The Faridabad property market has started showing signs of recovery very fast. The pace of recovery in the Faridabad has been witnessing a quiet revolution over the past six months. Real estate prices, which had plummeted post 2008 and then plateaued at Rs 20,000-25,000 per square yard last year, have suddenly shot up by 30-40%. The experts believe that the prime reason of this turnaround has been the coming up of the Badarpur flyover.
Speaking to track2realty correspondent a real estate analyst said the realty market is reflecting the sentiments of the investors. “Over the past six-eight months, there’s been a very positive sentiment about Faridabad because of the expected opening of the flyover,” he said.With the Metro also scheduled to come up anytime soon, realty experts say that Faridabad is looking at a booming realty scenario. Brokers in the region believe these prices will be going up by another 10-15% over the next few months.
Residents too sound very optimistic over the property appreciation. A N Prasad, a resident of sector 17 believes that the image of Faridabad is changing with the opening of the flyover. Coming here and setting up a business is now feasible because of the removal of Badarpur bottleneck. With the increased connectivity, Prasad hopes that not only will it be easier to go to Delhi, residents of the capital will also be coming down to Faridabad. Rakesh Jha, a small-time entrepreneur, however believes that the pace of development needs to be put on the fast forward mode, ”When more big malls and cinema complexes open here, footfalls from Delhi and Noida will also be contributing to the economy.”
The feel-good realty market certainly seems to suggest so. Experts say that rates have gone up not only in the main Faridabad sectors but also in peripheral areas. The 4.4-km flyover is a boon for Faridabad as it will benefit not only nearby areas, but also Sector 37, Ashoka Enclave, Greenfield Colony, Sectors 45, 46, 21A, B, C and D, 28, 19, 30 and Sector 31 as well. In fact, after the Metro becomes operational the maximum effect will be felt here.
