Is Faridabad A Great Realty Destination?

Despite the fact that there are several flats for sale in Faridabad, demand has simply not picked up enough in this belt. This is somewhat surprising as Faridabad is located in close proximity to Delhi, Noida and Gurgaon. Faridabad is also well connected to several neighboring cities through railway and road networks. The property market in the city has not been able to stay at par with the realty markets in other major cities of the NCR. This has come as a bit of a surprise to several prospective buyers and realty experts alike. Faridabad had ample potential to become one of the model cities of the country. However, infrastructural development remained stalled for a long period of time and this lack of infrastructure and proper connectivity options led to slower growth than the volumes and progress registered by Noida and Gurgaon.

Bad connectivity is one of the biggest issues plaguing the Faridabad realty market. The IT sector has always chosen Gurgaon in place of Faridabad because of smoother and more improved connectivity of the same with Delhi and the International Airport. There are several young professionals who are creating a stir in the realty market in Gurgaon and these professionals have high disposable incomes and majorly work in the IT and related industries. There are several shopping malls and other entertainment avenues in Gurgaon now and this has also kept housing demand steady, thereby leading to relative growth and stability of the realty market here. Faridabad is mostly home to manufacturing industries which employ individuals with lower disposable incomes and this may also have led to a decline in overall progress of the realty market.

Yet, demand for flats for sale in Faridabad could soon rise with plans afoot to improve infrastructure in the city. This will mainly be accomplished through the Expressway linking Faridabad and Gurgaon in addition to the Mathura Road with six lanes, metro railway network expansions and the commencement of work on the Noida-Faridabad-Ghaziabad Expressway. These projects could boost overall infrastructural progress and realty markets in Faridabad but overcoming the slowdown is still an uphill task with unsold inventory still at a high 30% in the city though the remainder in residential projects in Greater Faridabad has still found takers. Several IT parks are set to be completed and launched in Faridabad and this is expected to have a positive impact on the realty market in the city, leading to eventual growth rates at par or even better than Noida which is witnessing a little saturation at present.

Governmental support and plans will also come in handy when it comes to the finalising the Master Plan 2031. Several commercial establishments, a stadium, medical college and sewage treatment plant have been proposed for Faridabad and this is a demand that CREDAI is placing before the new government. There is immense scope for development in Faridabad in the future with greater incentives for industry and its capability to attract large scale industrial investments from leading conglomerates. However, it will require a concerted effort on part of all stakeholders including the government to get Faridabad on the fast track.