How Gurgaon's Loss Is Turning Out To Be Faridabad's Gain
Despite being part of the national capital region and falling in the same state, the cities of Gurgaon and Faridabad are quite different. While Gurgaon has turned out to become a premium residential and commercial real estate destination, Faridabad has remained an industrial hub. Till now, Gurgaon's real estate had an edge over Faridabad because of a better connectivity and better housing options. However, rising property prices are now acting against the property markets of the millennium city. Faridabad, on the other hand, is seeing new developments that will make property here more lucrative in the times to come.
Faridabad now has a Metro connectivity to flaunt. The Violet Line of the Delhi Metro connects Delhi to Faridabad, and it will be extended to Ballabgarh by 2017. After this, it will be extended to Greater Faridabad. The Haryana government is also planning to link Gurgaon and Faridabad by a Metro for better connectivity. For boosting road connectivity, there are two bridges proposed over the Yamuna which will connect Greater Faridabad to Noida and Greater Noida. One of these will link Noida's Sector 168 with Faridabad's Badoli village (Near the Bypass Road).
According to Makaan.com listing data, Faridabad offers over 2,000 options in the price range of Rs 25-30 lakh. More than 50 per cent of these properties are ready-to-move-in, and are less than two years old. On an average, Faridabad offers properties from Rs 2,000 to Rs 5,000 per sq ft.
The future potential
Property prices in Faridabad have potential to grow.
Realtors are hoping 2017 to be better for Faridabad real estate because of the development and extension of the National Highway-2 (the Delhi-Mathura Road). As connectivity is the key to better real estate prospect, Faridabad offers better chances for price appreciation because of lower price points.
“Gurgaon lacks potential to increase the prices and value of the investment. Moreover, rising pressure over existing infrastructure due to sudden growth is inevitable, while Faridabad's infrastructure is still controlled to a great extent,” says Akhil Kumar Sureka, Managing Director, Sarvome Developer.
Where to invest?
Areas like Naharpar, Surajkund, Green Valley, Dayal Basti and New Industrial Town (NIT) are some of the attractive locations to invest in Faridabad while sector 48, 65, 82, Sohna Road are some of the affordable destinations to look for.