When Aditi Mishra, a fashion designer, shifted to Faridabad in 2009, she did not like the place. After having spent many years in Gurgaon, she found Faridabad to be a sleepy city, devoid of entertainment and leisure options, with affordable housing being its only USP. However, within a span of seven years, she hardly finds any difference between the two localities and has started liking Faridabad more than any other part of Delhi-NCR.
“I live close to Neharpar area. Initially, there were no entertainment options here. Now, I have everything close to home – from malls and multiplexes, to sports facilities, educational institutes and hospitals. What I like the most about Faridabad, is that its physical infrastructure is as good as the social infrastructure, which makes it the best city in the National Capital Region (NCR),” says Aditi.
There are very few property markets across India, where the growth of the physical infrastructure has been in sync with the social infrastructure. Moreover, such trends have traditionally been noticed only in mature property markets, which have been through cyclic highs and lows before stabilising.
The Department of Town & Country Planning has rated Faridabad as an area with high growth potential. Consequently, there is a major thrust on infrastructure development. Added to this, the area now is moving towards holistic development. A number of malls like Crown Plaza Mall, Good Store and Lifestyle, have already come up in the area. Educational institutions, such as Apeejay School Faridabad, Echelon Institute of Technology, Modern Delhi Public School, Palm Beach School for Autism and the Institute of Aviation Management, have also come up. Healthcare facilities include Apex Diagnostics and Polyclinic, Kilkari Paediatrics Clinic, Diagno Aide Pathology Lab and Kalra Child Care Centre.
Real estate developers, on their part, are trying to grab every opportunity that Faridabad’s real estate market has to offer. Some of the first movers like Omaxe and BPTP, have already benefitted in this city, where the price appreciation has been substantial.
Affordable price points
Mohit Goel, CEO of Omaxe, agrees that Faridabad has been witnessing a steady rise in real estate prices.
Home buyers too, prefer the city owing to its affordability vis-à-vis its peers in the NCR and improving connectivity to Delhi and adjoining cities like Ghaziabad, Noida, Gurgaon, Palwal, etc.
“The master plan has laid a lot of emphasis on infrastructure development in Neharpar. The development of Neharpar as an affordable destination, will help to accommodate millions of people and provide them access to cheap housing,” Goel maintains. Projects on Surajkund Road, which is hardly a five-minute drive to Delhi, will continue to command a premium due to its advantageous location, he adds.
The proposed Delhi Mumbai Industrial Corridor (DMIC) that touches Faridabad-Palwal, is also likely to open a plethora of economic opportunities and bring in world-class infrastructure. Moving forward, large upcoming infrastructure projects, supplemented by the growing social infrastructure, could make Faridabad one of the best bets for investment.