Faridabad Real Estate A Big Investment Opportunity of NCR
After a long time, kismet seems to be supporting both Yamuna River and Faridabad an industrial city on the bank of Yamuna River. Recently Central Government announced Rs. 6000 crore for Yamuna Revival, this will boost the demand for property nearby this river. If we discuss Faridabad, last year it got connectivity of Delhi Metro and just a couple of month ago it was listed as a smart city. As well as Faridabad Master Plan 2031 recently got a green signal from the State Government. So big names in the real estate field have praised these steps and are all ready to play a new set of innings in Faridabad.
The main motive behind these steps is, shift the city’s focus to the real estate even if it is known for its industrial development. Efforts are also being made to advance its infrastructure. In the course, it’s expected that investors & end users flocking to Millennium City Gurgaon will soon get an affordable housing choice here.
Sectors where private real estate development has taken place: Sector 75 to 79. Launches since 2006 onwards
• Number of private real estate projects Around 100
• Number of units in Ready To Move Projects 75,000 (approx)
• Investment Rs. 22, 500 Crore
• Number of families that have moved in 15, 000
A smart city proposal which projecting an expenditure of Rs. 2,600 crore was submitted earlier this years by Municipal Corporation of Faridabad to the union ministry of urban development. Under this proposal area-based development schemes concerning the development of a land of 1,267 acres, including sectors 19, 20, 20A, 21A, and 21D.
This scheme also includes these regions adjoining Badhkal Lake. It contains three metro depot and 3 metro station, a railway station and two urban villages and two regularized colonies. The ecological restoration and renovation of the vanishing Badhkal Lake by filling the lake with treated water - which is expected to be done in 1 year. For the treated water an STP Plant will be constructed about 2 kilometers away for the lake and treated water will be carrying through the pipeline to fill the lake.
The expected cost of this project is Rs. 50 crore and it will be completed in 2 years. As of now, under Vanikaran Yojna of the government to cut pollution and expand the area for leisure activities, what’s known is that water’s edge and a forest city will be urbanized around the lake.
Faridabad will also go pedestrian and cyclist-friendly with well-maintained cycle tracks and walkways of 4 km length adjacent to the National Highway - 2. The railway station of Faridabad will be also one of the 400 railway station that will be modified as part of the project.
Other schemes include constructing mixed use, high density developments, markets, common spaces next to the metro stations, NH- 2, Re-Development Old Housing Societies and railway station. As well as smart traffic management system, smart signages, rain water harvesting, water quality monitoring system, sewerage & drainage network, smart toilet, solar power and led street lighting and solar waste management systems etc.
Infrastructure Triggers of Faridabad
Metro Network: Planning has been made to give connectivity between Gurgaon & Faridabad via the metro corridor. Recently chief minister of Haryana had announced in 2016 April that the government is planning to increase the existing metro network to link with more regions in Faridabad, as well as in Gurgaon and Greater Faridabad or Neharpar areas.
FNG Corridor: This development of corridor was planning before 1990 and the work together in 1993. This 56 kilometer long highway passing through Noida-Greater Noida (share 20 kilometers), Ghaziabad (share 8 kilometers) and Faridabad (share 25 kilometers long). To link Faridabad from Noida – Greater Noida over Yamuna River, two bridges have been cleared by the Planning Board of NCR. The first bridge will connect the FNG Expressway from Upcoming Residential Hub in Noida Sector 150 & Faridabad and the other bridge is will link Noida Sector 168 directly with Badoli village in Faridabad.
Hospital: Haryana Chief Minister Manohar Lal Khattar a few months ago laid the foundation stone for the 2,000-bed super specialty Mata Amritanandamayi Math’s Amrita Institute of Medical Science and Research Centre (Amrita Hospital) in Sector 88, Faridabad, and spread over an area of 76 acres.
Industrial Model Town (IMT), Faridabad: An initiative to support many small & big industries, IMT Faridabad is a flagship industrial township of HSIIDC. It is positioned on the Mathura Road over an area of 1,800 acres. Indian Oil Corporation Limited (IOCL) is constructing their research and development center over there.
Profiting End Users in Faridabad
All these developments ease the way for excellent infrastructure developments in Faridabad, which according to real estate developers & experts will also benefit investors & end users in the city. If all these planning follow properly, then around 60 percent of the land in the city will develop as a better housing option for every class of people.
Real estate experts believe that as the region gets decongested, big corporate houses and IT sectors will move towards Faridabad as in Gurgaon & Noida. So the investor with long term planning can definitely get an excellent return. Property price is still affordable & reasonable range but not for a long time.