Gaining momentum quickly, Faridabad is emerging as a leading destination for upscale residential development thanks to its improved connectivity and growing infrastructure.
Because of its affordable luxury housing, the residential luxury market in Faridabad presents a strong alternative to the more established upscale markets in the National Capital Region (NCR) of Noida and Gurgaon. Faridabad offers an opportunity for both affordability and growth, in contrast to the oversaturated markets of Gurgaon and Noida, where exorbitant prices make it difficult to find spacious flats within a gated and well-maintained society for even INR 1 crore.
On the Delhi-Mathura Road lies Faridabad, one of the oldest industrial suburbs of Delhi. One of the most sought-after places to live has always been the city. However, the action moved to Gurgaon and Noida as real estate development hotspots because of improving connectivity and growing infrastructure.
After Ghaziabad, Faridabad is the oldest residential suburb of Delhi. It is home to numerous large corporations, medium- and small-sized businesses, and large-scale industries, particularly in the manufacturing sector, which has spurred the growth of the real estate market.
Recent initiatives to enhance the city’s connectivity and infrastructure have also raised the value of the Faridabad brand, particularly in the Greater Faridabad area, also referred to as Neharpar Faridabad. Road construction in the recent past has not only accelerated traffic but also Gurgaon, Noida, Greater Noida, and the Yamuna Expressway.
The prospects for Faridabad have also improved with the construction of the Faridabad-Noida-Ghaziabad (FNG) Expressway. The 135-kilometer Eastern Peripheral Expressway (EPE), which runs along Delhi’s eastern edge, has also contributed to Faridabad’s residential appeal. Faridabad’s appeal has also been increased by the KGP Expressway, which links Kundli, Ghaziabad, and Palwal at Manjhawli as part of the recently created Comprehensive Mobility Plan (CMP). Important developments include the construction of the Manjhawali Bridge and the 1380-km Delhi Mumbai Expressway, which connects urban centers in Delhi through the Delhi-Faridabad-Sohna section of the corridor and has a spur to Jewar Airport. Through these projects, the distance between Noida, Greater Noida, Faridabad, and Greater Faridabad has decreased and the city’s connection to Jewar Airport has improved, giving Faridabad a fresh appeal.
Because of its affordability without sacrificing amenities, Faridabad has been drawing in an increasing number of premium and higher-income homebuyers and investors. For example, a larger luxury apartment in Faridabad can be had for prices comparable to those in Noida and Gurgaon–roughly 1.2 to 1.5 times larger. Faridabad has seen a notable price rise, caused by infrastructural improvements and the growing demand for upscale amenities and luxury housing.
Furthermore, the city’s infamous traffic bottlenecks have been lessened by upgrades to the road system. Because of these developments, Faridabad has become more appealing, drawing attention away from Noida and Gurgaon and inspiring forward-thinking real estate developers to build luxurious residential complexes with cutting-edge amenities.
In the last three to four years, the cost of a square foot has nearly doubled in Gurgaon and Noida; in contrast, Faridabad offers spacious properties at lower prices, with the possibility of a price increase shortly. Property appreciation rates in Gurgaon and Noida are predicted to slow down as they have already peaked, offering a special opportunity to invest in the Faridabad region are also expected to rise by as much as 40% after the Faridabad-Jewar expressway is completed. Developers are now concentrating on Greater Faridabad for new luxury residential projects, as most of Faridabad’s upscale sectors are nearly completely occupied.
Faridabad’s ascent in the Kearney Index, which evaluates the performance of India’s top 20 cities according to several retail metrics, has been another significant factor. Faridabad significantly improved from its 2021 ranking to occupy 13th place in the nation in 2023. This rise indicated a change the city was going through in addition to showcasing its prowess in retail, improved ease of doing business, presence of power brands, and growing population. The information is encouraging for Faridabad’s upscale and luxurious housing projects. A notable change in the dynamics of the city is indicated by the rising population and power brands drawn to this progress. This shows a trend in the right direction for the growth of Faridabad’s upscale and luxurious housing developments.