[ecis2016.org] While Greater Faridabad may not be a prime property market in Delhi-NCR, here’s why affordable home seekers should give this region some serious consideration
Greater Faridabad may be a low-profile area, but it seems to be emerging as a region with the greatest potential, among the extended zones of Delhi-NCR. At a time when the National Capital Region (NCR) was expanding, giving rise to issues ranging from land acquisition to administrative and infrastructure bottlenecks, this relatively silent zone of Faridabad (also known as Neharpar area in popular parlance), has steadily attracted investors, who feel that it will be a sought-after destination. Analysts too, are bullish over this property market, even though it may not be as glorified on the property landscape of Delhi-NCR, as Greater Noida or Greater Gurgaon.
You are reading: Greater Faridabad: A case study on affordable housing destinations
Neharpar was rechristened as Greater Faridabad in 2004-05, under the city’s master plan. The main advantage of the location, is that it shares its boundary with the Eastern Periphery Expressway, which connects Noida, Ghaziabad, Faridabad and Palwal, making it an industrial corridor.
Although infrastructure issues and bottlenecks have deterred large investments, proposed developments could boost Greater Faridabad’s growth over the medium and long-term period, from an investment as well as habitation point of view. Today, it remains one of the most affordable locations in the NCR.
Infrastructure developments
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The Haryana Urban Development Authority (HUDA) is making all efforts to project the market as an investment destination. The KMP (Kundli-Manesar-Palwal) Expressway, once operational, will connect the Neharpar area with both, Delhi and Gurgaon. Moreover, the three-km flyover that connects Delhi to Faridabad, will also clear traffic bottlenecks to a large extent. Widening of the existing bypass road from Badarpur, parallel to the Agra and Gurgaon canals, to six lanes, will further boost connectivity, while commuting is likely to become easier with the metro connectivity from Faridabad border to all across the Delhi-NCR.
[ecis2016.org] Faridabad-Noida-Ghaziabad Expressway: Creating new property destinations
Greater Faridabad has also witnessed a boom, from January 2012, when the property market was by and large sluggish in the rest of Delhi-NCR. Jagpravesh Khurana, a local broker, feels the boom has slowed down now, as property prices in the region have increased from what it was a few years back. From rock bottom prices, it is now a reasonably-priced market and is likely to remain so, for some time, he predicts. Most of the buyers in Neharpar are here to stay and very few cases of secondary market transactions have been reported.
“Property rates in the region are around Rs 3,500 per sq ft and properties that are ready for possession, can fetch up to Rs 4,200 per sq ft. As there is no inventory overhang in the area, analysts feel that RoI of 30%-40% is quite realistic in this market,” says Khurana.
Affordable housing to remain the USP
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Nikhil Hawelia, managing director of the Hawelia Group, believes that Greater Faridabad has more potential for affordable housing, than any other market in Delhi-NCR, as it is close to the industrial belt of Faridabad.
“Greater Faridabad is a case study, on how affordable housing markets should be developed close to economic centres. Over time, upscale projects may come up in its vicinity. However, the basic character of Greater Faridabad will not change, as premium housing projects are there in the main city of Faridabad,” Hawelia explains.
Any property market, which has no inventory overhang or resale units, can be termed as a stable market and Greater Faridabad scores high on these parameters. Moreover, if the projected infrastructure developments can be fast-tracked, this location could emerge as one of the best among the affordable destinations, not only in Delhi-NCR but across the country.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle
