Badarpur Flyover Shoots Faridabad Property Prices by 40%

[RajaRC]

Badarpur Flyover Shoots Faridabad Property Prices by 40%
November 30, 2010

http://www.indianrealtynews.com/real-estate-india/badarpur-flyover-shoots-faridabad-property-prices-by-40.html

Over the past six months, Faridabad has been witnessing a quiet
revolution. Real estate prices, which had plummeted post 2008 and then
plateaued at Rs 20,000-25,000 per square yard last year, have suddenly
shot up by 30-40%. Reason — the coming up of the Badarpur flyover.

Pradeep Mishra, a real estate analyst, said, ”The realty market
reflects the sentiments of the investors. Over the past six-eight
months, there’s been a very positive sentiment about Faridabad because
of the expected opening of the flyover.” With the Metro also scheduled
to come up anytime soon, realty experts say that Faridabad is looking
at a booming realty scenario. Added Mishra, ”These prices will be
going up by another 10-15% over the next few months.”

Residents agree. Virendra Chanda, a resident of sector 8 who also owns
a business in sector 15, said, ”The fact is that the image of
Faridabad is changing with the opening of the flyover. Coming here and
setting up a business is no longer implausible because of the Badarpur
bottleneck.” With the increased connectivity, Chanda hopes that not
only will it be easier to go to Delhi, residents of the capital will
also be coming down to Faridabad. Nitin Deol, a small-time
entrepreneur, said, ”When big malls and cinema complexes open here,
footfalls from Delhi and Noida will also be contributing to the
economy.”

The feel-good realty market certainly seems to suggest so. Experts say
that rates have gone up not only in the main Faridabad sectors but
also in peripheral areas. Mishra added, ”The 4.4-km flyover is a boon
for Faridabad as it will benefit not only nearby areas, but also
Sector 37, Ashoka Enclave, Greenfield Colony, Sectors 45, 46, 21A, B,
C and D, 28, 19, 30 and Sector 31 as well. In fact, after the Metro
becomes operational the maximum effect will be felt here.” The impact
is already visible. Rates in sectors 21A, B, C and D, which were
earlier between Rs 36-38,000 per square yard, are now between Rs
50-60,000. In sectors 30 and 31, the figure is now between Rs
45-50,000 per square yard.

In sectors 21 and 19 — where most apartment complexes are located —
the rates have gone up from Rs 3,500 per square feet to Rs 4,500.
Realty experts say across the Canal area specially, sector 77-89 are
expected to come up in a big way.