Housing demand picks up IN NEW FARIDABAD
OCTOBER 25, 2013, TIMES PROPERTY
Encouraged by growth opportunities, improving infrastructure, and fast connectivity, New Faridabad has emerged as one of the best locations for affordable and luxury housing. TEAM TIMES PROPERTY writes
With infrastructural development taking place at a rapid clip over the past few years, Faridabad is well on its way to becoming a realty hotspot for middle-class buyers. The fast-developing Neharpar (New Faridabad) of Faridabad is surrounded by numerous new sectors where several realty projects are being constructed.
The new Faridabad Master Plan-2031 has projected a population of 42 lakh, up from the existing population of 18 lakh. Presently, Faridabad has 101 sectors; as per the 2031 plan, Faridabad will be home to 171 sectors, most of which will be located in the Neharpar and IMT areas. It is estimated that developing areas like Sectors 75, 76, 77, 78, 79, 80, 81, 82, 83, etc, of Faridabad will have nearly 50,000 housing units ready in the next five-six years, catering to an estimated population of over 2,50,000.
The developing sectors in New Faridabad have easy access to NH-2, the forthcoming Metro station, and also rapid exit routes to Delhi and the rest of the NCR. Real estate development at New Faridabad kicked off with only a handful of developers. But, these days, developers and builder have mushroomed all over with a number of realty projects in and around Greater Faridabad. With improving infrastructural development and availability of land, more than 80 projects have been launched in this area till now. The increasing demand for residential units has forced developers to launch and complete their projects very fast.
Faridabad is India's third fastest developing city. It 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 of real estate infrastructure, at a cheaper rate too.
Encouraged by futuristic growth opportunities, improving infrastructure, and fast connectivity, New Faridabad has emerged as one of the best locations for affordable and luxury segments of residential realty. Due to the saturation of land in the main city, most of the realty development is taking place in New Faridabad, especially in Sectors 75 to 89. Top realty players like Assotech Ltd, Gardenia Group, and TDI have plans to launch new projects like integrated townships and commercial complexes in the area.
With other major real estate markets in the NCR like Gurgaon and Noida reaching saturation point, New Faridabad offers unique investment opportunities. This is the right time for homebuyers to invest in realty market as developers and builders are facing huge liquidity crunch and excess inventory due to the slowdown in economy. And Faridabad offers an ideal option for investment compared to other realty destinations.
Sandip Bedi, director (infrastructure) BPTP, says: "New Faridabad is developing as the new realty hub of Faridabad. The area is spread across different sectors of the city including Sectors 75, 76, 81, 82, and 85 adjoining Neharpar, and near the posh Sectors 14-15. These areas are expected to be the preferred location for people coming from different pockets of Faridabad and Delhi. A number of developers like BPTP, Omaxe, RPS, SRS, Puri Construction, KTS, Home Town, Piyush Heights, Emerald Heights, Universal Group, ORS Infrastructures, Iris Abode Pvt Ltd, etc, have come up with mega projects in the area.
BPTP was instrumental in making Neharpar area in Faridabad a viable realty destination. BPTP's Parklands, an integrated township, offers excellent investment opportunities. Being in close proximity to developed areas like Sectors 14-15 gives this region a far superior rate of appreciation compared to other areas in the city. Nearly 300 families have moved into Park Grandeura, a part of Parklands, a spokesman of the firm said. The Deck, one of the most exclusive addresses at Parklands, is a single-tower project that offers around 30 exclusive duplex apartments designed aesthetically with a promise of exclusivity, luxury, comfort, and security.
The Resort, another project of BPTP, promises a vacation-like lifestyle for residents. Located at Parklands in Sector 75, it offers apartments over 10.82 acres. The Park Sentosa, which was recently launched by BPTP, is a smart address in the heart of Faridabad-this group-housing development offers innovate features like a sky lounge, a sky gym, and a sky garden. Puri Constructions has Aanand Vilas, Pratham, VIP Floors, and 81 High Streets in Faridabad. Aanand Vilas is the latest project with high-end specifications, located in the most coveted location of Faridabad-Sector 81. Puri Construction also has another project, Pranayam, in the area.
Omaxe Construction Ltd's has Omaxe Spa Village in Sector 78, Faridabad; this is a group-housing project offering luxury apartments and penthouses. The apartments and penthouses come in sizes ranging from 1,600 sq ft to 4,430 sq ft. The project offers worldclass facilities like indoor games, internet room, TV lounge, library, tennis and multipurpose court.
Omaxe Heights, a ready-to-move-in project, is in Sector 86, Faridabad. Launched at Rs 1,400 sq ft, the units are now quoting in the range of Rs 4,200-4,500 per sq ft at Omaxe Heights. Omaxe's Omaxe New Heights in Sector 78, Faridabad, is an affordable housing project that offers a variety of units to suit every pocket. The project is close to Neharpar's commercial sector. A clubhouse, complete with gym and swimming pool and sports facilities, are some of the facilities in this project.
RPS Group has a township, RPS City, in Sector 88, Faridabad, over 90 acres and with around 4,000 units. Another group-housing project of the group is Savana, which has over 2,350 units. RPS Palms has over 456 spacious independent floors, and is expected to give possession by the end of 2013. The group has recently launched RPS Auria, in RPS City, over 17 acres. Rakesh Chand Gupta, MD of RPS Group, says: "We have always been committed to delivering products that are of exemplary standards. At RPS Auria, we have ensured that customers get world-class facilities like a swimming pool, a health club, several play areas for kids, jogging trails, a shopping mall, etc."
The construction on 13.8km Metro line from Badarpur to Faridabad's YMCA Chowk is in full swing. The new Metro line will be elevated with nine stations. According to plan, the Metro is slated to stop at NHPC, Maharajganj, Sector 27A, Badkhal Chowk, Old Faridabad, Ajronda, Sector 12, and YMCA. The Haryana government has already approved a budgetary allocation of Rs 1,589 crore for the extension of Delhi Metro to Faridabad and the project is likely completed by August 2014.
New expressway on NH-2
Like the 165km-long Yamuna Expressway constructed by JP Group, Reliance Infrastructures is also going to construct a 180km-long non-stop expressway from Faridabad to Agra on NH-2. Reliance Infrastructures has already bagged a road project on the high-density traffic zone for this purpose. It involves four-laning of Gurgaon-Faridabad Road and improvement of Ballabgarh-Sohna Road on build-operatetransfer basis.
The cost of the project is Rs 2,945 crore. Widening of NH-2 (Delhi-Agra) project is a part of the golden quadrilateral project. It connects major cities like Delhi, Faridabad, Ballabhgarh, Palwal, Mathura, and Agra. NH-2 is well connected to Delhi and states like Haryana, Punjab, Himachal Pradesh, and J&K. The Delhi-Agra Toll Road Pvt Ltd (DATRL) road starts from Badarpur's border and ends a little before Yamuna Bridge in Agra. The 180km-long stretch covers Haryana and Uttar Pradesh.
NH-2 is considered the most convenient road route for international tourists while travelling to places like Delhi, Mathura, and Agra. It touches cities and major towns like Delhi, Gurgaon, Faridabad, Ballabhgarh, Palwal, Hodal, Kosi, Vrindavan, Mathura, and Agra. The stretch covers tourist destinations like Surajkund, Badkhal Lake, Jagmohan temple, Shivling Temple at Hodal, etc.
THE FASTDEVELOPING NEHARPAR (NEW FARIDABAD) OF FARIDABAD IS SURROUNDED BY NUMEROUS NEW SECTORS WHERE SEVERAL REALTY PROJECTS ARE BEING CONSTRUCTED
THE NEW FARIDABAD MASTER PLAN-2031 HAS PROJECTED A POPULATION OF 42 LAKH, UP FROM THE EXISTING POPULATION OF 18 LAKH. PRESENTLY, FARIDABAD HAS 101 SECTORS; AS PER THE 2031 PLAN, FARIDABAD WILL BE HOME TO 171 SECTORS, MOST OF WHICH WILL BE LOCATED IN THE NEHARPAR AND IMT AREAS