By Rumu Banerjee & Tushar Sharma
With the Metro coming to Faridabad by the end of this month, there’s a scramble to find rental space. Rents in commercial buildings along the Metro alignment have already shot up.
Lybrate, a healthcare technology platform, started operations from Mindspace Towers near the Badar pur border on Mathura Road in January this year. When they asked for space in the same building some months ago, they were told that rentals were set to rise. “We are expanding and wanted offices on another floor. The rates, we were told, would rise once the Metro started. We’re hoping to get space before that,” said Kanchan Dass, who works for the start-up.
Aman Pandhi, a realtor, said rates for commercial space would go up by 25%30%. “The IT towers are already showing the effects of Metro’s coming. Rentals in SSR Towers and RPS Infinia have gone north.Others are following suit.” He cited the example of Crown Interiorz, a mall in Sector 35 where rates have increased from Rs 2,500 per square yard in 2004 to Rs 40,000 now.
Rohtas Gandhi, another broker, said rates would increase the most in Sector 31 and areas surrounding it. “Sectors 14, 15 and 17 are already considered upmarket. But now, rates in Sector 31 will also go up because one of the stations is located next to it. Prices in other sectors along the alignment, like Sector 28, are also set to go up.”
Add other developments like arterial roads and upcoming ex pressways and Faridabad does look like a prom ising destination.
Pankaj Bansal, market ing manager at S R S G ro u p, which has several projects in Fari dabad, said, “Only genuine buyers are shift ing to Faridabad.
In another few months, when the Metro is com pletely ready, rates will in crease by at least 20%.”
Shveta Jain, executive direc tor (residential) at Cushman and Wakefield, said, “The infrastruc ture is definitely improving.
Because of the Metro, Faridabad has become a more desirable location.”