Faridabad (FDB): After the first trial run of the metro, Faridabad residents and the ones travelling to and from Faridabad are waiting for the commencement of its services. Let us take the case of RL Verma working as a banker in Faridabad and living with on rent in a 3BHK apartment paying Rs 30,000 per month. Along with Gurgaon, Ghaziabad and Noida, Faridabad is another city which encircles Delhi and is an important part of the NCR (National Capital Region). The city is taking large strides towards overall development in physical and social infrastructure. With metro that aims to bring an improvement in the city’s infrastructure by connecting the entire city from Badarpur to YMCA Chowk, Faridabd is all set to become the next city after Gurgoan to witness real estate boom.
As per the experts the real estate in Faridabad will undergo a significant uplift once the metro becomes operational. According to Sushil Kumar from Faridabad Properties & Consultants, “before the metro link there was hardly any demand or transaction in the real estate along the metro route but with the coming of the metro suddenly it is bustling with activity”.
The metro link, starting from Badarpur will cover Sarai Khwaja, NHPC Chowk, Badkal Chowk, Old Faridabad, Neelam Chowk and YMCA Chowk. The areas covered under these locations include almost every prime location of the city such as sector 1,2,8,9,10, 15, 15 A, 28, 29, 37 Ashoka Enclave Part 1, 2, 3, IP Colony, Greenfield and Springfield, thereby connecting the entire Faridabad through the metro as told by another city based realtor Uday Singh Chauhan from Realty Constructors and Builders. The entire metro line is planned to be completed by 2014.
This has pushed the developers to come up with their projects in the city. A number of residential and commercial projects are also being developed. Projects such as Omaxe Heights, Piyush Heights, and BPTP’s Princess Park are among the ones that are expected to be benefitted most with upcoming metro. According to Sujeet Singh, property dealer at Singh Associates, “these projects are fetching attention of buyers and investors and are available with premium of more than 30%.”
Even though still under construction, the metro link has had such a positive impact that the demand in the real estate has shot up by 50-60%. Presently the values are 20 to 30 times more than those of the last four months and are expected to rise further as confirmed by Kumar.
According to Rajiv Bhatia, property consultant at V3S Properties, “Faridabad’s proximity to Delhi and Gurgaon, improving connectivity by upcoming metro and prevailing lower values is attracting working professionals for long term investment as well as for buying a house.” He further added creation of demand and supply in city’s real estate can be attributed to the metro. The advent of metro has presented the realty sector with an opportunity to fully explore its potential in the city.
In the next five years city’s real estate development will be at par with that of other real estate hotspots such as Noida and Gurgaon making Faridabad one of the most suitable destinations for middle class and hence making it a real estate hub as anticipated by city based realtors.
“I have my own spacious 3BHK apartment in Vasundhara where my son and grandchildren live. However, due to the lack of transportation mode to Faridabad, I had to rent an accommodation in the locality. With the first trial run of the metro, I am expecting the services to start soon which will reduce my hassle of travelling to Faridabad and many other people like me.”
Some quick facts:
- The Badarpur-Faridabad metro corridor is a fully elevated 14 km-long stretch which is expected to be operational by June 2015
- Violet line is an extension of the existing metro line from Mandi House -Badarpur which will cater to the sub-city colonies of Faridabad
- This extension line will run fully elevated for 13.87 km and further will comprise of 9 stations which are Sarai, NHPC Chowk, Mewla Maharajpur, Sector 28, Badkhal MOR, Faridabad Old, Neelam Chowk Ajronda, Bata Chowk and Escorts Mujesar
“With the metro line connectivity to be operational anytime soon, prices and demand of residential properties are expected to rise in Faridabad. Further, Faridabad is well connected via. public transports like bus, local train and auto. School, hospital, bank and other day to day conveniences are available within the locality,” says Karan, a local real estate agent in the locality.
Kara continues, “Once the metro is functional, it will significantly reduce the problem of traffic and congestion on the roads which the commuters battle everyday while travelling to and from Faridabad,”
Housing options available: Capital value of a 2BHK apartment ranges from Rs 15 lakh to Rs 1.5 crore with sizes varying from 700 to 1400 sq ft. For a larger unit like a 3BHK, you would have to pay capital value between Rs 24 lakh to Rs 2.2 crore with sizes varying from 900 to 2500 sq ft.
Faridabad is located strategically between Delhi to its North, Noida to its North East, Greater Noida to its East and Gurgaon to its West. The Indira Gandhi International Airport is at 35 km diatnace which can be reached via National Highway 2.
With the commencement of metro operations in Faridabad, it will not only help daily commuters to travel more conveniently but will also scale up the realty.