With growing infrastructure and improved connectivity, Faridabad is catching up and quickly emerging as a hotspot of luxury residential development.
The residential luxury market in Faridabad offers a solid alternative to the more established upscale markets of Noida and Gurugram within the National Capital Region (NCR), primarily due to its competitive pricing for luxury housing. Unlike the saturated markets of Gurugram and Noida, where sky-high prices make it difficult to find spacious flats within a gated and well-maintained society for even INR 1 crore, Faridabad presents an opportunity for both affordability and growth.
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Faridabad, one of Delhi’s oldest industrial suburbs, is situated on the Delhi-Mathura Road. The city has always been one of the most sought-after residential destinations. However, as real estate development gripped the suburbs of NCR, the action shifted first to Gurugram and later to Noida. With growing infrastructure and improved connectivity, Faridabad is catching up and quickly emerging as a hotspot of luxury residential development.
As Delhi’s oldest residential suburb after Ghaziabad, Faridabad is home to several multinational corporations, large-scale industries, and medium and small-scale businesses, especially in the manufacturing sector, which has boosted real estate growth.
Recent steps to improve the city’s infrastructure and connectivity have also increased Faridabad’s brand value, especially in the Greater Faridabad region, popularly known as Neharpar Faridabad. Recent road development has not only sped up traffic but also reduced the distances from Faridabad to Noida, Greater Noida, Yamuna Expressway, Jewar Airport, and Gurugram, making commuting more convenient.
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The construction of the Faridabad-Noida-Ghaziabad (FNG) Expressway has also boosted Faridabad’s prospects. Additionally, the 135-km long Eastern Peripheral Expressway (EPE) that runs on the eastern side of Delhi has provided an additional impetus to Faridabad’s residential charm. Furthermore, the KGP Expressway, which connects Kundli-Ghaziabad-Palwal at Manjhawli as part of a newly developed Comprehensive Mobility Plan (CMP), has added to Faridabad’s allure. Moreover, the 1380-km Delhi Mumbai Expressway, with a spur to Jewar Airport connecting urban centers in Delhi via the Delhi-Faridabad-Sohna section of the corridor, and the construction of the Manjhawali Bridge are significant developments. These projects have shortened the distance between Noida, Greater Noida, Yamuna Expressway, Faridabad, and Greater Faridabad while improving the city’s connectivity with Jewar Airport, adding new appeal to Faridabad.
As a result, Faridabad has been increasingly attracting higher mid-income and premium home buyers and investors who are drawn to its affordability without compromising on amenities. For example, at Noida and Gurugram’s prices, one can get a bigger luxury apartment in Faridabad, almost 1.2 to 1.5 times the size. The price growth in Faridabad, fueled by infrastructural improvements and a demand for luxury housing and upscale amenities, is also notable.
Moreover, improvements in the city’s road network have alleviated Faridabad’s notorious traffic jams. These developments have augmented Faridabad’s appeal, diverting attention from Noida and Gurugram and prompting visionary real estate developers to introduce high-end residential projects offering state-of-the-art facilities.
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Compared to the nearly doubled rates per square foot in Gurugram and Noida over the past three to four years, Faridabad offers spacious properties at more affordable prices, with promising potential for price appreciation in the near future. As property prices in Gurugram and Noida have already peaked, their appreciation rates are expected to slow down, presenting a unique investment opportunity in Faridabad’s luxury real estate market. Additionally, it is predicted that upon the completion of the Faridabad-Jewar Expressway, property prices in the Faridabad region could increase by up to 40%. With most posh sectors in Faridabad almost fully occupied, developers are now focusing on Greater Faridabad for new luxury residential projects.
Another important factor has been Faridabad’s rise in the Kearney Index, which gauges the performance of the top 20 cities in India based on various retail parameters. In 2023, Faridabad secured the 13th position in the country, vastly improving its previous ranking in 2021. This rise not only showcased the city’s retail prowess, enhanced ease of business, presence of power brands, and a rising population but also signaled a shift the city was experiencing. The data bodes well for premium and luxury residential projects in Faridabad. This progress has attracted power brands and a rising population, indicating a significant shift in the city’s dynamics. It is a positive trend and augurs well for the development of premium and luxury residential projects in Faridabad.
