Faridabad Real Estate: An Alternative Market For Realtors
Though Gurgaon, Noida and Delhi share a fair share in realty market in Delhi NCR, smaller towns like Faridabad have started making their presence felt. While the tier-1 cities are on the verge of saturation, as far as scope of futuristic realty development is concerned, Faridabad has emerged as a sigh of relief to realtors and buyers. High price rates of properties in Delhi as well as Gurgaon have turned the buyers' sentiments largely negative. For low and mid income groups that have limited disposable incomes, buying residential spaces has become a dream. Faridabad real estate, on the other hand, is still a budget city. Let's see why this industrial town can become the next big thing in realty market.
Unlike its bigger and mightier counterparts that have only limited scope left for real estate development, Faridabad carries an immense potential. Over years, a number of small and big developers have launched their projects for residential and commercial Faridabad property across localities such as Naharpar, Sainik Colony, MIT, and other sectors. Presence of good physical infrastructure has been the primary reason why realtors are taking the city as a viable market. The real estate prices have not escalated much; in fact, in last quarter of December, 2013, the prices in the city dropped by 2.1%. At a time when tier-1 cities have undergone significant price appreciation, fall in rates has rendered city's market consumer-friendly.
It was only a few decades back that this city had a meager population. But now, population is increasing at a fast pace. The lack of any substantial spaces left in Delhi and Gurgaon has directed the home buyers towards Faridabad. With rising density of residents, property in Faridabad is witnessing foraying of reputed developers. Reputed names like BPTP, SRS, and Omaxe have already launched their mega projects here.
Another factor that goes in favor of this city is connectivity that is improving day by day. Among the four rapid transit corridors, Delhi-Faridabad-Ballabhgarh-Palwal carries special significance for city. Haryana government has come up with a 20 year Master Plan for restructuring and development in future. The widening of Gurgaon-Faridabad road is on cards. The six-lane Yamuna Expressway connecting Greater Noida to Agra carries a special significance for city's connectivity.
Several localities in city are in the development state. Naharpar, Sainik Colony, and Sectors 80-89 have been the main growth corridors. The city shall soon be connected by Delhi metro and this shall further hasten the commutation times.
Unlike its bigger and mightier counterparts that have only limited scope left for real estate development, Faridabad carries an immense potential. Over years, a number of small and big developers have launched their projects for residential and commercial Faridabad property across localities such as Naharpar, Sainik Colony, MIT, and other sectors. Presence of good physical infrastructure has been the primary reason why realtors are taking the city as a viable market. The real estate prices have not escalated much; in fact, in last quarter of December, 2013, the prices in the city dropped by 2.1%. At a time when tier-1 cities have undergone significant price appreciation, fall in rates has rendered city's market consumer-friendly.
It was only a few decades back that this city had a meager population. But now, population is increasing at a fast pace. The lack of any substantial spaces left in Delhi and Gurgaon has directed the home buyers towards Faridabad. With rising density of residents, property in Faridabad is witnessing foraying of reputed developers. Reputed names like BPTP, SRS, and Omaxe have already launched their mega projects here.
Another factor that goes in favor of this city is connectivity that is improving day by day. Among the four rapid transit corridors, Delhi-Faridabad-Ballabhgarh-Palwal carries special significance for city. Haryana government has come up with a 20 year Master Plan for restructuring and development in future. The widening of Gurgaon-Faridabad road is on cards. The six-lane Yamuna Expressway connecting Greater Noida to Agra carries a special significance for city's connectivity.
Several localities in city are in the development state. Naharpar, Sainik Colony, and Sectors 80-89 have been the main growth corridors. The city shall soon be connected by Delhi metro and this shall further hasten the commutation times.