Faridabad is a satellite city located in the National Capital Region. Just 25 kms from Delhi, it is one of the fastest growing industrial cities in the NCR. The last few years have witnessed a boom in the real estate in the city. With the efforts of the local government, it has been transformed from a hardcore industrial city to a residential city with lush greenery, wider roads, good transport facility and connectivity.
Commercial Real Estate: A number of shopping centres, malls and multiplexes are being constructed to meet the entertainment needs of the rising population. Rising disposable incomes of the population is another factor that has contributed to the development of commercial real estate in the city.
Industrial Real Estate: The city is host to a number of large, medium and small scale enterprises. Numerous companies are also shifting from Delhi and setting up factories in the city.
Residential Real Estate: Rising population has lead to an increase in the demand for residential projects, apartments, builder floors, independent houses etc. Many prominent developers and builders are undertaking construction to meet different needs of buyers. These include Omaxe, Parsvnath Developers. Various residential projects are under construction including penthouses to cater to the rich and the famous and the top management in the corporate world. Sector 15 and 16 are one of the prime sectors in the city.Reasons of price rise in real estate
- Rise in Industrial Growth: The city has traditionally been an industrial city with concentration of automobile manufacturing, motorcycles, footwear, tyres, consumer durables and other industries and products. It is known for henna manufacturing in the country. With the coming of MNCs in the city, more and more companies are now opening offices in the city, thereby leading to a rise in the real estate prices.
- Good Connectivity: Faridabad is a good area with proximity to Gurgaon, Noida, Delhi . Good connectivity to the capital and other NCR region, has lead to a rise in the prices of the various types of properties in the city.
- Rising Population: The rapidly growing population of the city, due to increasing number of immigrants from other parts of the country has pushed the demand for residential properties. The working population is demanding apartments for purchase and rent. The city also offers economical solutions for people seeking homes. The rise in the demand for residential property has further escalated the prices.
- Development of Infrastructure: With new projects coming up for development of city, new and wider roads, metro project, construction of Taj Expressway Corridor, the city has witnessed high rise in property prices. As a consequence, big real estate developers are starting both residential and commercial projects in the city. Around Rs. 3,000 crores will be invested in the coming future for providing a complete face lift to the city
With the proper planning and implementation of projects by the government, Faridabad can be the next best city of state of Haryana. The city is witnessing 100% price escalation of land prices in the current times.