Friday, December 14, 2012

Why Neharpar societies will push up rates in Faridabad realty?

The old industrial township of Faridabad, situated on the border of south Delhi, is said to have been largely ignored on the realty development front in the past, despite its closest location to upscale shopping centres and poshest areas of south Delhi, industrial centres of and adjoining Okhla, the biggest wholesale market for computers and related hardware of Nehru Place and being en route to the hottest tourist destination of the country, the Taj Mahal. It is only when the development of all the major adjoining cities of Delhi has taken place that now Faridabad has begun to be developed with better transportation linkages to the nearby cities of Gurgaon, Noida and Delhi, development of realty on both sides of the busy Mathura Road and the newly developing region of the Neharpaar or the Greater Faridabad area.

It is believed that all these initiatives will make this city hot spot for realty investments and key role will be played by the cluster housing schemes of the type of BPTP Princess Park in this area. As the development of projects and the related infrastructural developments take place and the area becomes ready for housing a large number of people, the prices of the realty will go up in this area. Simultaneously, prices of the already established Faridabad city are also likely to rise. In fact, there are two main reasons why this will happen: One is that the price-rise will happen on its own merit and the other is that it will be the cascading effect of the price push in projects such as BPTP Princess Park Faridabad which will increase the prices.

The residential properties in Faridabad are essentially independent houses and the societies are less in number, spread out either on main Mathura Road or on the peripheral fringes of mountainous regions of this town. But, on the contrary, the Greater Faridabad area is having more clusters of group housing aimed at housing a greater density of population than the Faridabad city. Due to lesser population density and the availability of greater resources, Faridabad will be having better amenities of urban housing. Further, the metro link will cut through the Faridabad city which will be to its sole advantage, providing connectivity right to the heart of Capital city of Delhi, much to the ease of daily commuters.

Further, the new resident population will also have to use the existing government and administrative offices which will retain the pre-eminence of this city over the Greater Faridabad area.

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