Faridabad Property Market: Is It Worth Going For?

When it comes to buying a house in Delhi NCR, Faridabad comes as quiet an affordable option. While buying one's dream home in Delhi or Gurgaon has become a dream for many, Faridabad can be a good alternative. This industrial town started making its mark in realty circuits only a few years back, and today, it has become the focus of attention for India's renowned builders and developers.

Faridabad real estate is primarily a end-user's market, with little scope for investors. The reason for this is low price appreciation. While buyers with mid-income groups find it a gainful place to roll out money, long-term investors still find it a non-productive option the city's realty market picked up over years, but still, it cannot hold candle to the tier- 1 metropolitans of North India. There are several factors behind it. Low employment generation has not gone well with professions seeking jobs in IT/ITeS sectors. Faridabad is primarily an industrial town, with more jobs concentrated in that sector only.

Another reason why real estate Faridabad has not really picked up is its liquidity crisis. Delayed and below-par construction quality has not gone well with buyers' sentiments. Procrastination on part of developers has made the property-seekers wait endlessly. Most of the new developments in Greater Faridabad or Neharpar suffer from delays. With an increase in cost of construction and high inflationary rates, developers with mid-segment projects find it difficult to get their projects launched. Unnecessary approval hold-backs make the situation worse.

Then, there are connectivity issues. Though Faridabad sits at a convenient distance from both Delhi and Gurgaon, to-and-fro commutation on daily basis is still a big problem The proposed expressways have either been delayed indefinitely or have been scrapped. FNG Expressway that was conceived way back in 1993 has been scrapped; even then, developers are selling their projects in its name. Work on Kundli-Manesar-Palwal Expressway (KMP in short) has not completed in spite of its initiation in 2007.

In spite of the tardy completions, low demand and dismal appreciation rate, Faridabad, still, has seen the emergence of some high-growth areas. Surajkund, a green industrial town, has witnessed an upsurge in price rates. The average per square feet rate here is around 7000/-, while the rest of the Faridabad carries much lower values. Other areas that have come in the radar of buyers are New Industrial Town (NIT), Green Valley, Sainik Colony, and Dayal Basti.

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