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Greater Faridabad emerging as Destination Next, Is Now Presiding Over Rapid Real Estate Development By Sumit Kumar, Section Gurgaon Real Estate
Until lately Faridabad lagged behind other NCR towns like Gurgaon Noida or even Greater Noida because of poor infrastructure and slow take off of the Haryana Government's planned projects. Bed connectivity with Delhi, though realtivly closed, has been another hurdle. But things alloked up when the central and state government as well as the city municipoal corporation signed among them-selves an aggreement which charted are new path for Faridabad development.
The tripartite deal made the city eligible for financial aid from the union ministry of Urban development the state government too promised rapid improvement in infrastructure these change in climate rise hopes all round and realty in farida bad begin to move ahead with wind behind its back. Deepak Talwar, a NAREDECO- certified realty experts, attributes Faridabad's sluggish growth earlier, despite its potential, to the states Government's pro-Gurgaon policies in matter of development. According to him, "the city has tree mend hidden capacity of real estate development that will manifest itself now as the civic agencies are laboring hard to insure better infrastructure. Aa a result, various residential and commercial developments have taken places in recent time." Truly Faridabad today can be proud of good residential developments as well as attractive malls that include SRS Multiplex, Parsvnath City Mall , Manhattan, Pristine City Mall, Vardhman Plaza, Crown Plaza and Crown interiors. The Last Named, recently launched, is the outcome of a joint venture between AerenR Enterprises & Crown Group and is specially designed for lifestyle and interior products. Over two Dozen malls are under construction, indicative of the high level demand of demand such shooping-cum-entertainment designation. The general pace of residential development has also gained momentum owing the rising population in and around the city. Though 90% of the development in this segment is plotted development done by HUDA,a few private builders have also contributed their bit. Eros Group has developed Charmwood Village, a residential locality on Surajkund Road whereas Omaxe has built Omaxe Green Valley in Sector 42. M fordable land price is another significant growth driver. Consequently, the investors are getting increasingly interested. Says Amit Raj Jain, Vice-President, BPTp,"Since neigbouring Gurgaon has come up to a saturation point in real estate and the prices there are beyond the reach of the masses, Faridabad has emerged as a good option especially I as affordability here is better than any I other NCR town." Affordability apart, realty experts cite one more reason behind the thrust of development. Informs Talwar, "Recently the government has permitted change ofland use (CLU)for the tracts along Mathura Road where a number of factories, rendered sick, were lying abandoned. The uses of these spaces are now geared to the development of IT and commercial ventures. For example, Vatika Group is coming up with an IT Park and Realtech is constructing a commercial tower over there." These developments will, in his opinion, have a positive impact on the development of Faridabad's residential and commercial zones.
New Activity Zone Locally known as Neher Paar, this Greater Faridabad area is being developed beautifully by several big and small builders for both housing and business purposes. Among them are BPTP,SRS Uppals, Omaxe, Puri Constructions, Shivsai Group, Era Landmarks and RPS Group. The projects are lavish but not too expensive. In the Faridabad Master Plan 2021, Haryana government has allowed new sectors of Greater Faridabad to be developed as multi-storied residential area. Click on "Full Story" for more...
BPTP is the biggest developer of this region and raising a huge integrated township called Parklands on 1,500 acres of land. There will be three residential Park, Park Grandeura and The Resort.
This township is spread in sectors 75, 76, 80, 81, 82, 83, 84, 85, 88 and 89. When completed, it will include residential and commercial spaces. According to the group, Princess Park will have meticulously designed flats for the middle class whereas Park Grandeura is to provide spacious and luxurious apartments with 2,3&4 bedroom ,options. Eighty percent of the area is going to be green. The Princess Park project is already sold out but properties at Park Grandeura and The Resorts are still available at the rate of Rs. 2,150 psf and Rs. 2,250 psf respectively. Uppal Housing has announced a Rs. 250-crore group housing project, called "The Jade," in Sector 86. It will have multi-storied condominium hOllsing about 700 units and provide an affordable range of 2 or 3-bedroom premium apartments. According to Manish Uppal, MD, this project will cater to the demand of service class at MNCs, IT &ITes, and BPO sectors in the National Capital Region. Commanding a price ranging from :8 Rs. 30 lakhs to Rs. 50 Lakhs, these apartments will have swimming pool, health clubs and double layered parking with 60% green area. Puri Constructions, targeting the salary earners and the high net worth income group simultaneously, is coming up with "The Pranayam:' a residential project in Faridabad's 82 and 85 sectors on two million sq. ft. of land. Among the facilities offered are a swimming pool, a club and a high school. The 3 and 4-bedroom flats have rates varying from Rs. 2,250 to Rs.2, 500 psf. SRS Real Estate Ltd is another developer of this region which is constructing SRS Residency in Sector 88. Twelve residential towers having 1008 flats are to be built. The living units are priced Rs. 1,900 psf in Gold Class category and Rs. 2,100 psf in Platinum Class. One of the oldest construction groups in Faridabad, SRS,also runs a mall-cum-multiplex in Sector 12 and claims it is sP7bding more than Rs. 215 crores on this project. Omaxe Group, a Delhi-based major, is developing Omaxe Heights and Omaxe Spa Village in the new sectors. While the former is already sold out, the housing units in the latter, a luxurious high-end project in Sector 78, are currently available at Rs.2,502 psf. The condominiums will be equipped with ultra-modem architecture and interiors, and the residents will have facilities of a clubhouse, swimming pool and a spa of international quality. Meanwhile, Era Landmark Group is developing Redwood Residency with 2-3 BHK options in Sector 78, Shivsai Group is raising Ozone Park in Sector 86 and RPS Group is coming up with its project RPS Grand Sawana comprising 2-3-4 BHK apartments and penthouses in Sector 88. However, according to realty experts, though most of the projects in these sectors are under construction, the undertakings of only three developers, BPTP,Omaxe and SRS,would be completed by 2009.
Commercial developments In the entire Faridabad, approximately 10lakh sq.ft. of mall space is estimated to come up by the end of 2009 in the form of 40 malls, out of which 20to 25 are expected to come up in the new sectors only. As far as quality office space is concerned, not much is happening in the new sectors. In fact the whole city, old and new, is suffering from a shortage on I this count. But demand is soaring.
Price comparisons According to an estimate, around 10,000 flats would be ready by 2011 in Faridabad's new sectors. But infrastructure developments in this area are proceeding at a slow pace. And owing to this lacuna, the rates of different types of accommodation in various residential schemes are really going up in the way they do in other parts of NCR. Source: Gaurav Shukla & Realty plus (www.realtyplusmag.com)
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