Faridabad Changing Colours - Move over Gurgaon and Noida. Faridabad is all set to become the next world-class destination in the national region
Source: Times Of India
With real estate prices in Gurgaon almost reaching peal levels in both residential as well as office space, Faridabad is clearly the emerging destination in the National Capital Region (NCR). And the same factors that had been instrumental in engineering an unprecendented growth for Gurgaon, are in action in Faridabad now.
"There were some bottlenecks that were deterring the evolution of Faridabad as a world-class destination. Of late, the government has taken some dedicated steps, which will address these bottlenecks", says Faridabad Deputy Commissioner Brijendra Singh. So, far connectivity from Delhi is considered the biggest deterrent. To address this, the state government is launching the Badarpur flyover project. "This will address the connectivity problem in a big way, mainly with areas such as Connaught Place, South Extension and Nehru Place", says Mr. Singh.
Another problem faced by Faridabad is that the city sprawls over two sides of a National Highway. "This poses inconvenience to residents of the city. To address this problem, both parts of the city will be connected by direct roads from the Delhi border itself", says Mr. Singh. The proposed Delhi Metro extension to Faridabad will also play a significant role in addressing connectivity woes for the city.
The world-class retail centres that came up in Gurgaon, played a pivotal role in changing the perception of the region as an international destination. Now the Haryana government is trying to replicate a similar experience in Faridabad as well. The Haryana Urban Development Authority (HUDA) has allowed conversion of industrial plots for development of retail and office-space. "This policy has attracted tremendous response from industrial units that were sitting on big land chunks. We get CLU (conversion in land use) proposals for industrial land everyday", says HUDA Administrator JS Ahlawat.
This policy has come as a win-win solution for all stakeholders. Several hundred sick industrial units, some of which had even gone bankrupt, now have an alternative source of earning. "An intelligent step that owners of these units have taken is that instead of selling land to developers, they are entering are entering into joint venture arrangements and the land is thus becoming source of recurring income for them," says Mr Ahlawat.
Hospitality is another inportant thrust area for the city in its quest to become a global destination. "We are about to auction a prime 14 acre property in Faridabad. It has attracted interest from some prominent international chains as well as Indian developers. The site will be auctioned at a reserve price of Rs. 106 crore", says Mr Ahlawat.
Presently, the administration is also pursuing land acquisition for some large-scale industrial projects. "We plan to develop an Industrial Model Township (IMT), near Palwal. We are about to start land acquisition for the project. In addition we are planning two SEZs in the area," says My Singh.
Faridabad accounts for a significant 35-km stretch on the state government's ambitious 135-km Kundli Manesar Palwal (KMP) expressway. The expressway is being developed by infrastructure major DS Constructions, and will host a world-class Global Business Corridor on both sides. And one sector that will be a clear winner with all this infrastructure boom in the area is real estate, particularly, housing. Because of its close proximity to Delhi, Faridabad always had the potential of being an important centre for real estate activity. However developers were apprehensive of the infrastructure bottlenecks. Now, most prominent real estate companies have assembled a significant land-block in the area. The two biggest ongoing projects are being developed by Omaxe and BPTP. Other developers who are set to announece projects in the area include the Vatika and Piyush Groups. "Once the proposed and ongoing infrastructure projects are underway, real estate prices in the area will go up manifold," says Omaze chairman Rohtas Goel.
Faridabad Facts:
- Population - 1,592 Number in '000
- Per Captia Income - 82 Rs. '000
- Market Size - 8165 Rs. Crore
- Annual House Hold Savings - 4817 Rs. Crore
- Household with 4-wheelers - 10%
- Household with 2-wheelers - 31%
- Westernization Index - High
- No. Of Internet users - 60711
- Employment Growth Rate - 5.82%
Source: Times Of India
With real estate prices in Gurgaon almost reaching peal levels in both residential as well as office space, Faridabad is clearly the emerging destination in the National Capital Region (NCR). And the same factors that had been instrumental in engineering an unprecendented growth for Gurgaon, are in action in Faridabad now.
"There were some bottlenecks that were deterring the evolution of Faridabad as a world-class destination. Of late, the government has taken some dedicated steps, which will address these bottlenecks", says Faridabad Deputy Commissioner Brijendra Singh. So, far connectivity from Delhi is considered the biggest deterrent. To address this, the state government is launching the Badarpur flyover project. "This will address the connectivity problem in a big way, mainly with areas such as Connaught Place, South Extension and Nehru Place", says Mr. Singh.
Another problem faced by Faridabad is that the city sprawls over two sides of a National Highway. "This poses inconvenience to residents of the city. To address this problem, both parts of the city will be connected by direct roads from the Delhi border itself", says Mr. Singh. The proposed Delhi Metro extension to Faridabad will also play a significant role in addressing connectivity woes for the city.
The world-class retail centres that came up in Gurgaon, played a pivotal role in changing the perception of the region as an international destination. Now the Haryana government is trying to replicate a similar experience in Faridabad as well. The Haryana Urban Development Authority (HUDA) has allowed conversion of industrial plots for development of retail and office-space. "This policy has attracted tremendous response from industrial units that were sitting on big land chunks. We get CLU (conversion in land use) proposals for industrial land everyday", says HUDA Administrator JS Ahlawat.
This policy has come as a win-win solution for all stakeholders. Several hundred sick industrial units, some of which had even gone bankrupt, now have an alternative source of earning. "An intelligent step that owners of these units have taken is that instead of selling land to developers, they are entering are entering into joint venture arrangements and the land is thus becoming source of recurring income for them," says Mr Ahlawat.
Hospitality is another inportant thrust area for the city in its quest to become a global destination. "We are about to auction a prime 14 acre property in Faridabad. It has attracted interest from some prominent international chains as well as Indian developers. The site will be auctioned at a reserve price of Rs. 106 crore", says Mr Ahlawat.
Presently, the administration is also pursuing land acquisition for some large-scale industrial projects. "We plan to develop an Industrial Model Township (IMT), near Palwal. We are about to start land acquisition for the project. In addition we are planning two SEZs in the area," says My Singh.
Faridabad accounts for a significant 35-km stretch on the state government's ambitious 135-km Kundli Manesar Palwal (KMP) expressway. The expressway is being developed by infrastructure major DS Constructions, and will host a world-class Global Business Corridor on both sides. And one sector that will be a clear winner with all this infrastructure boom in the area is real estate, particularly, housing. Because of its close proximity to Delhi, Faridabad always had the potential of being an important centre for real estate activity. However developers were apprehensive of the infrastructure bottlenecks. Now, most prominent real estate companies have assembled a significant land-block in the area. The two biggest ongoing projects are being developed by Omaxe and BPTP. Other developers who are set to announece projects in the area include the Vatika and Piyush Groups. "Once the proposed and ongoing infrastructure projects are underway, real estate prices in the area will go up manifold," says Omaze chairman Rohtas Goel.
Faridabad Facts:
- Population - 1,592 Number in '000
- Per Captia Income - 82 Rs. '000
- Market Size - 8165 Rs. Crore
- Annual House Hold Savings - 4817 Rs. Crore
- Household with 4-wheelers - 10%
- Household with 2-wheelers - 31%
- Westernization Index - High
- No. Of Internet users - 60711
- Employment Growth Rate - 5.82%