The Luxury Rush: Faridabad's Quest for Upscale Residential Options

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    Imagine your dream home—a home where modern comfort seamlessly merges with unparalleled

    convenience. Today's discerning homebuyers seek properties offering not only luxurious amenities but

    also seamless connectivity to vital city hubs and essential facilities like hospitals, schools, and

    recreational spaces. This surging demand for luxury residences is unmistakably evident in the Delhi-NCR

    region.

    In 2023, the region witnessed a remarkable surge in luxury housing sales, soaring by an impressive

    216%. However, Faridabad, a crucial part of the NCR, lags behind in the luxury residential property

    segment compared to its neighboring cities like Gurugram, Noida, Greater Noida, and Ghaziabad.

    Despite high demand, the growth of luxury residential options in Faridabad has been slow to

    materialize.

    This slower growth can be attributed to various factors, including the perception that Faridabad is

    primarily an industrial area, slow infrastructure development, limited connectivity to other NCR parts,

    and insufficient public facilities. For decades, the focus was primarily on developing other areas, leaving

    Faridabad with fewer investments in its residential luxury market.

    However, as prices for luxury properties skyrocket in well-developed parts of the NCR, attention is

    shifting towards developing areas like Faridabad. Faridabad is not merely an industrial hub but a well-

    planned, developing city under the Smart City project initiated by the central government. Additionally,

    it has been listed as an A1 city by the Haryana Government, akin to Gurugram.

    Despite being in its early stages, Faridabad’s luxury residential market is witnessing significant demand.

    However, the current supply of luxury residential properties falls short of meeting this demand. While

    Gurugram and Noida each boast over 7,000 luxury units, Faridabad and Greater Faridabad combined

    have fewer than 3,000 luxury units available. This disparity highlights the untapped potential in

    Faridabad’s real estate sector. Developers and investors have a unique opportunity to capitalize on this

    growing market by introducing high-end residential projects that cater to the increasing demand for

    luxury living.

    Comparatively, the pricing of a 4 BHK luxury apartment starts at ₹4 Crore in Gurugram and ₹3 Crore in

    Noida, whereas in Faridabad, similar properties start at around ₹2 Crore with higher appreciation

    potential. It is also predicted that after the completion of the Faridabad-Jewar Expressway, real estate

    property prices in the Faridabad region could increase up to 40%. Most of the posh sectors in Faridabad

    are almost fully occupied, prompting developers to focus on Greater Faridabad for building luxury

    residential properties.

    The ongoing infrastructural developments in Greater Faridabad strategically position it as a vital

    component of the NCR's interconnected ecosystem. Beyond just roadways, ambitious plans include

    extending the metro line along the bypass road and constructing a 75-meter-wide road towards sectors

    87, 88, and 89. Additionally, upcoming projects such as the Manjhawali Bridge to connect Greater Noida

    to Faridabad and the Faridabad-Jewar Expressway promise to drastically reduce travel times, with

    projections of a mere 15-minute journey between Faridabad and the new Jewar International Airport.

    These developments are not only fueling demand for luxury residential properties but also for all types

    of real estate.

    In conclusion, the slow growth of luxury residential properties in Faridabad despite high demand

    underscores the urgent need for more investment and development in this segment. As the city

    continues to evolve and urbanize, addressing this demand gap presents a significant opportunity for

    investors and developers. Faridabad's transformation from an industrial hub to a sought-after real

    estate destination hinges on meeting the growing demand for luxury residential options. The time is ripe

    for stakeholders to capitalize on this opportunity and propel Faridabad's luxury residential market to

    new heights.

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