Faridabad's Real Estate Market on the Rise
Faridabad is steadily transforming into a prime real estate destination in the National Capital Region (NCR), driven by rapid infrastructure advancements and expanding transportation networks. The city has become a focal point for real estate developers, with many prominent NCR developers establishing projects in Faridabad.
While Faridabad faces competition from neighboring cities such as Gurgaon, Noida, and Greater Noida, it maintains its position as a sought-after real estate locale within the NCR. The city's affordability makes it particularly attractive to middle-income families. Recognizing the increasing population, the Haryana Urban Development Authority (HUDA) has implemented a 20-year development plan for Faridabad. Experts predict that Faridabad will continue to experience high demand and builders will need to increase residential project execution to meet the growing housing needs. Currently, developers like Assotech Ltd, BPTP, Gardenia Group, and KLJ Town Planners, among others, have active residential projects in the city.
Faridabad's Future: Competing with Gurgaon and Noida
The forthcoming Delhi-Mumbai Industrial Corridor (DMIC) is poised to further elevate Faridabad's development and desirability and is projected to attract more industrial model township projects to the municipality. DMIC, a Central government initiative in partnership with Japan, promises significant growth. Improved connectivity through thoroughfares like Ballabgarh-Sohna Road and Gurgaon-Faridabad Road adds to the city's allure. HUDA also intends to broaden the Yamuna Expressway stretch of NH-2 (Faridabad to Agra) at an estimated cost of Rs. 2,945 crore. These infrastructure enhancements will significantly improve connectivity for Faridabad residents, further bolstering the real estate sector.
The widening of the Delhi-Agra Highway by the Union Government will seamlessly link Faridabad to Agra, Mathura, Ballabhgarh, Kosi Kalan, Palwal, and various parts of New Delhi. Furthermore, proposed plans for a metro rail extension to Faridabad hold the potential to elevate the city's competitiveness with Gurgaon and Noida, making it an even more desirable region for both home buyers and developers.