 27D; Vardhaman Star Shop in Sector 19; Parsvnath’s Mall Manhattan in Sector 20A; Eros EF3 in Sector 20A; Fun City from Unity group in Sector 20A; Eldeco Station One in Sector 12; and Parsvnath City Mall and SRS Mall in Sector 12. Given the high price difference between the primary market and the secondary market, you could consider buying from the secondary market. However, beware of the disadvantages of buying from this market. Firstly, while buying from the secondary market, be prepared to shell out a lot of money in cash. That is because the seller will sell to you in white at nearly the same price, or at a marginally higher price, than the rate at which he bought from the company (in order to avoid paying tax). The balance he will demand in cash. Thus this market is not for those who don’t have cash, or are depending on bank finance.
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