Faridabad is currently attracting many real estate developers and investors due to affordability, adequate land supply, and proximity to Delhi, Gurugram, and Greater Noida. The city is home to a number of multinational corporations, large-scale businesses, and medium- and small-scale manufacturing facilities, which have fueled real estate growth, particularly in the residential segment.
The city’s real estate market has gained new vigour due to improved access to Faridabad via the Delhi Metro and several initiatives under the Faridabad Master Plan 2031. Many infrastructure improvements, such as road widening and flyover construction, are being made in the area, which will improve connectivity. Because jobs and infrastructure are the backbones of a megacity, this advancement strongly emphasises the development of residential and social infrastructures such as schools, colleges, hospitals, and research centres, among other things.
Upcoming Developments
One such upcoming development is setting up the new Amrita Hospital, the biggest private sector hospital in India, spread across 133 acres of land in Faridabad. According to the management, the ultra-modern Amrita Hospital in Faridabad will be one of India’s largest green building healthcare projects with a low carbon footprint. It is a paperless facility from start to finish, with zero waste discharge. The new hospital will be built in Sector 88, Faridabad, and will have a total built-up area of one crore square feet.
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Connectivity Advantage
The areas are already developing as real estate hotspots, and the new development will link existing opportunities to the global market. Airports and expressways are the growth engines of a megacity, and the FNG Expressway will connect Faridabad to Noida and Ghaziabad, and the KGP Expressway connects the Kundli-Ghaziabad-Palwal at Manjhawli as part of a newly developed Comprehensive Mobility Plan (CMP). The newly-proposed plan also connects the city to Gurgaon Metro.
Economy to get a boost
The laying of the foundation stone of Asia’s biggest airport – Noida International Airport, Jewar will help spur Faridabad’s residential, commercial, and hospitality activities. It will also result in the conceptualization and implementation of large infrastructure projects, which will significantly affect the economy.
Future Potential
According to developers, the rising real estate prices and limited growth opportunities in Gurugram and Noida have made investment opportunities in South Faridabad more appealing. Faridabad’s infrastructure is still tightly controlled, and favourable government policies serve as business magnets. This will make Faridabad the epicentre of real estate investments offering handsome returns and state-of-the-art living, working and entertainment & rejuvenation opportunities.
(By Mukesh Goel, Partner, Auric Group)