By Avneet Soni
The National Capital Region (NCR) is witnessing unprecedented growth and revival in its real estate market, particularly on the back of major infrastructural and connectivity upgrades. Faridabad is steadily becoming one of the biggest real estate hubs for both end-users and investors.
Here are some of the key developments spurring growth in the city and beyond.
Greater Noida-Faridabad Transit Bridge
The Greater Noida-Faridabad Transit Bridge has been developed for Rs 315 crore over the river Yamuna. Once it is functional, it will be a major connectivity hub for NCR ensuring direct connectivity between Faridabad and Greater Noida, lowering travel time between these cities to only 20 minutes. It will decongest the Kalindi Kunj Flyover and the Eastern Peripheral Expressway while boosting real estate growth and appreciation in the whole stretch. It will also be used as a smooth ride between Gurgaon and Noida/Greater Noida and Jewar International Airport. Commuters can bypass Delhi-based routes and directly access Greater Noida through this bridge. It will also link Faridabad to the National Highway 19 and possibly the Yamuna Expressway in the future, opening up intercity travel across Gurgaon, Faridabad, Agra, Palwal, and Mathura.
Faridabad’s expansion is natural due to its geographical advantages being equidistant and the centre point between Delhi-Gurgaon-Noida, and well-developed sectors and social infrastructure. Faridabad is the oldest satellite town of Delhi but lacked strong connectivity with other satellite cities, which has now been developed all around through multiple connections. The housing and commercial space will expand throughout Faridabad owing to better strong connectivity now.
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Delhi-Mumbai Expressway
The Delhi-Mumbai Expressway is being built at a fast pace for a cost of Rs 98,000 crore. It is will link industrial zones in the Faridabad-Sohna stretch with Mumbai. This bridge will also lead to higher investments in several industries and logistics corridors along with real estate and hospitality throughout several areas in Faridabad.
FNG Expressway
The Faridabad-Noida-Ghaziabad Expressway is witnessing the resumption of work and it will eventually enable easy access throughout the NCR, linking to the Faridabad Bypass Expressway at Shahpur. It could be fully functional by 2026. The NHAI (National Highways Authority of India) is planning to connect the FNG Expressway with DDA (Delhi-Dehradun Expressway). This will boost real estate markets across Faridabad. The DDA Expressway will also connect to the National Highway 9 and the Northern Peripheral Expressway, transforming the FNG Expressway into a real estate growth facilitator in the future. It will lower travelling time from Faridabad to Noida to a whopping 15 minutes while decongesting several roads in Delhi.
Other Factors Behind Faridabad’s Real Estate Growth
Faridabad has seen the inauguration of the New Amrita Hospital with 2,400 beds by the Prime Minister of India, Narendra Modi. It will be the country’s biggest private hospital. The Faridabad area has already witnessed sizeable growth of MNCs, medium and small-scale manufacturing entities, and other large-scale entities. These have led to expansion and demand for residential development. Faridabad also offers diverse real estate options, including townships, gated communities, apartments, plotted developments, and independent floors, which is another reason for the higher number of buyers in the city. The lower-plotted developments in Ghaziabad, Greater Noida, and Noida are another reason behind residential real estate growth in Faridabad. Better metro connectivity has also led to higher commercial and residential realty alike, along with more start-ups and MNCs setting up bases here.
Multiple initiatives under the Faridabad Master Plan 2031 are also enabling the growth of the real estate market. The Eastern Peripheral Expressway and the extension of the Delhi Metro to Raja Nahar Singh in Faridabad are other key developments, along with the Mathura Road upgrade. Faridabad is expected to become a major growth driver for the residential and commercial real estate market in the NCR, with improved connectivity, industrial growth, and availability of land for expansion and growth which is getting saturated in other satellite cities.
(The author is President of Planning & Strategies and Business Head, Omaxe)
