Understanding the dynamics of the expanding real estate sector in India is no rocket science. Perennially exploiting greener pastures, it is currently obsessed with Tier II and III cities.
Till some time ago, Faridabad was a sleepy town, oblivious to the need for growth and lost amongst the crowd of other sub-cities in the National Capital Region (NCR). While the twin towns of Gurgaon and Noida witnessed a flurry of real estate activity with heightened interest from real estate developers, Faridabad remained slow. Faridabad is currently witnessing a lot of real estate development.

This can be primarily attributed to the easy availability of land here, as compared to Gurgaon or Noida. Prices too are comfortable, for both the end-user and the investor The scenario in the property sector has undergone a vast and unexpected change over the past 24 months, with land rates jumping about six to 10 times.

Faridabad was known as the Manchester of India due to its tremendous industrial growth during 1960-80. In the Final Development Plan of Faridabad, a total of 38,744 acres of land has been proposed as the total urbanisable area out of which HUDA has so far developed 12,363 acres. Private colonisers developed about 3,400 acres by 2005.

According to the Department of Town and Country Planning, licenses for approximately 2,400 acres of plotted/group housing were applied from the middle of 2005 to the end of 2006. Out of 86 applications received from private developers to develop residential colonies, more than 75 per cent have been granted licenses from the government while the rest are being processed. HUDA has so far developed 56,073 residential plots including 20 per cent plots for the weaker sections and 5,350 industrial plots.

Faridabad is still growing. It is not only one of Delhi's suburbs but also a city in its own right with a population crossing over two million. And a large number of affluent middle class are attracted to the city. The market will mature faster than Gurgaon or Noida. However, developing Faridabad into a world class city will require co-ordination between the private sector and government agencies.

HUDA is developing Sectors 1-65, the newly formed Sectors 66-91, spread over 7,800 acres and earmarked as the R zone (residential land use) are being developed by private builders. Present perfect The city currently has a huge town park and 20 sites for shopping malls. Eight hospitals and seven colleges have already been constructed and HUDA has recently advertised the allotment of six hospital sites. The government has already approved sites for CNG stations.

In the development plan for 2021, which is under preparation, better transport facilities such as a dedicated bus corridor, cycle tracks and better pedestrian pathways will be included. Faridabad has long been plagued by problems of water, power and physical infrastructure. Coupled with an indisputable down-market tag for years, Faridabad's real estate prices refused to budge from ground zero. However, promising developments seem to be in the offing. Recently the city received a grant of Rs. 2,500 crores which will help tremendously in its growth.

A two-kilometre flyover has been announced at Badarpur, which will reduce a major part of the traffic chaos. Moreover, with the Western Peripheral Expressway linking Palwal, Manesar, Kundli, Faridabad, Noida and Ghaziabad, inter connectivity between these towns will increase. The upcoming Metro rail should also help.

The main commercial corridor, the Mathura Road stretch, is being developed into a shopping and entertainment corridor. RITES has begun work on the flyover at the Badarpur border. The Taj Expressway will touch Faridabad at Lalpur and go on to meet NH-2 at Shahpur. It will improve Faridabad's connectivity with Noida. Another highway is being planned at Kalindi Kunj, the three-laning of the Faridabad-Gurgaon road, and the widening of the Surajkund road are providing a much needed impetus to the realty growth. An international airport too has been proposed at Jhewar, and a power plant is being planned on the Palwal-Sohna road.
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