I am looking to invest in some property in Faridabad on the Gurgaon-Faridabad road. A friend recently told me that there is a strip of land in Sector 48, Faridabad (Sanjay Gandhi Memorial Nagar) in front of Sainik Colony next to the National Institute of Financial Management. He said buying a property there is cheap and good for investment.
Now I haven't been to the location myself but I have heard from people that properties there are built on unauthorised land but are due to be regularized.
Can you please provide me an insight into this? Is it really an unauthorised area? If yes, will it be regularized soon? If not, are there proposals to demolish the land? And what is the approximate price per sq. yard there?
I have attached a picture of sector 48 (from Google maps) and the red box is the area I am talking about.
It will be great if you help me sort out my queries. Thank you for time and consideration.