Faridabad might have been a sleepy little semi urban region in the past but it has rapidly grown to become one of the most happening regions in the Delhi- NCR region. When the Delhi- NCR region was expanding, certain issues like land acquisition to administrative and infrastructural problems were plaguing the region. However, Faridabad was calm and quiet and it had steadily attracted investors who believed that the region had great potential to grow in the long run. The region might not be as glorified as Greater Noida or Gurgaon in the beginning, but it emerged as the underdog and has become one of the most sought after localities, holding great potential for the future. Home buyers are also opting for home loans in Faridabad to buy their assets here while the prices are still within attainable limits.
Faridabad Known As
Faridabad, also known as Neharpar in popular parlance, was renamed Greater Faridabad in 2004- 2005 when the master plan of the city was made. The biggest locational advantage of the region is that it shares boundaries with Eastern Periphery Expressway, connecting Noida, Ghaziabad, Faridabad and Palwal, which comprises the main industrial corridor in the region.
For a time, large investments in the region had stopped coming because of the various government red tapes and bottlenecks, but that changed when certain developmental measures were proposed and long term plans were formulated to make it a region fit for habitation. As of now, it remains to be the most affordable pockets within the NCR and yet has many of the amenities like its counterparts and they are also increasing. With the lowest home loan interest rates in India from most lenders, home buyers are buying property here like never before.
Most of the development in the region is being undertaken by the Haryana Urban Development Authority and all efforts are being made to make this an ideal destination for investment. With this in mind, the Kundli Manesar Palwal Expressway has been sanctioned and it would connect Neharpar with Delhi and Gurgaon, greatly increasing the importance of the region. Three km flyovers will also connect Delhi to Faridabad and the existing bypass road would also be reworked and extended.
Property rates in Faridabad are still attainable and the price per sq feet here is about Rs 3500 per sq feet, which can go up to Rs 4500 for ready to move in properties. Interest home buyers can easily opt for home loans and with the help of home loan EMI calculators can find out how much they need to set aside from their income each month to be able to afford a house here.
The biggest USP of the region is the affordable housing and that is why the middle class families who want to stay near Delhi but find it difficult to buy a home in the proper city or in other locations of NCR are now turning their attention here. Moreover, there are a number of banks and NBFCs operating in the region and with the help of home loan eligibility calculator, one can determine, how are they supposed to apply for the loan and which criteria should they meet to get approved for the loan.
Greater Faridabad will soon rise to greater prominence than it already is and property experts are hopeful that in the near future, the region will provide stiff competition to Gurgaon and Noida. Those who buy their homes in the region now are sure to be on the winning side when the property prices here start climbing and they have the opportunity to get homes in the prime locations while the prices are still low.