Enhanced connectivity to NCR cities, a slew of retail and office projects combined with affordable rates are pushing Faridabad's commercial profile, which is expected to take off in next couple of years, finds
Brix Research

Bound by Delhi to its North, Faridabad has been a major industrial township of the NCR. However, its growth has not been as rapid as that of other NCR hubs such as Delhi, Gurgaon and Noida, and its full potential has yet to be explored. Today, Faridabad has opened up new areas like Neharpar and Greater Faridabad for development, along with a proposed Metro rail link. This has led to an enhanced interest in the real estate of the city.
In recent times, Faridabad's real estate has seen a steep escalation in property values, enhancing its appeal as a serious real estate market. Earlier, ignored by investors and developers alike, the city has suddenly witnessed a surge in real estate activity, both in commercial and residential property. The biggest draw is that property is still available at affordable rates and there is ample land that can be developed.
Areas like Neharpar and Greater Faridabad are being developed as residential hubs. But with the upcoming Metro rail link and the construction of Badarpur flyover, developers have woken up to Faridabad's immense potential in being developed as a fully-fledged commercial area. Due to these reasons the commercial property sector is now bustling with activity.
One of the most conspicuous developments in this sector is multiplicity of malls that have sprung up. Crowne Plaza in Sector 15A and SRS mall in Sector 12, the oldest malls in Faridabad, have been around for a long time as the only shopping centres for residents of the city. But now, citizens can brace themselves to a huge surge in the number of malls here. Around 22-24 malls are coming up within a radius of 10-15km of the Metro link-route, between Badarpur and Mathura Road.
Malls like Crown Interiors, Manhattan, and Sewa have already opened while Nirula's Mega Mart will be ready for occupation this year. Malls like BPTP's Next Shopping Arcade, Vardhman's Star Mall, MB Mall and Gardenia Sky Mall are at different stages of construction and are expected to be ready by end-2010. Each unit of 200-1,200 sq ft are available in the price range of Rs 10,000 to Rs 15,000 per sq ft. "Malls are a fairly new concept for Faridabad and have sprung up in the last five years. But their potential will be realized in the next 4-5 years, impacting the business of local shopping complexes," says Manoj Rastogi of Agarwal Properties.
Faridabad does not have a clearly defined commercial area consisting of office or retail space. Each locality has its own local market, catering to the daily needs of residents. These markets are a mix of individual shops, office space, local shopping complexes, all rolled into one.
Areas like New Industrial Town, Old Faridabad and Sector 15 have been the hub of retail activity in Faridabad. These areas have a clutter of individual shops in local shopping complexes. Each shop of 200 sq ft has been valued in the range of Rs 35 to Rs 40 lakh. In townships like Greenfields, a 100 sq ft single shop is valued in the range of Rs 9 to Rs 35 lakh. But the old hubs have hardly seen any improvement, either in terms of infrastructural facilities or any new projects.

Today, a large number of business and IT parks are coming up in the city. Many big developers like Piyush Group, BPTP, SRS Group are setting up their projects within 5-6km of Mathura Road, Faridabad's connecting point to the rest of Delhi. These projects are being built according to international standards with stateof-the-art facilities.
As a result, there is a new breed of buyers who have entered market as investors. On the one hand, there are projects like Piyush Group's IT park, Global I, which is set to provide office space with world-class facilities by 2011. Spread across an area of approximately 3.9 lakh sq ft, Global I will provide exclusive office space in an environment-friendly green building. Strategically located on NH-2, it offers office space with a minimum area of 400 sq ft, valued in the range of Rs 7,000 to Rs 11,000 per sq ft and will have facilities compatible with global standards.
Then there is BPTP's The Next Door, a modern-day shopping complex that will offer both office and retail space. With an area of approximately 1.72 acres, the complex will house 270 units, out of which 160 are shops and 106 units are for office space. Located in Sector 76, it is reasonably valued in the range of Rs 3,000 to Rs 6,500 per sq ft.
Another project by BPTP is Park Square, which is a commercial complex with a heady mix of retail shops, office space, multiplex and a food court. It is located in BPTP's Parkland, an integrated township, in the fast developing area of Neharpar and is aimed at providing a world-class shopping and working environment. The demand for commercial space has already increased by nearly 60% and is expected to rise further as most of these projects will be ready for possession by mid-2010.
With demand being matched by supply, the city has turned into a suitable destination for new business endeavours. With world-class office and commercial space coming up, the city is an attractive option for various MNCs. The major reasons for this surge in real estate activity can be attributed to the city's increasing connectivity and its reasonable price range, compared to other NCR cities. The upcoming Metro link, the Badrpur flyover and the proposed Noida Expressway will not just solve commuting problems of the city but will also be its USP, which will attract developers, buyers and investors, equally. Moreover, its affordable price range gives it an edge over other cities.
According to Manoj Rastogi, "In the next 7-8 years, with better infrastructural facilities, improved connectivity and affordability Faridabad will be an ideal destination for investment and purchase of property and preferred by the next generation professionals."

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Courtesy:- Times Property dtd:- 06-02-2009