Despite its proximity to Delhi, Gurgaon, and Noida, and with fairly good connectivity with its neighbouring cities by road and rail routes, the property market in Faridabad has not kept pace with the real estate market in other National Capital Region (NCR) cities.
In spite of all its potential to become a ‘model city’, Faridabad has suffered on account of poor infrastructure and bad connectivity, and has failed to register the kind of growth witnessed in neighbouring Gurgaon and Noida.
“The biggest issue with Faridabad has been the poor connectivity. The information technology industry chose Gurgaon over Faridabad because of its better connectivity with Delhi and proximity to airport. Since young people with high disposable income work in IT industry, it had a ripple effect on the real estate market and led to mushrooming of shopping malls and spurred the demand for housing. Faridabad, on the other hand, has mostly manufacturing industry employing people with less disposable income,” said SPR Buildtech Ltd director Nalin Saluja.
However, the real estate market in Faridabad is now booming with improved infrastructure like Gurgaon-Faridabad expressway, six-lane Mathura Road, expansion of metro rail, and laying of foundation stone for the Faridabad-Noida-Gaziabad expressway.
with thanks : The Hindu : LINK : for detailed news.
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