Faridabad, the most populated city in Haryana, is famous for its industrial products. It along with Gurgaon, Ghaziabad and Noida marks the boundaries of Delhi while being an important part of NCR (National Capital Region). Being a major contributor to state government’s revenue, the city is taking large strides towards overall development. Real estate in Faridabad is one of the top gainers with all kinds of residential and commercial setups coming up in the city.
The commercial capital of Haryana, Faridabad generates about 60% of the revenue for the state. Owing to its proximity to Delhi, it has a lot of scope and potential for property developments across the whole realty spectrum. It is primarily developing as a business hub following in the footsteps of its neighbor, Gurgaon by emerging as the next IT destination. So, large numbers of commercial properties in Faridabad are required to support the business developments, thus, attracting various realty developers to the city. As the business segment grows, the need to expand the housing sector is also felt strongly by the builders who are now structuring world class buildings and integrated townships for the residents.
Even though housing is the buzzword in real estate industry today, commercial property in Faridabad is also developing in full swing. Various sectors like technology, retail, banking and others are establishing their operations in the region. This has created a huge demand for both commercial and residential property in Faridabad. Let’s take a look at the connection between development of office and retail spaces followed by living spaces. The reason why developing housing is important in wake of commercial growth is that when manpower comes to a city for work, it needs accommodation as well. In order to get people to work in the companies, it is important to assure them that there are good enough living facilities for them. For this, developers need to create apartments, flats, residential complexes, etc. under luxury as well as affordable ranges. The concept of service apartments in Faridabad has also been introduced and is readily able to find buyers. As a result, capital and rental values in the city are witnessing an upward trend making it a good investment option.
Let us now take a quick look at rates of property in Faridabad in different sectors during the month of June 2010. The plots in sectors 2 to 55 are available in the range of Rs. 20,000 to Rs. 50,000 per square yard whereas it costs Rs. 8,000 to Rs. 20,000/ sq. yard in sectors 64 to 91. Builder floors are usually available between Rs. 2,000 to Rs. 5,000 per square feet while their rental values vary from Rs. 4,200 to Rs. 15,000 per month depending on the locality. The positive sentiment in Faridabad real estate has helped uplift the economic prospects of the state.
The development of a place is possible only with the growth of all its sectors whose expansion is actually dependent on each other. As one sector grows, the other gets the boost and starts developing causing the former to flourish furthermore. Subsequently, the population grows and creates demand for several products and services helping those industries to thrive. And the cycle continues resulting in the overall development of the region’s economy which is the case with Faridabad too. The real estate sector especially when found to have good potential goes on developing until the land becomes saturated.
Faridabad real estate has become a profitable investment option for both investors and buyers. Residential property offers options of renting or leasing and even PGs to the home owners encouraging the already prevalent boom.
