With Gurgaon facing a space crunch situation and prices driving sky-high, it is time to look beyond the millennium city for better real estate prospects. Gurgaon-Faridabad corridor is one such option, which can easily replace Gurgaon as the new real estate hub.
Reality market in NCR has been experiencing some tough times. Economic slowdown has made people more cautious towards making investments and limited the sale of residential as well as commercial real estate. However, latest market trends show that the property sale is now witnessing resurgence in the region. Reformist policies by government and the continued growth of IT/ITeS sector have played a big part in this revival of interest of the real estate developers. Reports about giving real estate sector a much-deserved industry status have provided realtors with a reason to breathe easy. There is no doubt to the fact that real estate sector acts as an able supporter to many other industries such as steel and cement and this industry status will improve transparency and funding in the sector, which is likely to give it further boost.
Gurgaon has always been a favourite for reality players due to various reasons such as its proximity to the national capital and presence of a large cluster of big corporate firms. The millennium city, as it is fondly called, has been a real trend setter for other major as well as small real estate markets in the country. Off late, the city has experienced a surge in property prices. This increase is fuelled by a gap in demand and supply, limited land availability and speculative market tactics. Therefore, genuine buyers are now looking for options beyond Gurgaon mainland, which not only fit in their budget, but also offer them the same luxuries as of the city. This is the pivotal reason behind increasing popularity as well as population of property in Gurgaon Faridabad road.
People are increasingly finding Gurgaon-Faridabad road as their optimum residential destination. This can be attributed to its better pricing compared to the Gurgaon city and its good connectivity with the adjoining places such as Ghaziabad, Gurgaon, Noida and South Delhi. What also attracts the buyer is the peaceful serenity that this place offers. People like the idea of having a home away from the hustle bustle of the city and yet easily connected to the city in every possible way. Faridabad is surrounded by scenic hills and valleys that provides for a peaceful living and complete satisfaction. Recognizing the trend, all major reality players have started pouring in the area with lots of promising real estate projects. Ansal group has already launched Ansal Valley View on this strech, while Gurgaon Hills by IREO group and Province Estate by Krrishh group are also believed to be some of the best upcoming projects.
The rule of the thumb for every market is that prices head north with an increase in demand. Property in Gurgaon-Faridabad road is no exception to this. Realtors have increased the residential property rates and are now offering apartments and housing on a premium. Multi-storey apartments have experienced an appreciation of 4 percent in the capital values in Jan-March quarter in 2012. Average price range was between Rs 6, 258-6,418 per square feet, which has now increased to Rs 7000-9700 per square feet. Further, commercial complexes are also coming up in the region. Paras Group is building a commercial trade centre, which will be all complete within a period of six months. Such developments have enhanced the pace of occupancy on this stretch.