The epicenter of industrial development in Haryana, South Faridabad is taking giant leaps ahead with improved connectivity, infrastructure improvement, affordability, and industrial corridors to emerge as a self-sustained living and working location in Delhi-NCR. Generating a important share of Haryana’s income, the development districts of Faridabad have the maximum quantity of MSMEs in the state with 32,033 MSME units, followed by Gurgaon with 31,029 units, Panipat with 21,117 units, Karnal with 15,711 units, and Sonipat with 12,205 units. Today, by clearly demarcating residential, industrial and industrial sectors, South Faridabad is leaving no stone unturned to grow to be a profitable true estate hotspot in 2021.
According to market professionals, an industrial town, Faridabad had largely stood on the backfoot as far as demand for workplace spaces is concerned in comparison to its counterparts such as Gurgaon and Noida. However, in the final handful of years, Faridabad’s connectivity with other cities in NCR such as Delhi, Gurgaon and Noida has enhanced tremendously, which inevitably may well boost true estate demand.
“Increased connectivity to Faridabad via Delhi Metro, smart city listing and various proposals under the Faridabad Master Plan 2031 have given a new ray of hope to the real estate sector in the city. Besides cohesive industrial development, the other main objective is to develop social and residential infrastructure within the city. Interestingly, as per ANAROCK Research, Faridabad was the only city in the entire NCR, or even other top cities, that saw a jump (of 7%) in total new housing supply in 2020 amidst the pandemic. As many as 3,050 units were launched in 2020 as compared to 2,850 units in 2019,” says Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants.
Developers say South Faridabad is a important industrial town in Haryana and its financial significance can be gauged from the truth that 50% of the earnings tax collected in Haryana is collected from Faridabad and Gurugram regions. The location, which is flanked by Delhi in the north, Noida in the northeast, and Gurgaon in the west, is creating giant advancements by bolstering its connectivity. Growth districts of Faridabad are effectively connected by way of metro lines to South, East, and Central Delhi.
Airports and expressways are the development drivers of a megacity and beneath a newly-formulated Comprehensive Mobility Plan (CMP), the Faridabad Metropolitan Development Authority (FMDA) has planned to connect the Faridabad Metro to Gurgaon and Jewar Airport in Noida. Furthermore, new road hyperlinks to the Eastern Peripheral Expressway, bypassing Delhi and Kundli–Manesar–Palwal (KMP) Expressway will open new investment avenues for the industrial sectors of South Faridabad.
“Today, South Faridabad is emerging as a key trade hub, and better connectivity, development of economic corridors, affordable property prices, and controlled growth have rekindled the interest of investors in the region. The city has the maximum number of 30,000+ MSME units, followed by Gurugram in Haryana, and many international companies have already set their bases here. Additionally, property prices in Delhi, Noida, or Gurgaon are comparatively higher, and to meet the rising demand for commercial spaces, South Faridabad is now emerging as an investor’s favourite,” says Shashank Vashishtha, Executive Director, eXp India.
Mohit Goel, CEO, Omaxe Ltd, says, “Faridabad is a major industrial town in Haryana located equidistant from three of India’s highest job generating cities, namely Delhi, Noida and Gurgaon. A planned greenfield city North of Agra Canal is being developed, called Greater Faridabad (Sector 66-89) where close to 31 lakh people are expected to live by 2031 and the government has earmarked space for residential, commercial, retail, industrial, institutional and recreation to elevate the ease of living.”
Besides the new-age improvement of social, physical and connectivity infrastructure, affordability is one of the variables that has swayed homebuyers’ interest to Faridabad. This has offered a increase to the true estate sector in the area. “India’s longest Delhi-Mumbai Expressway will pass through Faridabad thereby providing easy access from Noida/Greater Noida. Besides, through the Eastern Peripheral Expressway, FNG expressway and Manjhawali bridge, the seamless movement of people and goods will be further enhanced from the upcoming Jewar Airport, Film City, Electronics City and other industrial units in Greater Noida. It is also seamlessly connected to Delhi via metro rail and NH-2 and to Gurgaon via Faridabad-Gurgaon road and the proposed metro rail,” adds Goel.
As per numerous reports, home costs have escalated in Faridabad substantially in current years. South Faridabad types an integral portion of the ambitious Delhi–Mumbai Industrial Corridor Project (DMIC) – a planned industrial improvement project among Delhi and Mumbai. This will attract industries, providers, creating new employment possibilities to make a substantial influence on the realty landscape. The development districts of Faridabad are currently property to several providers. More than 30% of land in the area has been allocated for industrial and industrial improvement and the building of warehouses, retail spaces, malls, industrial knots, wide roads will make way for more investments to flow into numerous sectors of market, commerce, and true estate. As jobs and infrastructure are the backbones of a megacity, this progress will give a important thrust to the improvement of residential and social infrastructures like schools, colleges, hospitals, investigation centres, amongst other folks.
Developers say today increasing true estate costs and restricted development possibilities in Gurugram and Noida have produced investment possibilities in South Faridabad more desirable. Faridabad’s infrastructure is nevertheless controlled to a good extent and favourable government policies are acting as small business magnets. Commercial expansions and improvement projects will be the crucial variables to drive development in South Faridabad to turn the area into a true estate hotbed in 2021.