Faridabad is emerging as the fatest growing satellite town in the NCR.
As real estate sketches new boundaries in National Captial Region (NCR), Faridabad emerges as the fastest growing satellite town for residential investments. Giving its counterparts - Gaziabad, Noida, Greater Noida, Gurgaon and Sonepat, a run for their sheen, Faridabad is destined to bear a complete makeover by the year 2010.
Faridabad - A city different from Others
While realtors point that Faridabad has witnessed development primarily because of the surrounding real estate boom in NCR, the fact remains that the city, in itself, has massive potential for multifaceted growth. The developers are only utilizing this potential to spur its rapid growth and, because of this, Faridabad has also become a prime focus are for HUDA (Haryana Urban Development Authority), more than Gurgaon and Panchkula, in the last two years.
Rohtas Goel, CMD, Omaxe Ltd, says: Earlier, no developer was interested in Faridabad, or rather, the area was not being marketed be anymore. But, over the last three years, the town has undergone sea change. Faridabad, three years ago was totally different from the Faridabad, we see now. Earlier, the city faced several bottlenecks to its growth because of lack of infrastructure. But with good roads and expressways swiftly coming up over last few years, the region is bound to have a complete transformation. Besides, the most important factor in this development is its proximity to Delhi. as compared to other NCR towns, Faridabad is the closest to the National Capital.
When asked whether Faridabad is being developed for its own sheer potential or it is mainly the effect of overall real estate boom in the NCR, Goel replies: The reason for development in Faridabad is mixed. The regional potential combined with the distribution of real estate activity has together fuelled the overall development in the area. The HUDA too has been supportive of the private mode of development.
The early townships
The first townships to develop on the lines of Gurgaon private mode include Charmwood Village developed by Eros, Lakewood City and Greenfield Colony. These townships also enjoy close proximity to South Delhi.
Green Faridabad
Located in a green belt near reserved forest area and the Surajkund tourist complex, Sector 43 is witnessing some fast and sustainable growth. the sector is being further developed by intense private builders activity. Leading the multi-dimensional growth is Omaxe, which is undertaking three major projects in the area The Forest, Omaxe Hills and Green Valley.
Spread over 14.5 acres. The Forest houses ultra-premium luxury apartments and penthouses. According to the real estate giant, the project would be completed within two years and would altogether change the landscape of the region.
Other builders engaged in the development activity in the area include Eros, RBS and BPTP. The presence of worldclass educational institutions like Manav Rachna University, Modern Vidya Niketan and Aravalli International School is fulfilling the educational requirement of the area.
Premium HUDA Sectors
While land prices in almost all HUDA sectors have seen a consistent rise over the last three years, the fastest surge has been witnessed in Sector 21, a relatively new sector. According to realtors, much of it has been due to the construction of townships by private players in the nearby sectors like 41, 42, and 43.
The market rates in Sector 21 vary from Rs. 25,000-30,000 per sq yard. In other sectors like 28, 16, 16A, 15, 14, 9 and 8, the land rates are Rs. 20,000-25,000 per sq yard. Prices in Sector 37 on of the oldest sectors, range between Rs. 25,000-30,000 per sq yard.
Naharpaar: Strategic and Hot
One of the fatest growing areas, Sector-86 popularly called Naharpaar are would set an example in the years to come. Situated beyond the Ols Agra Canal, the area has all that it takes to be a perfect destination. Strategically located - about 3 km from NH-2 (Delhi-Agra highway) and 3 km from the proposed Taj Expressway, the area is well connected to Delhi, on one hand, and to Noida-Greater Noida on the other. Faridabad and Greater Noida couldn't have been better linked to sector 86 - which, after completion of Taj Expressway, would be slightly over 15-minutes drive from Greater Noida. Faridabad would find straight access to Noida and Ghaziabad through the 56 km FNG Expressway. Builders and investors have already set their eyes on this vigin area, which is currently the hottest subject of all real estate talk. HUDA has acquired most of the land in this area and handed it over to private developers. The major construction players seen in the area are Omaxe, BPTP, Triveni, RPS, Piyush, Vipul and Pal. Real estate giant Omaxe is developing Omaxe Heights, the group housing complex, which is said to have 37 towers with over 2000 apartments, spread over 40 acres.
Commenting on the development in this area, Rakesh Purohit, noted real estate expert, says: "The strategic location of this area would undoubtedly lend it an advantage provided the development is carried out by HUDA in a phased manner. Infrastructure is one of the key factors underlining any development. With Taj and FNG expressways, Faridabad would be directly connected to Noida and Ghaziabad.
When asked whether Faridabad is being developed for its own sheer potential or it is mainly the effect of overall real estate boom in the NCR, Goel replies: The reason for development in Faridabad is mixed. The regional potential combined with the distribution of real estate activity has together fuelled the overall development in the area. The HUDA too has been supportive of the private mode of development.
The early townships
The first townships to develop on the lines of Gurgaon private mode include Charmwood Village developed by Eros, Lakewood City and Greenfield Colony. These townships also enjoy close proximity to South Delhi.
Green Faridabad
Located in a green belt near reserved forest area and the Surajkund tourist complex, Sector 43 is witnessing some fast and sustainable growth. the sector is being further developed by intense private builders activity. Leading the multi-dimensional growth is Omaxe, which is undertaking three major projects in the area The Forest, Omaxe Hills and Green Valley.
Spread over 14.5 acres. The Forest houses ultra-premium luxury apartments and penthouses. According to the real estate giant, the project would be completed within two years and would altogether change the landscape of the region.
Other builders engaged in the development activity in the area include Eros, RBS and BPTP. The presence of worldclass educational institutions like Manav Rachna University, Modern Vidya Niketan and Aravalli International School is fulfilling the educational requirement of the area.
Premium HUDA Sectors
While land prices in almost all HUDA sectors have seen a consistent rise over the last three years, the fastest surge has been witnessed in Sector 21, a relatively new sector. According to realtors, much of it has been due to the construction of townships by private players in the nearby sectors like 41, 42, and 43.
The market rates in Sector 21 vary from Rs. 25,000-30,000 per sq yard. In other sectors like 28, 16, 16A, 15, 14, 9 and 8, the land rates are Rs. 20,000-25,000 per sq yard. Prices in Sector 37 on of the oldest sectors, range between Rs. 25,000-30,000 per sq yard.
Naharpaar: Strategic and Hot
One of the fatest growing areas, Sector-86 popularly called Naharpaar are would set an example in the years to come. Situated beyond the Ols Agra Canal, the area has all that it takes to be a perfect destination. Strategically located - about 3 km from NH-2 (Delhi-Agra highway) and 3 km from the proposed Taj Expressway, the area is well connected to Delhi, on one hand, and to Noida-Greater Noida on the other. Faridabad and Greater Noida couldn't have been better linked to sector 86 - which, after completion of Taj Expressway, would be slightly over 15-minutes drive from Greater Noida. Faridabad would find straight access to Noida and Ghaziabad through the 56 km FNG Expressway. Builders and investors have already set their eyes on this vigin area, which is currently the hottest subject of all real estate talk. HUDA has acquired most of the land in this area and handed it over to private developers. The major construction players seen in the area are Omaxe, BPTP, Triveni, RPS, Piyush, Vipul and Pal. Real estate giant Omaxe is developing Omaxe Heights, the group housing complex, which is said to have 37 towers with over 2000 apartments, spread over 40 acres.
Commenting on the development in this area, Rakesh Purohit, noted real estate expert, says: "The strategic location of this area would undoubtedly lend it an advantage provided the development is carried out by HUDA in a phased manner. Infrastructure is one of the key factors underlining any development. With Taj and FNG expressways, Faridabad would be directly connected to Noida and Ghaziabad.