Simon Hopes

Faridabad is the largest city in Haryana which is part of the National Capital Region, and shares its boundaries with Delhi, Noida, Greater Noida, and Gurgaon. During the mid-90s, the city witnessed an increase in the demand for residential complexes due to the establishment of various industries. Faridabad could never attract big corporate houses, and this negatively affected Faridabad’s real estate market. However, with a slew of infrastructural developments, the region is gaining the attention of investors and employers.

Faridabad, the India's third fastest developing city, has excellent connectivity in the form of the elevated Badarpur highway ensuring a smooth driving experience; also, it is in close proximity to the posh areas of south Delhi. The developing sectors of New Faridabad are offering advanced infrastructure with world-class schools, hospitals, malls, luxury hotels, clubs, etc, and better transport network. The operational Gurgaon- Faridabad Expressway provides great connectivity between the two satellite towns of Delhi, and has reduced travel time considerably. These factors have made the area more valuable and prompted speedy development offlats for sale in Faridabad, at a cheaper rate too.

Faridabad is also experiencing changes in its hinterlands. Neherpur, for instance, has received a boost thanks to the Kundli-Maneswar-Palwal Expressway that will connect this region to Delhi and also its new upcoming infrastructure projects. A lot of investors are expressing interest in this region and many other such areas in Faridabad.The real estate market in Faridabad, coupled with the new metro and improved transportation measures could contribute significantly to the city's rise. There are many IT parks and housing projects that are nearing completion and the property developers have managed to start clearing backlogs. Moreover there are many MNCs and small and medium-sized industries, amounting to about 15,000 SMEs in the Faridabad-Ballabgarh Complex. It is obviously favorable for new investments and entrepreneurs and stakeholders are calling it as one of the cities of the future.Its proximity to Gurgaon also gives it access to the other city's advantages, including its BPO, IT and ITES sectors, its investors and other factors.

Most of the apartments for sale in Faridabad are low and medium-sized projects and a few luxury projects. It is one of the most affordable markets in the NCR region. There are more end users than investors but this is poised to change, due to upcoming projects by BPTP and Mahindra. The market is dominated by the middle-income users and the quality of construction has been mid-grade and above average. It has many low-budget housing projects and these have seen a few compromises on quality to ensure better margins. Being an end-user market, this could hamper the investment significantly.

In conclusion

Faridabad is well on its way to becoming a realty hotspot for buyers as more and more people from Haryana and other parts of the country are finding employment in the MNCs located in Faridabad, the demand for social and physical infrastructure is rising at a rapid clip over the past few years. Hence this is a clear indicator that the future of Faridabad’s real estate market is bright.