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Developers pitch for new city :To pump Rs 2,168 crore by 2012 in Faridabad


By Riti, Section Faridabad Real Estate Property
Posted on Wed Jul 09, 2008 at 12:58:44 AM EST

While the authorities are set to pump in about Rs 2,168 crore by 2012 (according to the city development report) to augment infrastructure that will propel Faridabad's growth, private developers have started pouring in to create a new Faridabad, spread over 5,000 acres, within the next five years.

Private players who have invested in the region say Faridabad has everything going for it to emerge as a major residential and commercial hub. ``What the city lacked was proper marketing. It has a high potential for growth. With private investment flowing in and big townships coming up, Faridabad has already started marching ahead,'' said Amit Raj Jain, vice-president (marketing) of BPTP Limited.

Developers shifted focus to Faridabad after Gurgaon and Noida reached the saturation point. With property prices still within the reach of the salaried class, it is little wonder that private players like BPTP, Omaxe, Uppal, Ansal API, Realtech and DLF are busy constructing mega townships and commercial projects.

``We aim to make it a city where everyone would wish to live in in the next four-five years,'' says Shiv Bhatia, media advisor to Haryana chief minister.

Adds Tinku Singh, group president of SRS Group, ``The middle class can own a house in Faridabad because of the prices. As of now, we have one major link road (NH-2) from Delhi and it is congested at the border. But with the completion of two more expressways and widening of the Gurgaon-Faridabad road, things will improve. The flyover at Badarpur border will ensure a non-stop ride to the city.''

Singh says Gurgaon has its problems, including water scarcity, while law and order is a burning issue in Noida.

Developers say they are pitching for the Naharpar area as the new centre of Faridabad's growth, primarily because they already own huge patches of land there and also because of its location. ``The land we have does not include any hill or water body. This is the reason why we have started to develop this patch as a large integrated township,'' said Jain.

Source:The Times Of India 9th-July-2008.

< Faridabad now seeing a realty boom and development spurred by JNNURM funds | Saraswati vihar housing board market :An administrative mess >

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