Zip drive: Greater Faridabad to Greater Noida

Delhi/NCR
In keeping its promise to boost infrastructure and trigger growth across sectors, the Modi government has set the ball rolling. The foundation stone for a new road linking Greater Noida and Faridabad was laid recently, which will improve connectivity and spur all-round growth in the belt.

The 24km-long project between Jasana-Cheersi-Manjawali in Faridabad and Atta Gujran in Greater Noida is a part of the developmental initiatives for the NCR. The project will also include a new 600-metre bridge over the Yamuna at a cost of Rs 200 crore. The forthcoming road will improve connectivity between NH-8 in Gurgaon and Yamuna Expressway. The announcement has also come as good news for the real estate sector, especially homebuyers.

The new road is an opportunity for developers to gain by building new housing projects while homebuyers can hope to grab their dream home at affordable pricing.

Leading developers say that the decision will act as a shot in the arm for the real estate projects in the area. They feel that the proposed expressway from Greater Noida to Faridabad is like a dream come true for the people staying in Haryana and Uttar Pradesh. Smooth connectivity will boost the demand and price for residential and commercial properties in Noida, Greater Noida, and Faridabad.

R K Arora, the chairman and managing director of Supertech Limited, says: “Growth may be seen in nearby areas like Noida, Greater Noida, and Faridabad with an expected increase at a CAGR of 20% during 2014-16. Noida, already on a growth trajectory, will add one more infrastructural advantage to its developmental portfolio whereas Faridabad, which is now emerging as the preferred destination for investors, will see huge prospects of economic boom.Also areas like Haryana’s Mehatpur, Lalpur, Bhupauni, and Khedi villages, and KMP Expressway and NH-2 near Palwal, which the expressway will connect, will see an increase in demand for real estate.“

Noida is one of the hubs of development with most of the developers in the Delhi NCR active there. Due to connecting road between Faridabad and Greater Noida, several builders in the NCR have begun developing better and larger units, luxurious as well as affordable homes.

They say that the new road link will help bring the budget residential options that are available in Greater Noida and Yamuna Expressway within the ambit of people currently staying in Faridabad. People with businesses or working in Faridabad didn’t consider the options available there till date, but this will change once the road is complete. Sandeep Bedi, the director strategy and systems of BPTP, says: “The new connecting road will have about 28.1km stretch in Faridabad, especially in the developing sectors of Neharpar. With the population of the NCR ballooning and new mega cities like Gurgaon, Ghaziabad, Noida, Greater Noida, and Faridabad emerging as major residential and commercial hubs, the Neherpar area in Faridabad and Sectors 117, 118, 121, 122, 137, 142, and 150 in Noida are expected to see the maximum growth.“

Anil Kumar Sharma, the CMD of Amrapali Group and president of Credai-NCR, says: “The entire growth will push up the realty development in areas like Greater Noida West, Yamuna Expressway, NoidaGreater Noida Expressway, Sector 120, Sec tor 119, Sector 76, and Sector 45 in Noida and in its vicinity along with the areas connecting Faridabad. Also, as Faridabad and Greater Noida regions are known for their affordability factor, the area is going to see maximum investment from end users.“

Arjun Puri, the director of Puri Constructions, is also of the view that the connecting road will add to the charm of living in the Neharpar area of Faridabad. Puri says: “The road connects Sector 89, Neharpar, in Faridabad with Noida’s Sector 164 on Noida Expressway. This will further enhance the appeal of living in Neharpar, Faridabad, especially Sectors 88 and 89.“

Vidya Basarkod, the president (Sales and Marketing) of Jaypee Greens, says: “The maximum growth will be in the budget segment of residential options that are available in Greater Noida and Yamuna Expressway. We expect this link road to be completed in the next three-four years, so we don’t see any immediate increase in the rates on account of this announcement.“

With the new connecting link in place, investors too can expect appreciation and returns on their investment. The current residential rate in the areas is around Rs 5,000 per sq ft, which is expected to appreciate by around 25% in the future.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/zip-drive-greater-faridabad-to-greater-noida/75991.html