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Delhi NCR that includes Delhi,Noida, Ghaziabad, Farid- abad, Gurugram, Greater Noida has seen several infrastructural advancements that have enhanced their connectivity, thus propping up the real estate of these cities.
The development of the Regional Rapid Transit System (RRTS), the expansion of NH-24 linking Delhi with Ghaziabad, the Dwarka Expressway and the Noida Expressway corridor sharing excellent connectivity with the upcoming Jewar In- ternational Airport via the Yamuna Expressway have increased trans- portation accessibility within Delhi-NCR cities.
All these enhanced developments are transforming the status of Delhi-NCR as a premier real estate destination, and especially Faridabad that is attracting both pro- spective homeowners and investors.
Mohit Goel, MD, Omaxe Group, says, “Over the last few years in cities like Faridabad, steps have been taken to improve the city's infrastructure and connectivity that has also helped increase its brand value. Notable developments like the Faridabad-Noida-Ghaziabad (FNG) Expressway, Eastern Peripheral Expressway (EPE), KGP Expressway, and others have provided an additional impetus to Faridabad's l charm. In Faridabad, buyers can find luxury apartments larger than those in Noida and Gurugram for the same price. This has made the city attractive to higher mid-income and premium homebuyers and investors. As a result, Faridabad has begun to outshine Noida and Gurugram, prompting visionary real estate developers to curate high-end residential projects with state-of-the-art facilities. What’s more, even though most of NCR has witnessed a spike in SCO development, Faridabad has emerged as one of the few areas offering relatively low entry costs and high ROI. The situation has specifically transformed after the rapid construction of the Manjha- wali Bridge, which connects the city with Jewar Airport.”
FARIDABAD’S INFRASTRUCTURE FUTURE
The forthcoming Faridabad Jewar Expressway, an ambitious infrastructural project is expected to drive substantial growth in the real estate market, particularly to the Growth District Faridabad township. This new expressway, slated for completion by June 2025, promises to revolutionize travel between Bal-labgarh and Jewar Airport, cutting the journey time from the current two hours to just 20 minutes.
Once the expressway touches Sector 114 in Faridabad, the expressway is anticipated to revitalize the local real estate market, particularly within the Growth District Faridabad, that is earmarked as a mixed development of residential, commercial, and office spaces.
According to Delhi NCR real estate consultant, Balendra Pratap Singh, Founder- Partner, NEW- DOOR, “The expressway’s proximity is likely to make Growth District Faridabad a hotspot for investment, attracting both residential buyers and commercial enterprises eager to capitalize on the enhanced connectivity and elevated property values. With the expressway reducing travel times and bolstering accessibility to the new Jewar Airport, the region’s strategic importance will be further amplified, making it an attractive destination for developers and investors alike.”
REAL ESTATE UPSURGE
Faridabad, a crucial part of the NCR has had a slower growth rate compared to Noida & Gurugram, but is fast catching up not only due to its infrastructure development but, also due to the sky rocketing prices of other cities, shifting the attention towards upcoming areas like Faridabad.
Faridabad has shed its industrial city identity as it metamorphosis into a well-planned, developing city under the Smart City project by the central government. Additionally, it has been listed as an A1 city by the Haryana Government, akin to Gurugram.
Residential: Despite being in its early stages, Faridabad’s luxury residential market is witnessing significant demand. However, the current supply of luxury residential properties falls short of meeting this demand. While Gurugram and Noida each boast over 7,000 luxury units, Faridabad and Greater Faridabad combined have fewer than 3,000 luxury units available. This disparity offers developers and investors an opportunity to capitalize on this growing market by introducing high-end residential projects that can cater to the aspirational buyers of this city.
Comparatively, the pricing of a 4 BHK luxury apartment starts at Rs 4 Crore in Gurugram and Rs 3 Crore in Noida, whereas in Faridabad, similar properties start at around Rs 2 Crore with higher appreciation potential. It is also predicted that after the completion of the Faridabad-Jewar Expressway, real estate property prices in the Faridabad region could increase up to 40%. Most of the posh sectors in Faridabad are almost fully occupied, prompting developers to focus on Greater Faridabad for building luxury residential properties.
Commercial: The ongoing infrastructural developments in Greater Faridabad strategically position it as a vital component of the NCR's interconnected ecosystem. Beyond just roadways, ambitious plans include extending the metro line along the bypass road and constructing a 75-meter-wide road towards sectors 87, 88, and 89. Additionally, upcoming projects such as the Manjhawali Bridge to connect Greater Noida to Faridabad and the Faridabad-Jewar Expressway promise to drastically reduce travel times, with projections of a mere 15-minute journey between Faridabad and the new Jewar International Airport. These developments are fueling demand for commercial, retail and office properties in Faridabad.
Retail: Last year, the unveiling of The Mall of Faridabad, a large size mall spread across 400,000 Sq. Ft area, set the tone for the new era of organized retail in the city. Apart from malls, there is an increased footprint of advanced formats such as SCOs, open malls, arcades, shopping complexes, modern bazars, etc. Other forms of larger retails such as multi brand stores, super markets, hyper markets, lifestyle brands stores, etc. are also thriving.
Shailesh Kumar Gupta, NCR based Real estate expert predicts a significant spike in investment and real estate activity around Growth District Faridabad, driven by the expressway’s imminent completion. “The Faridabad Jewar Expressway is set to be a game-changer for Growth District Faridabad, igniting a surge in development and invest- ment that will redefine the area’s economic landscape. This creates an opportune moment for investors to pick this project and make their future secured,” he said.
BECOMING A MAJOR PROPERTY MARKET
Faridabad is included in the list of 100 smart cities because of the rapid expansion and development of the city as a hub for various industrial companies, It is one of the main factors, why the city has been selected to unleash quality commercial and residential real estate to cater to the burgeoning demand for real estate in Delhi NCR. As the city continues to evolve and urbanize, addressing the for-Grade A commercial properties and luxury residential supply & demand gap presents a significant opportunity for investors and developers.
By allowing higher-density developments and reducing external development charges, the government is creating an environment that will drive both quality and affordability in Faridabad.
Once the Faridabad-Jewar Expressway is up and running, real estate values in its surrounding regions could increase by 30 to 40%.
Faridabad's transformation from an industrial hub to a sought-after real estate destination hinge on meeting the growing demand for Grade A commercial properties and luxury residential.
Faridabad Growth Factors
Strategic Location: Faridabad's advantageous location, bordering Delhi, Noida, and Gurugram and major industrial hubs has made it an ideal choice for businesses seeking strategic access to a vast consumer base and industry resources.
Infrastructure Development: Expansion of the metro network, improved road connectivity, and the development of industrial corridors, have enhanced the city's accessibility attracting home buyers.
Industrial Growth: Faridabad's strong industrial base has been a driving force behind its commercial expansion playing a pivotal role in attracting commercial investments.
Business Ecosystem: The supportive government initiatives have contributed to Faridabad's economic growth and encouraging companies to set up their offices and operations here.
Affordable Real Estate: Compared to other cities of Delhi-NCR, Faridabad offers relatively affordable commercial and residential properties for both home-buyers and investors.
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