The Hindu
Faridabad has suffered on account of poor infrastructure and bad
connectivity, and has failed to register the kind of growth witnessed in
neighbouring Gurgaon and Noida. File Photo: Shiv Kumar Pushpakar
Despite its proximity to Delhi, Gurgaon, and Noida, and
with fairly good connectivity with its neighbouring cities by road and
rail routes, the property market in Faridabad has not kept pace with the
real estate market in other National Capital Region (NCR) cities.
In
spite of all its potential to become a ‘model city’, Faridabad has
suffered on account of poor infrastructure and bad connectivity, and has
failed to register the kind of growth witnessed in neighbouring Gurgaon
and Noida.
“The biggest issue with Faridabad has
been the poor connectivity. The information technology industry chose
Gurgaon over Faridabad because of its better connectivity with Delhi and
proximity to airport. Since young people with high disposable income
work in IT industry, it had a ripple effect on the real estate market
and led to mushrooming of shopping malls and spurred the demand for
housing. Faridabad, on the other hand, has mostly manufacturing industry
employing people with less disposable income,” said SPR Buildtech Ltd
director Nalin Saluja.
However, the real estate
market in Faridabad is now booming with improved infrastructure like
Gurgaon-Faridabad expressway, six-lane Mathura Road, expansion of metro
rail, and laying of foundation stone for the Faridabad-Noida-Gaziabad
expressway.
“Though not many new projects have been
launched over the past two years due to slowdown, more than 70 per cent
inventory in 30 residential projects in Greater Faridabad is already
sold. Also over half a dozen IT park projects are at the advanced stage
of completion in Faridabad and the market is expected to boom with their
completion. In next few years, we hope the Faridabad market to grow at a
rate faster than Noida,” said Mr. Saluja.
The real
estate sector also has a lot of hopes and expectations from the new
government. “Today when the government is working on the Master Plan
2031, we are sorry to say that even the developments proposed under the
Master Plan 1991 are yet to be implemented. We hope that the new
government initiate the development of physical and social
infrastructure in the city,” said J.P. Gupta, vice-president,
Confederation of Real Estate Developers’ Associations of India (CREDAI),
NCR, Haryana.
Some of the major demands of the
CREDAI, NCR, Haryana, Faridabad, include construction of stadium and
commercial establishments in Sector 79 as per the Master Plan 1991,
up-gradation of the proposed government hospital into medical college,
tax rebate to industrial units in Ballabgarh, and construction of sewage
treatment plant for Sector 75 to 89.
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