Faridabad comes closer to Delhi

Faridabad, the industrial city of the national capital region, has rapidly emerged as one of the most preferred destinations for real estate investors. The city has developed over the last five decades and has witnessed considerable rise in demand for residential property, while also offering investors constant increased returns.

No more a smoky industrial city, famous for hosting the annual Surajkund crafts fair, the place is fast transforming into a green suburb which offers economical solutions to home seekers looking to stay around Delhi. Undoubtedly, the city is on its way to make it big and would soon give stiff competition to cyber cities such as Noida and Gurgaon.

It is difficult to pin-point the factors responsible for growth of the real estate market in Faridabad, for they are myriad. It has always been a pre-eminent realty destination given that it is strategically location in Delhi's vicinity. The last five years, however, have seen heightened activity in the city's real estate market.

Further, with property developers eyeing the land acquired from villages along the Yamuna and with the upcoming Taj Expressway Corridor, Faridabad is likely to sell around 20,000 houses in the next two years. As of now, the place has witnessed significant appreciation in property in the past few years, but remains within reach.

The connectivity with Delhi too, has improved. The annoying traffic snarls near Badarpur border have disappeared with the elevated highway up and running. There are also other road infrastructure projects in progress. The development of Taj Expressway (near Sector 80), and a highway starting from Kalindi Kunj and running parallel to Mathura Road that will bypass the city will also add up to the valuation of the area.

At present, Faridabad has been catering to the residential requirements of over 11 lakh people, and more than Rs 3,000 crore has been earmarked towards giving the city a major facelift.

... contd.

ALSO READ

Watch out for those offers, they can be risky

How to handle home loan defaults

Senior living comes of age

Gold takes a beating, will property prices follow?