Even though still under construction, the Metro link has had such a positive impact that demand in real estate has shot up by 50% to 60% in Faridabad, with builder-floor apartments being the most preferred options among buyers. Brix Research recounts the magic Metro has woven here
Anyone residing or working in National Capital Region (NCR) can always be heard complaining about how cumbersome commuting is within the region. Persistent traffic jams, overpriced autos, worsening bus service — all of which go to make commuting in NCR nothing short of a nightmare. With lakhs of people commuting daily from Faridabad, Gurgaon and Noida to Delhi and vice versa, the problem just keeps mounting. Nothing seems to work.
People commuting in their own vehicles have to cope with time-consuming traffic jams, and those using public transport have to put up with deplorable conditions in public transport services, not to speak of overpricing. But, the advent of Metro rail proved to be a silver lining and brought enormous relief to the daily commuter.
The same expectation is being anticipated from the proposed Metro link to Faridabad, which if it does not wholly eradicate, will at least help ease commuting woes of a significant proportion of people who will avail of its services. With an aim to bringing about an improvement in the city's infrastructure, the proposed Metro link is an ambitious plan to connect the entire city, right from Badarpur to YMCA Chowk.
Plan for a Metro link was taken up in 2006 under the city's Master Plan. The Metro link, starting from Badarpur, proposes to cover Sarai Khwaja, NHPC Chowk, Badkal Chowk, Old Faridabad, Neelam Chowk and YMCA Chowk. The areas covered under these locations include almost every prime location in the city, thereby connecting the whole of Faridabad through the Metro line. Sector 37 and Ashoka Enclave Part 1, 2, 3 will be covered by Sarai Khwaja Metro station, while NHPC Chowk covers the residential townships of IP Colony, Greenfield and Springfield.
Sectors 28, 29 (A, B, C, D), 30 and 31 are covered by Badkal Chowk Metro station while Old Faridabad Metro station covers Sectors 15, 15A, 16, 16A and the industrial area of Sector 27B. The New Industrial Town and Sector 16 come under Neelam Chowk and YMCA Chowk includes Sectors 8, 9, 10, 1, 2, 55 and 65. The first link starting from Badarpur is expected to open by June 2010 while the second link of Sarai Khawaja will open around 2012. The entire Metro line is slated for completion by 2014.
Real estate in the city will obviously be majorly impacted by the forthcoming Metro link. Realty in Faridabad will undergo a facelift and the makeover of the city as a real estate destination will be complete. According to local realtors, earlier there was hardly any demand or transaction in the real estate along the proposed Metro route, but with Metro plan announced, there has been a spurt in activity. Earlier an industrial area, now Badarpur has 22-24 malls coming up within an area of 10-15 square km. Out of these, eight malls, like Crown Plaza, SRS, Manhattan, Crown Interiors and Sewa Mall, are already functional while the rest are expected to be ready for possession by October 2010.
A number of residential and commercial projects are also being developed. There is an influx of multistorey apartments and builder-floor apartments, which are being constructed at a furious pace with most of them expected to be ready for possession this year. Projects like Omaxe Heights, Piyush Heights, and BPTP's Princess Park are among the ones likely to be completed this year. The locations under Metro link are being promoted as corporate areas and are attracting MNCs as well. A large number of IT and business parks are also in the offing. A number of big builders like Omaxe, Piyush Group, BPTP, RPS and SRS have launched their projects in areas covered under the Metro link.
Presently, values are 20 to 30 times more than those in the last four months and are expected to rise further. A property that was earlier available within a price range of Rs 2,00,000 to Rs 3,00,000 is now priced between Rs 7,00, 000 and Rs 8,00,000. Plots closest to Metro stations like Greenfields and Ashoka Enclave are priced in the range of Rs 70,000 to Rs 75,000 per sq yard and Rs 75,000 to Rs 80,000 per sq yard, respectively. A builder floor with a built-up area of 1,100 sq ft is available in the price range of Rs 28,00,000 to Rs 50,00,000 while a 3BHK in a builtup area of 750 sq ft is priced between Rs 22,00,000 to Rs 25, 00,000. On the other hand, a 4BHK multistorey apartment is in the price range of Rs 50,00,000 to Rs 80,00,000. Individual houses are valued at between Rs 1,00,00,000 to Rs 1,50, 00,000.
Even though still under construction, the Metro link has had such a positive impact that demand in real estate has shot up by 50% to 60% with builder-floor apartments being the most preferred among buyers. The major contributing factors for this impetus in demand are connectivity and affordability. Experts say that values are lower than those quoted in cities like Delhi. Thus, Faridabad is an attractive option for working professionals for long-term investment as well as for buying a home to live in.
According to Manoj Rastogi, a realtor, "The proximity to South Delhi and Gurgaon and an affordable price range for middle class make Faridabad one of the most suitable real estate destinations."
Basic infrastructural facilities like electricity and water supply are good. Moreover, not just main roads but inner roads are also being improved. It can be rightly said that the Metro is a blessing not just for the scores of commuters in the city but also for its real estate. Creation of demand and supply in city's real estate can be attributed to the Metro. The advent of Metro has presented realty sector with an opportunity to fully explore its potential in the city.
Rastogi adds, "In the next five years, the city's real estate development will be on a par with that of other real estate hotspots like Noida and Gurgaon, and make Faridabad one of the most attractive destinations for middle class and convert it into a real estate hub."
For more Info:- www.zameen-zaidad.com
www.propertycafeteria.com
Courtesy:- Times Property dtd:- 06-02-2009
No comments:
Post a Comment