Faridabad Emerges as a Hub for Affordable Luxury Housing
Faridabad is rapidly becoming a sought-after destination for high-end residential development, driven by enhanced connectivity and expanding infrastructure. Its luxury housing market provides a compelling alternative to the established, yet pricier, markets of Noida and Gurgaon within the National Capital Region (NCR). While Gurgaon and Noida grapple with inflated property rates, making spacious apartments within gated communities difficult to acquire even at INR 1 crore, Faridabad offers a unique blend of affordability and growth potential.
From Industrial Suburb to Residential Hotspot
Historically an industrial suburb of Delhi, Faridabad has always held residential appeal. However, the focus shifted to Gurgaon and Noida as real estate hotspots due to improved connectivity and infrastructure growth. Home to numerous corporations and industries, Faridabad's real estate sector has been spurred by its robust business activity. Recent infrastructure enhancements, particularly in Greater Faridabad (also known as Neharpar Faridabad), have elevated the city's profile.
Connectivity Drives Growth
Recent road developments have streamlined traffic flow and connectivity to Gurgaon, Noida, Greater Noida, and the Yamuna Expressway. Key infrastructure projects like the Faridabad-Noida-Ghaziabad (FNG) Expressway, the 135-kilometer Eastern Peripheral Expressway (EPE), and the KGP Expressway (linking Kundli, Ghaziabad, and Palwal) have significantly bolstered Faridabad's residential appeal. The Manjhawali Bridge and the Delhi Mumbai Expressway, with its spur to Jewar Airport, further enhance connectivity, reducing travel times and adding to Faridabad's attractiveness.
Affordability and Amenities Attract Buyers
Faridabad's affordability, without compromising on amenities, attracts premium homebuyers and investors. Luxury apartments in Faridabad can be 1.2 to 1.5 times larger than comparable properties in Noida and Gurgaon for a similar price. Infrastructure upgrades and demand for upscale amenities have fueled notable price appreciation in Faridabad. Improved road networks alleviate traffic congestion, drawing attention away from Noida and Gurgaon and encouraging developers to create luxurious residential complexes with state-of-the-art amenities.
Investment Opportunity
While property prices in Gurgaon and Noida have nearly doubled in recent years and are expected to stabilize, Faridabad offers spacious properties at competitive prices with potential for future appreciation. Projections indicate a potential 40% increase in property values in Faridabad after the Faridabad-Jewar expressway's completion. With upscale sectors nearing full occupancy, developers are now focusing on Greater Faridabad for new luxury residential ventures.
Faridabad's Rise in the Kearney Index
Faridabad's significant jump to 13th place in the 2023 Kearney Index, a ranking of India's top retail cities demonstrates the city's positive transformation. This improvement reflects not only retail prowess but also enhanced ease of doing business, the presence of prominent brands, and a growing population. This growth dynamic further strengthens the outlook for Faridabad's luxury housing market.