Neharpar on strong GROWTH TRAJECTORY
22nd Feb 2014, Times of India, times Property
Neharpar’s infrastructure and real estate development across segments has made it an attractive destination for end users and investors, says ABHIGYAN
Neharpar of Faridabad is well on its way to becoming a realty hotspot with the new initiatives by development authorities like Huda to further integrate the city with Delhi and the neighbouring NCR cities.
Also, Delhi Metro is planning to extend its corridor to Faridabad in the near future.
These, coupled with the increasing housing demand prompting developers to launch a slew of new residential projects across segments, have put Faridabad on a strong growth trajectory.
The prospects of the market in the Neharpar region are very bright with a number of developers mushrooming all over the place with scores of projects in and around Greater Faridabad. With improving infrastructural development and availability of land, more than 80 projects have been launched in the area till now.
The new Master Plan Faridabad-2031 has projected a population 42 lakh for the city, a two-fold rise over the existing 18 lakh. Presently Faridabad has 101 sectors. As per the 2031 plan, Faridabad will be home to 171 sectors, most of which will be situated in the Neharpar and IMT areas. With availability of large chunks of land and the proposed infrastructural developments, Neharpar has become one of the realty hotspot for middle-class buyers of the NCR.
Looking at the long-term investment potential of the area, a number of realty majors like Omaxe, RPS, BPTP, MGH, Puri Construction, KLJ Town Planners, Era Landmark, SRS, etc, have launched housing projects here, with some already nearing delivery.
With around 5,000 houses nearing completion, Greater Faridabad is in a position to house more than 25,000 people today, and an estimated population of 2 lakh in the near future with scores of other housing projects under construction. Developing areas like Sectors 75, 76, 77, 78, 79, 80, 81, 82, 83, etc, are projected to have nearly 50,000 housing units in the next fivesix years.
Real estate development
Encouraged by futuristic growth opportunities, improving infrastructure and fast connectivity Greater Faridabad has now emerged as one of best locations for affordable and luxury segments of realty projects. Due to saturation of land in the main city, most of the realty developments are now concentrated in Greater 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 here.
The place is already awash with a number of malls, some under construction and others in the plan stage, like Crown Plaza, Manhattan, SRS, etc.
This developing area is spread in different sectors including Sectors 75, 76, 81, 82, 85 adjoining Neharpar, and near posh Sectors 14 and 15. The realty projects launched here are well connected through a network of internal roads, and are linked to Delhi and other cities through Delhi-Faridabad Expressway, Gurgaon-Faridabad Expressway, and the forthcoming Faridabad-Noida-Ghaziabad Expressway.
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 group-housing projects here. BPTP has 2,400 acres in land bank spread across 12 sectors of Faridabad. BPTP has Parklands, an integrated township, along with other projects like The Resort in Sector 75, Park Grandeura in Sector 82, Princess Park in Sector 86, Park Floors in Sector 76 and 77, Park Elite Floors in Sectors 75, 76, 77, 84, and 85, and The Villas in Sector 86.
Sandeep Bedi, director (infrastructure) of BPTP, says: "Since the beginning we have seen Faridabad as an incredibly promising real estate market. Our Parklands project is a big success, and Park Sentosa is a project that will remind one of Singapore. Our commitment to create world-class living for our customers reflects in every inch of Parklands, our marquee project in the heart of the NCR. The infrastructure that we created in Parklands, one of the biggest integrated townships in the NCR, exceeds even our customers' expectations."
Puri Construction has group-housing, independent floor, and villas projects like Pranayam, Anand Villas, VIP Floors, and 81 High Street in Sector 81, and Pratham in Sector 84. Pranayam is a spacious residential complex over 20 acres of lush greens in Sectors 82-85, designed by the award-winning architectural firm ARCOP and landscaped by Paul Friedberg. The group is now developing Anand Villas as its first superluxury development in Sector 81; the project offers highrise towers of ground plus seven and mid-rise towers on 12 acres.
Arjun Puri, director of Puri Construction, says: "Neharpar is developing as a new realty hub of Faridabad. The area is spread in different sectors including Sectors 75, 76, 81, 82, 85, which have the social and physical infrastructure like schools, hospitals, luxury malls, hotels, clubs, etc, in place. The area has good transport network with the forthcoming KMP expressway; a Metro link is also expected for the area in the next few years."
Omaxe has Omaxe Spa Village in Sector 78; the group-housing project offers luxury apartments and penthouses, in the size range of 1,600-4,430 sq ft. Omaxe Heights in Sector 86 is a ready-to-move-in project; launched at Rs 1,400 sq ft, Omaxe Heights is now quoting at nearly Rs 4,200-4,500 per sq ft. Omaxe New Heights in Sector 78 is an affordable housing project that offers a variety of units to suit every pocket. The project is quite close to Neharpar's commercial sector and offers residents a clubhouse complete with gym and swimming pool and other sports facilities.
RPS Group has RPS City on 90 acres in Sector 88, Greater Faridabad. Savana, another group-housing project of the group, has over 2,350 units under different categories. RPS Palms offers over 450 spacious, independent floors in the same area. The group recently launched an IT-park, RPSINFINIA, at Main Mathura Road on NH-2.
Rakesh Gupta, MD of RPS, says: "RPS Savana is setting an example by implementing dual-pipeline system for ensuring zero discharge of water by recycling the waste water through ETP and STP and then using the recycled water, which minimizes the wastage of water in households and also makes the project eco-friendly. The rainwater harvesting and solar water heating systems are some additional features that make our projects eco-friendly."
LARGE AND MEDIUM-SCALE INDUSTRIES IN THE AREA HAVE CREATED A HUGE DEMAND FOR RESIDENTIAL REAL ESTATE DEVELOPMENT, WHICH IN TURN HAS ALSO GENERATED DEMAND FOR RETAIL REALTY