As per ANAROCK Research, Faridabad was the only city in the entire NCR, or even other top cities, that saw a jump in total new housing supply in 2020 amidst the pandemic.
As per various reports, property prices have escalated in Faridabad substantially in recent years.
The epicenter of industrial growth in Haryana, South Faridabad is taking giant leaps ahead with better connectivity, infrastructure development, affordability, and industrial corridors to emerge as a self-sustained living and working destination in Delhi-NCR. Generating a major share of Haryana’s revenue, the growth districts of Faridabad have the maximum number of MSMEs in the state with 32,033 MSME units, followed by Gurgaon with 31,029 units, Panipat with 21,117 units, Karnal with 15,711 units, and Sonipat with 12,205 units. Today, by clearly demarcating residential, industrial and commercial sectors, South Faridabad is leaving no stone unturned to become a lucrative real estate hotspot in 2021.
According to industry experts, an industrial town, Faridabad had largely stood on the backfoot as far as demand for office spaces is concerned in comparison to its counterparts including Gurgaon and Noida. However, in the last few years, Faridabad’s connectivity with other cities in NCR including Delhi, Gurgaon and Noida has improved tremendously, which inevitably may improve real estate demand.
“Increased connectivity to Faridabad via Delhi Metro, smart city listing and various proposals under the Faridabad Master Plan 2031 have given a new ray of hope to the real estate sector in the city. Besides cohesive industrial development, the other main objective is to develop social and residential infrastructure within the city. Interestingly, as per ANAROCK Research, Faridabad was the only city in the entire NCR, or even other top cities, that saw a jump (of 7%) in total new housing supply in 2020 amidst the pandemic. As many as 3,050 units were launched in 2020 as compared to 2,850 units in 2019,” says Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants.
Developers say South Faridabad is a major industrial town in Haryana and its economic significance can be gauged from the fact that 50% of the income tax collected in Haryana is collected from Faridabad and Gurugram regions. The area, which is flanked by Delhi in the north, Noida in the northeast, and Gurgaon in the west, is making giant advancements by bolstering its connectivity. Growth districts of Faridabad are well connected via metro lines to South, East, and Central Delhi.
Airports and expressways are the growth drivers of a megacity and under a newly-formulated Comprehensive Mobility Plan (CMP), the Faridabad Metropolitan Development Authority (FMDA) has planned to connect the Faridabad Metro to Gurgaon and Jewar Airport in Noida. Furthermore, new road links to the Eastern Peripheral Expressway, bypassing Delhi and Kundli–Manesar–Palwal (KMP) Expressway will open new investment avenues for the industrial sectors of South Faridabad.
“Today, South Faridabad is emerging as a key trade hub, and better connectivity, development of economic corridors, affordable property prices, and controlled growth have rekindled the interest of investors in the region. The city has the maximum number of 30,000+ MSME units, followed by Gurugram in Haryana, and many international companies have already set their bases here. Additionally, property prices in Delhi, Noida, or Gurgaon are comparatively higher, and to meet the rising demand for commercial spaces, South Faridabad is now emerging as an investor’s favourite,” says Shashank Vashishtha, Executive Director, eXp India.
Mohit Goel, CEO, Omaxe Ltd, says, “Faridabad is a major industrial town in Haryana located equidistant from three of India’s highest job generating cities, namely Delhi, Noida and Gurgaon. A planned greenfield city North of Agra Canal is being developed, called Greater Faridabad (Sector 66-89) where close to 31 lakh people are expected to live by 2031 and the government has earmarked space for residential, commercial, retail, industrial, institutional and recreation to elevate the ease of living.”
Besides the new-age development of social, physical and connectivity infrastructure, affordability is one of the factors that has swayed homebuyers’ interest to Faridabad. This has given a boost to the real estate sector in the region. “India’s longest Delhi-Mumbai Expressway will pass through Faridabad thereby providing easy access from Noida/Greater Noida. Besides, through the Eastern Peripheral Expressway, FNG expressway and Manjhawali bridge, the seamless movement of people and goods will be further enhanced from the upcoming Jewar Airport, Film City, Electronics City and other industrial units in Greater Noida. It is also seamlessly connected to Delhi via metro rail and NH-2 and to Gurgaon via Faridabad-Gurgaon road and the proposed metro rail,” adds Goel.
As per various reports, property prices have escalated in Faridabad substantially in recent years. South Faridabad forms an integral part of the ambitious Delhi–Mumbai Industrial Corridor Project (DMIC) – a planned industrial development project between Delhi and Mumbai. This will attract industries, companies, generating new employment opportunities to make a significant influence on the realty landscape. The growth districts of Faridabad are already home to many companies. More than 30% of land in the region has been allocated for industrial and commercial development and the construction of warehouses, retail spaces, malls, industrial knots, wide roads will make way for more investments to flow into various sectors of industry, commerce, and real estate. As jobs and infrastructure are the backbones of a megacity, this progress will give a major thrust to the development of residential and social infrastructures like schools, colleges, hospitals, research centres, among others.
Developers say today rising real estate prices and limited growth opportunities in Gurugram and Noida have made investment opportunities in South Faridabad more attractive. Faridabad’s infrastructure is still controlled to a great extent and favourable government policies are acting as business magnets. Commercial expansions and development projects will be the key factors to drive growth in South Faridabad to turn the region into a real estate hotbed in 2021.