Rakesh Yadav bought his first property at Neharpar, Faridabad, at a rate of Rs 2,000 per sq ft in 2009. However, Yaday, who is a foreman, has avoided moving in to his house, as he feels that travelling every day, to his motor workshop that is based in Ghaziabad, would be difficult. Moreover, he has not been able to find tenants for his property.
Although Yadav knew these ground realities, price constraints restricted him from opting for any other property market. Even the most affordable locations in and around Ghaziabad, would have cost him at least Rs 3,000 per sq ft. On a flat measuring 1,000 sq ft, this would have meant a difference of at least Rs 10 to 12 lakhs.
“I bought the flat at Neharpar, Greater Faridabad, with two things in mind – firstly, so that I can settle over there once I retire and secondly, for the future appreciation in prices. If I wait till my retirement, I may not be able to buy at the appreciated value,” reasons Yadav.
A smart move
However, analysts who are tracking this property market, believe that Yadav may have not only made a wise decision, but may soon also be able to travel to work from home daily. Reason: The Faridabad-Noida-Ghaziabad (FNG) Expressway.
The 56-km-long FNG Expressway, with 19.9 km in Noida-Greater Noida, eight km in Ghaziabad and the remaining 28.1 km in Faridabad, is all set to change the urban landscape of the region. It could not only unlock land parcels in these regions, but also help the working class to buy affordable houses on the outskirts of the city. If the Expressway is extended till Sohna (which is being deliberated), its length will be 75 kms and it will further give a boost to the properties around Sohna Road.
Sensing a big opportunity
Developers are sensing big opportunity, prior to its completion. Vineet Relia, managing director of SARE Homes, feels that the Expressway will surely boost connectivity, for projects and properties along the FNG corridor. “As per preliminary plans, the corridor will be 56 kms long, connecting NH-24 (Ghaziabad) and NH-2 (which connects Delhi and Agra). Two bridges will also be built across the Yamuna River, improving connectivity between Noida and Faridabad. Given these facts, the FNG Expressway is bound to transform the property markets of these areas and their urban landscape,” maintains Relia.
Nikhil Hawelia, managing director of the Hawelia Group, concurs that the FNG Expressway will redefine the dynamics of the property market in Delhi-NCR. The FNG Expressway is to Noida, what connectivity of NH-8 is to Gurgaon, he says. “The improved connectivity, will result in more big-ticket investments and economic opportunities, which will definitely have a chain effect on the affluence of the real estate market of the area. The FNG Expressway will help the lesser value markets, to scale up and also boost liveability,” explains Hawelia.
Easing the chaos on roads
With Ghaziabad, Noida, Greater Noida, Faridabad and Gurgaon emerging as major housing zones, smooth connectivity through the FNG Expressway, will change the dynamics of travelling to work. Presently, the roads connecting Delhi with Gurgaon, Faridabad, Noida, and Ghaziabad, witness chaotic traffic and there is hardly any public transport service. The NH-8 (Delhi-Jaipur Highway), also witnesses frequent traffic snarls, with peak traffic volume of 1.6 lakh vehicles (2015). Once the FNG Expressway is operational, the working population can travel from Ghaziabad to Faridabad in half an hour, without entering Delhi.
Such is the potential of the FNG Expressway that the developing areas in the three cities along its corridor, have surfaced as hot property markets. Its completion on the Noida side is over and it is expected to be operational by the next year.
(The writer is CEO, Track2Realty)