While Faridabad has predominantly been the NCR’s industrial township in the past few years, it has witnessed massive development both in terms of commercial and residential projects.
There’s been a flurry of real estate activity in some of the developed residential locations such as Sector 18 and 19 in Old Faridabad and the residential sectors on NH-2 and Surajkund. Lately, owing to the availability of larger and cheap parcels of land, the Neharpar area, which includes sectors 75-89 holds promise as a residential sector for various developers in Faridabad.
Also known as Greater Faridabad, the Neharpar region was incorporated in 2004-05, under the city’s Master Plan. The location shares its boundaries with the Eastern Periphery Expressway, which connects with Ghaziabad, Noida, Faridabad and Palwal (as per the Faridabad Authority website), that gives it the status of an industrial corridor. Sector 79 has been designated as a commercial district by the Municipal Corporation of Faridabad.
In the last five years, the increase in the number of commercial and residential complexes and infrastructural development has given a boost to property rates of the Neharpar area.
Ongoing projects A number of developers have launched projects in the Neharpar area, including SRS Real Estate, Omaxe, BPTP, Ansal, ORS, Piyush Builders, Mariners Buildcon India , etc.
The popular formats here are 2BHK and 3BHK while demand for 4BHK and 5BHK has just started growing. According to the KPMG analysis, the residential projects coming up in the area are a mix of multi-storey apartments, plots and villas, aimed at meeting the requirements of the middle income group.
In the last one year, capital values of the Neharpar area have increased approximately by 1.3 times (The comparison is for Q2CY11 versus Q2CY10). The residential apartments in the area are affordable and relatively priced as compared to other locations in Faridabad. The projects are currently offered in the price range of R2,050 per sq ft to R2,400 per sq ft (KPMG analysis), requiring a total investment of about R30 lakh to R36 lakh, depending on the area of the apartment. (These figures pertain to quarters of a calendar year) The road ahead Projects like SRS Pearl Independent Floors, Ansals Crown Heights, ORS Royal Residency, ERA LandmarksRedwood Residency are part of the upcoming supply in the Neharpar area. Most of the ongoing projects in the location were launched during 2008-10 and are expected to be completed by 2014-15.
A number of infrastructural projects in and around Faridabad are under construction now, and this is likely to act as a catalyst in the growth of residential complexes in the area. By end of 2011, approximately 22,000 units (Knight Frank quarter residential market report) equating to 34.27 mn sq ft of fresh supply are estimated in Faridabad. Of this, approximately 28% will be come up in the Neharpar area. Out of the total upcoming supply, the maximum numbers will come up here.
According to KPMG Analysis, it is expected that by 2014, about 18,00020,500, units of residential apartments will be available for the middle income group. (The figure is based on the number of ongoing projects in the location and the expected number of apartments by each developer). Of this supply, about 77% will be 2BHK and 3BHK, while the remaining will be in the not-much-in-demand 4 BHK and 5 BHK format. It is also expected that the capital values of the residential property in the area may grow at a compounded annual growth rate of 5-8% during 20112014.
The Neharpar area is still at the development stage and faces challenges related to civic amenities and safety. However, it attracts a number of investors both within the residential and commercial complexes.
With the construction of the Badarpur Flyover and the advent of the Delhi Metro Project in Faridabad, this area is expected to witness a boom.
The Haryana Urban Development Authority (HUDA) is also planning to construct sector roads (sectors 75-89) in the Neharpar area, which is likely to result in improved connectivity. All of this is likely to draw a lot of investors and buyers to the Neharpar area, and make it a big catchment area in Faridabad. Source HT ESTATE
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