Redeveloping Jammu, Faridabad Favours Commercial Realty
This development plan will create a positive impact on the commercial real estate in the two cities. The development plan includes setting up of many new hotels, parking spaces and eateries at the Jammu railway station. Furthermore, the locality will be well-facilitated with restaurants, open malls and multiplexes based at the Faridabad station. Here's what is in store:
Better accessibility will boost tourism in Jammu
Tourism is one of the prime sectors driving Jammu's economy. It helps in creating ample job opportunities. The scenic beauty, enchanting lakes and natural waterfall of Jammu attract tourists from different parts of the country. This sector is the prime contributor to foreign exchange for the country and Jammu and Kashmir's GDP. The religious value attached to the state invites a large number of pilgrims. In such a scenario, better accessibility may spur tourism in Jammu creating a positive impact on the commercial real estate in the city. This redevelopment plan will meet the needs of the tourists looking for good eateries, malls and parking space. This convenience would attract more tourists pushing tourism in the city. Having said that, the redevelopment plan would also require the movement of labour to the city. This may leave a positive impact on the demand for housing in the city.
Along with this, India's longest road tunnel based on Jammu-Srinagar National Highway will be soon open to the traffic. This will further improve the accessibility in the region reducing the commuting time by two and a half hours. Such focus on improving the infrastructure of the city will give a boost to tourism in the city. This will ultimately create positive impact on the real estate sector in Jammu.
Faridabad's housing redevelopment plan
For Faridabad's housing, this redevelopment plan would play a great importance. Faridabad is a promising city and was recently named as a fast track smart city. In 2015, it got the Metro network and the city is also a house to core industries. Faridabad has the potential to offer affordable housing options to the people moving to the Millennium City, Gurugram. In such a scenario, working on improving the infrastructure of a city is definitely a great bet for its housing. The malls, restaurants and multiplexes at the railway station will further contribute to the demand for housing in the city.
Shaping the real estate of these two cities
We have already seen in the past, that immense pressure on big cities has created demand for housing in small cities. The absence of land encouraged developers to move towards smaller towns. This is when smaller towns such as Chandigarh, Jaipur and Ahmedabad witnessed more development centres, large-scale townships, retail malls, special economic zone and information technology (IT) parks. Developments in these small towns pushed commercial as well as residential real estate in the vicinity. Learning from the past, we can be optimistic about the real estate development coming up in these two cities which will turn up the real estate in Jammu and Faridabad. Moreover, the development plan helps these cities become more accessible and hence more in regard by commercial giants and employment generators.