[ecis2016.org] Proximity to important regions in the NCR, along with affordable capital values for real estate, have made Faridabad a region that is hard to ignore, for prospective home buyers
Faridabad is emerging as one of the most promising locations in the National Capital Region (NCR). Easy accessibility to Noida and Gurgaon, which are major corporate centres, while being a peaceful spot, have made Faridabad a sought-after location for property buyers. Metro connectivity, has further boosted the transportation infrastructure in this city.
You are reading: Faridabad’s USP: Connectivity and affordability
Property prices and rental yield
The biggest advantage for Faridabad, is the difference in capital values of properties, compared with Gurgaon (45%-50%) and Noida (30%-40%). Interestingly, people here prefer an independent house over a 2 or a 3-BHK flat. “A decade ago, you could easily get a plot of 100 sq yards for Rs 10-15 lakhs. Now, it will cost a minimum of Rs 80-90 lakhs,” points out Anil Jindal, chairman of the SRS Group. “A 2-BHK apartment costs around Rs 40 lakh in Faridabad. It is difficult to get such pricing in other regions of the NCR. In terms of appreciation, there has been a four-fold rise, over the last 10 years,” adds Jindal.
“Old Faridabad (the area to the west of the Agra Canal) has several industries, which form the economic base of the city. New Faridabad or Greater Faridabad is well-planned.
Read also : Should you opt for buyback offers and assured return schemes?
“The prevailing residential property rates in Faridabad are in the range of Rs 3,000-8,000 per sq ft. Surajkund and Bhadkal Road command a premium, due to their proximity to south Delhi and the presence of good social infrastructure,” says Shveta Jain, managing director-residential, Cushman & Wakefield.
Rentals have also increased in Faridabad, even though they are approximately half of those in neighbouring Gurgaon.
“For properties between 1,000 and 1,200 sq ft, the expected rental value is Rs 8,000-14,000, depending on the location and size,” says Abhishek Goyat, managing director and CEO of the Antriksh Group.
A smart city in the making
Faridabad has submitted its revised smart city proposal, along with 22 other cities. As part of this project, cities will be provided with advanced solutions for water recycling, solar power, digitisation, waste management and smart metering, to name a few. “The smart city initiative, will not only prove to be beneficial for buyers but for the realtors too, especially in the affordable housing segment. This initiative will be a game-changer in improving infrastructure, which will require large-scale retrofitting and redevelopment,” maintains Jindal.
[ecis2016.org] Faridabad: Where social and physical infrastructure are in sync
Funds under the AMRUT scheme
Read also : Ghatkopar east property market: An overview
Faridabad is likely to get a grant of Rs 467 crores under the AMRUT (Atal Mission for Rejuvenation and Urban Transformation) scheme.
“With the AMRUT scheme, there will be a change in the overall outlook of the city. The Municipal Corporation of Faridabad (MCF), will focus on developing various facilities, including water supply, sewerage system, roads and transportation. The grant amount, spread over five years, could also be used, for the provision of basic amenities in the city, which includes 66 residential colonies that have no proper civic amenities at present,” says Goyat.
Connectivity
Faridabad is strategically located, in close proximity to south Delhi, Gurgaon, Noida and Greater Noida. Through the Gurgaon-Faridabad Highway, one can reach Gurgaon in 30 minutes. By taking the bypass, one can reach sector 37 in Noida. South Delhi is just eight kms from Faridabad, while central Delhi is 15 kms away. The Eastern Expressway, which is under construction, connecting Delhi and the towns of Ghaziabad, Faridabad, Greater Noida and Sonipat, will further improve road connectivity.
The proposed Metro connectivity, between Faridabad and Gurgaon, will also boost the real estate market in Faridabad.
“The 14-km-long metro extension, connecting south-east Delhi with Faridabad, will have nine stations from Sarai to Escorts Mujesar. Two additional stations, NCB Colony and Ballabgarh, are scheduled to be completed by 2017. The improving transit system, along with affordable real estate pricing, will continue to be the primary drivers for Faridabad’s realty market” concludes Jain.
Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org
Source: https://ecis2016.org
Category: Lifestyle
