WITH COMMERCIAL AND RENTAL SPACES ON THE VERGE OF SATURATION AND LAND PRICES INCREASING PHENOMENALLY IN GURGAON AND OTHER AREAS IN THE NCR, FARIDABAD IS GOING TO BE THE NEXT 'HAPPENING' DESTINATION 

Once again Faridabad is in the news. Grandiose plans for infrastructure development in the area are sure to put the city on the growth highway just like Gurgaon and Noida.

 

The main reason behind the growth of this town nestled in the Aravalli hills is the land crunch and sky rocketing prices in the adjoining areas. Further, there is a proposal to develop the NH2 to expressway standards from Delhi to Ballabgarh under the Transport Plan 2021 for the NCR. Yet another highway is planned from Kalindi Kunj that will run parallel to the Mathura Road and bypass the city. The three-laning of the Faridabad-Gurgaon road, the widening of the Surajkund Road and repairs of all the main and internal roads in the sector will also provide an impetus to the area.

 

The city is conveniently located. It is just 25 km from the capital and enjoys proximity to other NCR towns such as Greater Noida and Gurgaon. It is due to these factors that several real estate developers have swarmed into the city. The new kid on the block is the Naharpar area (Sector 86) or Greater Faridabad. The price of land in the Naharpar sectors is around Rs. 14,000 per sq. yd., in Sector 21C it is around Rs. 21,000 per sq. yd. and in Sector 46 it ranges from Rs. 19,000 and Rs. 21,0000 per sq. yd. Among the sectors that have tremendous potential are Sectors 88 and 89 as they will be close to the two future highways.

 

The upcoming infrastructure in and around Faridabad will help develop it into a world class city This will . include the nearby Taj Expressway (which will be near Sector 80), and a highway from Kalindi Kunj running parallel to the Mathura Road. "After Gurgaon we are now focusing on the development of Faridabad. We are planning one new bypass for which we are acquiring land. People going towards Agra can now use this by pass to go through Surajkund and directly reach the National Highway (across Sector 58, 59). We are also widening the existing bypass at Sector 37 at a cost of Rs. 118 crore that will include the construction of one flyover," says T. C. Gupta, Chief Administrator, HUDA, adding that Sector 75 near the Agra canal is going to be the next commercial hub for Faridabad. If officials are to be believed then the greening of the place is also going to be taken care of. "We have reserved the entire Sector 52 A in Gurgaon as a green area and we are also taking care of the greening of Faridabad," Gupta adds.

 

According to the Marketing Head (Faridabad Project), Ansal Buildwell Ltd., Ranjeev Kalia, "Access will be smooth once the Badarpur flyover is complete and the construction of the Metro by 2009 will make property prices touch the sky." With the freight corridor and an HSIIDC's commercial hub being planned in the vicinity (the catchment area being Faridabad), the place is all set to become a realty hotbed. Also, with more than 40 malls under construction, the area is all set to develop into a shopping paradise.

Points out Avneesh Sood, Director, Eros Group, "One can witness changes in the form of new sectors (with public and private sector partnership) coming up; the setting up of new institutional sectors; changes in the skyline thanks to the new urban development policy, construction of new high-tech electronic and communication units and IT Parks; and better road and transport facilities." Besides, the industrial city (with about 300 large and 10,000 small-scale industries under its belt) that has always been under-priced, is now all set to change. It not only has swanky residential units but several commercial projects in various stages of completion. The locality will shoot into prominence once the planned flyover at the Badarpur border is complete. With the area getting decongested, corporates will move towards Faridabad given the high rates in Jasola. Rakesh Gupta, Managing Director, RPS Group, points out, "The initiatives taken by the Haryana Government have also ensured that the industrial city will reap the prospects of economic growth and that the real estate boom transforms its skyline."

 

Says Sanjay Mathur, Head (Marketing), Pearls Infrastructure Projects Pvt. Ltd., "Faridabad is one vast virgin tract that has opened up for development in recent times. With commercial and rental spaces on the verge of saturation and land prices increasing phenomenally in Gurgaon and other areas in the NCR, Faridabad is going to be the next `happening' destination."

 

Property and real estate prices in Faridabad have already shot up. Despite doubts about delivery time and the state of the infrastructure, it cannot be ruled out that once completed (may be in five years time), property in Greater Faridabad will ¦ be a prized possession. 

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