Faridabad: Despite its proximity to Delhi, Gurgaon, and Noida, and with fairly good connectivity with its neighbouring cities by road and rail routes, the property market in Faridabad has not kept pace with the real estate market in other National Capital Region (NCR) cities.
In spite of all its potential to become a ‘model city’, Faridabad has suffered on account of poor infrastructure and bad connectivity, and has failed to register the kind of growth witnessed in neighbouring Gurgaon and Noida.
“The biggest issue with Faridabad has been the poor connectivity. The information technology industry chose Gurgaon over Faridabad because of its better connectivity with Delhi and proximity to airport. Since young people with high disposable income work in IT industry, it had a ripple effect on the real estate market and led to mushrooming of shopping malls and spurred the demand for housing. Faridabad, on the other hand, has mostly manufacturing industry employing people with less disposable income,” said SPR Buildtech Ltd director Nalin Saluja.
However, the real estate market in Faridabad is now booming with improved infrastructure like Gurgaon-Faridabad expressway, six-lane Mathura Road, expansion of metro rail, and laying of foundation stone for the Faridabad-Noida-Gaziabad expressway.
“Though not many new projects have been launched over the past two years due to slowdown, more than 70 per cent inventory in 30 residential projects in Greater Faridabad is already sold. Also over half a dozen IT park projects are at the advanced stage of completion in Faridabad and the market is expected to boom with their completion. In next few years, we hope the Faridabad market to grow at a rate faster than Noida,” said Mr. Saluja.
The real estate sector also has a lot of hopes and expectations from the new government. “Today when the government is working on the Master Plan 2031, we are sorry to say that even the developments proposed under the Master Plan 1991 are yet to be implemented. We hope that the new government initiate the development of physical and social infrastructure in the city,” said J.P. Gupta, vice-president, Confederation of Real Estate Developers’ Associations of India (CREDAI), NCR, Haryana.
Some of the major demands of the CREDAI, NCR, Haryana, Faridabad, include construction of stadium and commercial establishments in Sector 79 as per the Master Plan 1991, up-gradation of the proposed government hospital into medical college, tax rebate to industrial units in Ballabgarh, and construction of sewage treatment plant for Sector 75 to 89.