hindustan times
delhi ht estate
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http://paper.hindustantimes.com/epaper/viewer.aspxAs Faridabad joins the Metro bandwagon, plot rates in some HUDA sectors go up, and Neharpar gets all set to become an attractive realty destinationThere is no denying the fact that the Metro has played a very important role in improving the connectivity of satellite towns Noida, Ghaziabad and Gurgaon with the Capital and boosted the property market in the areas around the route it covers.
Now, it is Faridabad’s turn. The extension of the Badarpur line to YMCA Chowk is under construction and will be completed by March 2014.
According to the Delhi Metro Rail Corporation (DMRC), 20% of the construction work has already been completed and land has been acquired for other zones. Compensation for land for some Metro stations is yet to be given to people whose land had been acquired, but the process is expected to be completed smoothly. “The funding pattern will be on the lines of the Noida corridor and 80% of the cost will be borne by Haryana and 20% by the Delhi government. The project will cost about R2533 crore,” says a DMRC official.
The biggest advantage gained from the metro is traffic decongestion on the DelhiMathura National Highway (NH-2), one of the busiest in the country. It will also provide a faster and safer mode of transport to people in Faridabad.
Many residents say they have seen a link between the launch of construction work for the Metro and the steep property appreciation in the sectors along the corridor in the last one year. Plot rates in HUDA sectors 11, 14, 15, 16, etc, have gone up by 50%.
Says Subhash Chaudhary, former president of the Residents’ Welfare Association, Park Grandura in Sector 82, Faridabad, “Most of the sectors on this line are HUDA’s and even one-and-ahalf-years ago prices here were higher than other areas. Sectors such as 9, 10, 11, 12, 14, 15, 15A, 16, 17, 18, 19, 30, 31 and 37 fall on the Metro route and are fully developed with direct connectivity to the main highway. In the past one year, however, the plot rates in these sectors have skyrocketed. In sectors 14, 15 and 16 the average plot rate, which was R1 lakh per square yard, has gone up by almost 50% to 1.5 lakh per sq yd. ”
Real estate experts say Metro connectivity will lead to the Neharpar area in Faridabad becoming a much sought-after destination from the investment point of view. Despite the distance of about five to six kilometres from the station, this area is going to benefit the most from the rail link.
For Pradeep Mishra, a real estate consultant, “Neharpar or Greater Faridabad is one of the most promising areas in the NCR and it offers very reasonable prices. Undoubtedly, in the coming years, it will emerge as a hub of affordable housing.” He adds, “The reason is that the average prices are still in the bracket of R3000 to R3500 per square foot, which is quite low in comparison to other emerging areas in the NCR such as Noida Extension, Rajnagar Extension and Greater Noida. BPTP, with 1500 acres of land, is a major real estate player here. Other leading developers are Puri Constructions, SRS, RPS, Era Group, Ansals and Piyush, to name a few.”
In Neharpar, at present, most of the leading developers are coming up with residential as well as commercial projects, which will take about two to three years to be completed. SRS Residency, Siv Sai Ozone Park, Omaxe Heights, BPTP Princess Park and BPTP Park Grandeur have, however, given possession and about 2200 to 2500 families are currently living in these societies.
Infrastructure, though, is a problem. There are no proper roads between sectors, says Sumit Wadhwa, resident in one of the societies. “Others connecting us to Faridabad such as Tigaon Road are damaged. We hope that in the next few years, the sectoral roads will be earmarked.”
He adds, “Another major problem is that there is no commercial market/HUDA commercial complex. So, people are completely dependent on the shops within the group housing premises.”
Many local brokers, however, think that completion of sectoral/internal roads will open up new vitas for IT/ITES companies, corporate houses and domestic players.