As a well-known city of Haryana, Faridabad possesses a great geographical location and lies in proximity to major NCR cities mainly South Delhi, Noida and Gurgaon. With the growing time the city has witnessed tremendous growth in its economy and real estate market. Due to superb connectivity with the major cities of NCR, settlement of companies, ample job opportunity and rapid developing infrastructure Faridabad has been attracting a large number of real estate investors and buyers. The construction of proposed metro from Faridabad to Gurgaon and the improved transportation measures has significantly contributed to the city's growth. As more and more people are flocking towards the region the demand for the property is continuously growing as a result of this there are many IT Park and residential projects that are nearing completion and property developers have managed to start clearing backlogs.
There are many new transit systems that are being developed in the city. This transit system will open the floodgates to Gurgaon's development and its IT companies and will generate ample job opportunity. Due to sky high property price in Gurgaon and Delhi and shortage of land, it has become extremely difficult for buyers to buy property there. On the other hand Faridabad offers an ample of land and the pocket friendly property prices is attracting worldwide buyers to invest here making it a remunerative place to dwell. Realty experts believe that noticing the current growth the real estate market of the city is set to boom in the next decade. While Gurgaon's commercial and industrial real estate market has soared Faridabad is expected to catch up. With the growing number of offices and commercial zones there are many commercial projects in New Gurgaon that are going to be constructed soon.
Areas like Neharpur or Greater Faridabad are hot property destination in terms of returns on real estate investment and has caught eye of many investors. Surajkund enjoys similar prospect too in terms of commercial real estate growth. As Faridabad offers an ample option of affordable housing projects the city is mainly dominated by mid income group buyers and due to its consistency with price appreciation of about 8 to 10 per cent in two years many more upcoming projects in New Gurgaon have been launched by developers. As an opulent place Faridabad market is considered as the most affordable market in the NCR region. Being an end user market Faridabad holds a bright future in the growth of the property market.
Though Faridabad has the potential to be New Gurgaon but it still needs to be developed a lot. Faridabad is awaiting on many reforms including commercial establishment, proposed sewage treatment plant, the infrastructure in needed to be more developed and the adequate public transport system is needed in the city to accommodate the growing population. Despite of all these factors the city real estate market holds a huge possibilities and its economy is all set to boost in terms of employment and development.
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