Real Estate in Greater Faridabad (Neharpar Faridabad): A Prime Investment Opportunity in 2024
Neharpar also known as Greater Faridabad refers to newly developed Sectors 66 to 89 in Faridabad, Haryana, India. Sector 66 to 74 are Industrial Sectors whereas Sector 75 to 89 are Residential Sectors. This area is being developed new, and hence boast of wide roads, tall buildings, malls, educational institutions, and commercial centers. This area is also referred to as Greater Faridabad. Faridabad has a huge amount of central funding coming from Jawaharlal Nehru National Urban Renewal Mission (JnNURM).
Historically, people from areas far from Faridabad never considered it for their real estate investments. However, this perception has changed dramatically, and many investors are now reaping substantial returns, with some even witnessing a 400% increase in property values over just three years.
In 2024, Faridabad is no longer an undiscovered gem—it’s a booming real estate hub attracting people from all corners of NCR. Let’s dive deeper into why Greater Faridabad is a must-consider location for both homebuyers and investors.
Why Faridabad is the New Residential Hub of NCR?
Greater Faridabad has quickly evolved into a thriving residential area, drawing homebuyers and investors from Delhi, Noida, Gurgaon, and other NCR regions. Here’s why:
1. Affordable Property Prices
Faridabad offers high-quality residential properties at prices significantly lower than those in Delhi, Gurgaon, or Noida. For homebuyers, this means more space, better amenities, and the opportunity to own property in a rapidly developing area without stretching their budgets.
2. Wide Roads and Less Traffic
Unlike the congested, traffic-heavy areas of Delhi or Gurgaon, Faridabad boasts wide, well-planned roads, resulting in smooth commutes and less time spent stuck in traffic. This ease of travel adds to the appeal of living here, making it an ideal choice for professionals who work in other parts of NCR.
3. Larger Homes and Better Living Spaces
One of the key advantages of Faridabad real estate is the size of the apartments. You can find larger homes with bigger room sizes, providing more comfort for families compared to the cramped spaces typically found in other NCR cities. This makes Faridabad an attractive option for those looking for value without compromising on quality of life.
Real Estate Pricing in Greater Faridabad (December 2024)
As of December 2024, the property prices in Greater Faridabad have seen an impressive rise, reflecting the growing demand and infrastructure improvements in the region. Here’s a breakdown of current prices for various property types:
Affordable Housing Options:
- 2BHK apartments in newly developed societies (within 5 years old) start at ₹35 lakhs.
- 3BHK apartments are available starting from ₹45 lakhs.
Mid-Segment Housing:
- 2BHK apartments in mid-segment societies like BPTP Elite premium are priced from ₹56 lakhs.
Luxury Apartments:
- Luxury apartments like Discovery park begin at ₹85 lakhs for a basic 800 sq. ft. unit, with larger options (900-1050 sq. ft.)
Other Property Types:
- Builder floors start at ₹85 lakhs.
- Low-rise floors are available from ₹50 lakhs.
- Plots are priced at ₹61,000 per square foot in undeveloped areas, with developed areas going for ₹1 lakh per square foot.
Recent Price Surge: What Changed?
The real estate prices in Faridabad have risen by a minimum of 17-18% since June 2024, driven largely by the completion of the Mumbai Expressway. This new expressway has enhanced connectivity between Faridabad and other parts of NCR, making it easier and faster to commute. As accessibility improved, the demand for properties in the region surged, leading to the price increases we are seeing today.
Why Invest in Faridabad Now?
if you’re considering investing in Faridabad, there are plenty of compelling reasons to act now:
1. High Return on Investment (ROI)
Greater Faridabad has witnessed remarkable appreciation in property prices, with returns of up to 400% in just three years. The trend is expected to continue as infrastructure projects like the metro expansion, expressways, and residential projects continue to fuel demand.
2. Growing Infrastructure and Connectivity
With improved infrastructure, such as the Mumbai Expressway and upcoming metro links, Faridabad is becoming more connected and accessible, boosting its desirability for both homeowners and investors.
3. Strong Demand for Housing
The influx of people moving into Faridabad from other NCR areas, driven by the region’s affordability and connectivity, ensures that the demand for residential properties will continue to grow, making it a great time to invest before prices rise even further.
Faridabad Real Estate is Ready for Growth
Greater Faridabad has firmly positioned itself as a leading residential and investment destination in NCR. With its affordable prices, larger homes, better infrastructure, and growing demand, it’s a prime location for both homebuyers and investors. As Faridabad continues to develop and evolve, its property market is set to experience even greater growth in the coming years.
Whether you’re looking for an affordable home, a mid-range apartment, or a luxurious property, Greater Faridabad offers something for everyone. And with the current market trends, now is the perfect time to invest in this rapidly growing region.