Faridabad, one of the fastest-growing cities in the National Capital Region, boasts of a booming real estate landscape. Driven by various factors like infrastructure development, the city’s strategic location, and economic growth, investing in the region offers profitable investment returns. Significant property appreciation and various factors contributing to Faridabad’s robust annual growth rate in property values make it a hotbed for real estate investment.

Steady Property Value Growth

Projecting impressive property values at a rate of 8% annually, Faridabad’s lucrative real estate market testifies to its growing popularity among homebuyers and investors. This steady rise in property prices is not an isolated phenomenon but rather the result of a confluence of factors, with economic growth being a key driver. Moreover, over the past five years, Faridabad has maintained a strong average annual GDP growth rate of 7%, positioning itself as one of the fastest-growing cities in the NCR region. This market expansion has fueled job creation, increased incomes, and boosted consumer confidence, leading to a rising demand for real estate in the city.

Future Economic Outlook and its Impact on Real Estate

The anticipated annual GDP growth rate of 8% by 2030 reflects Faridabad’s highly promising economic outlook. This expected growth is driven by ongoing investments in infrastructure, expanding industrial sectors, and the city’s strategic position within the NCR region. As the city’s GDP expands, so does the demand for residential and commercial properties, creating positive ripple effects across the real estate sector. Thus, this growing demand, coupled with rising disposable incomes and increasing urbanization, will likely sustain or even accelerate the current trend of property value appreciation.

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Rising Demand for Corporate and Office Spaces

Over the years, the city has seen a remarkable 15% increase in the demand for corporate and office spaces. This growth is largely attributed to the city’s growing reputation as a business-friendly environment, with its proximity to Delhi, improved infrastructure, and competitive real estate costs making it an attractive alternative to other NCR cities. As more companies, particularly in IT, manufacturing, and services, establish their presence in Faridabad, the need for high-quality office spaces has skyrocketed.

Growth of Residential Segment

Faridabad’s residential property rates take centre stage with the city’s growing appeal. According to a recent report by Anarock, Faridabad saw about 6,205 units sold in H1 2024. Of these, over 715 were sold in the luxury segment and about 1,920 units in the affordable housing sector. The mid and premium segments contributed to the bulk of the sales at around 3,570 units. Ahead of the infra development and the addition of about 30,000 professionals annually for the coming five years, this growth is anticipated to increase the demand for housing, especially in residential areas, promising proximity to workplaces, robust infrastructure, and modern amenities. Further, upon the completion of the highly-anticipated Faridabad-Jewar Expressway, property prices may rise by as much as 40%. This has opened avenues for developers to focus on Greater Faridabad for new luxury residential ventures.

Infrastructure Development as a Catalyst for Growth

One of the propelling factors is infrastructure development, which not only improves the quality of life for current residents but also makes Faridabad a more attractive destination for prospective investors. The upcoming Jewar Airport is one of the most transformative infrastructure projects. Located within the proximity to Faridabad, the airport is expected to act as a catalyst for economic growth, attracting new businesses and boosting tourism, which in turn will drive demand for both commercial and residential properties in the area. In addition to the airport, the city is witnessing substantial improvements in healthcare infrastructure and is home to several new hospitals and medical facilities equipped with advanced technologies and services. Further, expanding road networks and extending the Delhi Metro into Faridabad have greatly improved the city’s connectivity. These developments have made commuting to and from Faridabad more convenient, especially for those working in Delhi, Gurugram, and Noida.

Thus, as the city sees an upward trajectory fueled by strong economic growth, increasing demand for commercial spaces, and significant infrastructure developments, Faridabad is set to remain a prime investment destination within the NCR, offering substantial returns. As these factors continue to align, the future outlook for Faridabad’s real estate market seems highly promising.

(By Mohit Goel, MD, Omaxe Group)

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