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Flyover shoots Faridabad prices by 40%

December 03
22:42 2010

Over the past six months, Faridabad has been witnessing a quiet revolution. 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%. Reason – the coming up of the Badarpur flyover.
Pradeep Mishra, a real estate analyst, said, “The realty market reflects 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.” With the Metro also scheduled to come up anytime soon, realty experts say that Faridabad is looking at a booming realty scenario. Added Mishra, “These prices will be going up by another 10-15% over the next few months.”

Residents agree. Virendra Chanda, a resident of sector 8 who also owns a business in sector 15, said, “The image of Faridabad is changing with the opening of the flyover. Coming here and setting up a business is no longer implausible because of the Badarpur bottleneck.” With the increased connectivity, Chanda hopes that not only will it be easier to go to Delhi, residents of the capital will also be coming down to Faridabad. Nitin Deol, a small-time entrepreneur, said, “When 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. Mishra added, “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.” The impact is already visible. Rates in sectors 21A, B, C and D, which were earlier between Rs 36-38,000 per square yard, are now between Rs 50-60,000. In sectors 30 and 31, the figure is now between Rs 45-50,000 per square yard.

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