NCR’s dark horses start trotting

With infrastructure projects serving as magnates for realty development in NCR micro markets, here’s a realty check on how recent developments in Faridabad and Dwarka Expressway have given hope to these markets

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 homebuyers

Slowdown is a great leveller when it comes to the real estate fortunes of different areas. Thus, while on the one hand the sluggish sales as well as price correction in NCR has taken some of the sheen away from its top league destinations like Gurgaon, Greater Noida etc, the so-called poor cousins like Faridabad have got a chance to catch up with infrastucture development and civic amenities. With the “ease of living”    adding to the affordable price range, Faridabad is fast getting back in the reckoning 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 given a boost to the transportation infrastructure in this city.

Prices and rental yield

The biggest advantage for Faridabad, is the difference in capital values of properties, compared with Gurgaon (45-50 per cent) and Noida (30-40 per cent). 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 yard for Rs 10-15 lakh. Now, it will cost a minimum of Rs 80-90 lakh,” 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 a pricing in other regions of the NCR. In terms of appreciation, there has been a four-fold increase, over the past 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. 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 the city, even though these 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.

‘Smart’ turn

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.

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 km from Faridabad, while central Delhi is 15 km.The Eastern Expressway, which is under construction, connecting Delhi and the towns of Ghaziabad, Faridabad, Greater Noida and Sonepat, will further improve road connectivity.

The proposed Metro connectivity, between Faridabad and Gurgaon, will also boost the livability quotient. “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.

— Inputs by Housing.com/ News