As far as property prices in Faridabad are concerned, plots are in the range of R20,000 sq yard and apartments R3,000 per sq ft onwards. Going forward, this will primarily be an end-user market. The next 12 months will see consolidation of stock as demand picks up. “Equilibrium will be reached in the next six to eight months after demand picks up but prices will not increase more than 8%,” Anckur Srivasttava of GenReal Advisers says.
“Another trend that one will see is that of people living in smaller units in Delhi moving out to Faridabad and buying or renting bigger units. All that, however, will happen provided connectivity is supported by commercial activity and jobs,” adds Dr Samantak Das, chief economist and director – researcher, Knight Frank India, adding going forward, prices may increase by 5% to 6% per annum because the base is still low (sub-R4000 per sq ft range).
Until now the city was bereft of public transport, now the real lifeline will be the Metro, which will encourage people to move into Faridabad. “Soon we will see the number of families living in Greater Faridabad double – from 10,000 to 20,000 and see more corporates moving in,” says Arjun Puri of Puri Constructions.
RPS Infrastructure Limited plans to come up with 5 million sq ft of office space right opposite the first Metro station, Sarai, in Faridabad. “Approximately 2 mn sq ft will be ready by end of this year. DBS Bank, Indus Ind Bank and Escorts Group of Companies have taken up 1 lakh sq ft of space. The project will also have a 25-storey commercial tower,” says RC Gupta, MD, RPS Infrastructure Limited.