The city of Faridabad is in Haryana and is quickly becoming an important part of Delhi NCR. It is Haryana’s highest populated city that accounts for 60% of revenue of the state. Being the industrial hub of Haryana, Faridabad has become its massive ‘economic engine’. Some of the most important foundations based in this city include:
Nahar Singh Cricket Stadium,
Logistics base of Indian Air Force (IAF),
R&D center of Indian Oil Corporation Limited,
Technology center of JK Tyres & Industries Limited,
Large number of Central Government offices, etc.
In the horde of shifting industrial units from Delhi to decongest the capital city, the nearby states like Punjab, Haryana and others have benefited a lot. These benefits are extended further to the smaller cities of these nearby states like Faridabad, Gurgaon, Noida, Ghaziabad, Mohali, Chandigarh, etc. Faridabad has today, in fact, become popular for its industrial base as it has been shifted from the national capital. The city has especially had a huge boom with IT industry flourishing in while boosting the real estate sector with upcoming residential and commercial properties.
Faridabad is soon becoming one of the most preferred property destinations in Delhi NCR. In its nascent stages, it is already promising a bright future with innovative present by forging an identity of its own, away from the shadows of Haryana. With constant efforts of government, the standard of living and basic amenities of the city has also been improved manifold. Many flyovers, expressways like western peripheral expressway, KMP (Kundli-Manesar-Palwal) which will connect Palwal, Manesar and Sonepat, FNG (Faridabad-Noida-Ghaziabad) expressway that will connect Faridabad to Noida and Ghaziabad and even Delhi Metro are being imported to Faridabad to make it better connected to Delhi and other NCR regions. This can be seen in its comprehensive growth even as several realty majors are making a beeline for introducing their various projects into the city.
Faridabad is a fledgling city that is developing at a swift pace due to easy availability of affordable properties. More and more property investors are eyeing real estate in this industrial city for both personal use as well as commercial purposes. Those investing in Faridabad property market for commercial use are sure to find many buyers due to the strategic location of Faridabad. Housing in the city is, especially, important to those who have migrated in search of work and to the employees working in nearby companies or corporates in adjacent regions like Delhi and Gurgaon.
Another added advantage of buying property in Faridabad is that the construction quality of its structures is quite high. The easy and inexpensive provisions of good raw material and working labor have directly benefited the quality of construction.
The crime rate of Faridabad is also very low in comparison to the national capital itself, making it safer to live.
The property rates and rents in the city are on a rise due to all the above developments, thus, making it a suitable time to invest in property of making Faridabad. Facts show that as soon as a city is enriched with an IT wave, the real estate sector also witnesses great development. Along with these reasons, other factors that may lead to fluctuation of property prices could be the following:
(a) The ratio of demand and supply of real estate,
(b) Location of the property and
(c) Opinion of the property investor.
Due to high quality projects being created by leading property developers like:
‘The Forest’ by Omaxe;
‘BPTP Parklands’, ‘Park Grandeura’, ‘The Resort’, ‘The Next Door’, ‘ Park Square’ and others by BPTP Limited;
KLJ Group’s ‘La-Vista’, ‘Espana’ and ‘KLJ Greens’;
Triveni Infrastructure’s apartment project ‘Galaxy’, independent houses, etc., the real estate of Faridabad is going to boom further.