More push from infra development
Also known as Greater Faridabad, the Neharpar area was incorporated in 2004-05 under the city’s master plan. The location shares its boundaries with eastern periphery expressway, which connects with Ghaziabad, Noida, Faridabad and Palwal, lending it the status of an industrial corridor.
Sector 79 has been designated as commercial district by the Municipal Corporation of Faridabad. It is being developed with an objective of providing residential, commercial and office spaces art an essentially strategic location between Greater Noida and Faridabad. Greater Faridabad is also very close to the Faridabad bypass road, which connects the border of Delhi with Ballabhgarh and the adjoining industrial areas.
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In tune with these plans, a number of infrastructure initiatives currently underway will provide vastly improved connectivity. The Kundli-Manesar-Palwal expressway will connect the Neharpar area with Delhi and Gurgaon, while a 3-km flyover between Delhi and Faridabad which will ease traffic bottlenecks at the Badarpur border is near completion. Six-laning of the existing bypass road starting from Badarpur is also near completion.
Further, Metro connectivity from Faridabad border to South, East and Central Delhi and various industrial/ commercial centres like Badarpur, Tughlakabad, Mohan Estate, Sarita Vihar, Jasola, Okhla Industrial Area, Kalkaji, Nehru Place, Kailash Colony, Moolchand, Lajpat Nagar, Nehru Stadium, Lodhi Colony, Khan Market and Central Secretariat will make many of the key locations of central and South Delhi easily accessible.
A number of malls now supplement the local markets. The area now has the benefit of educational institutions like Echelon Institute of Technology, Apeejay School Faridabad, Palm Beach School for Autism, Modern Delhi Public School and the Institute of Aviation Management. Healthcare facilities include Apex Diagnostics and Polyclinic, Kilkari Paediatrics Clinic, Diagno Aide Pathology Lab and Kalra Child Care Centre. Also, the area has parks like Ecological Park, Swarna Jayanti Park and Destination Point.
Haryana Urban Development Authority (Huda) is planning to construct sector roads (sectors 75-89) in the Neharpar area, further augmenting connectivity. An investment of several crores has been made into the improvement of water supply to the region.
Effective deployment of all necessary civic amenities and other infrastructure at Neharpar is likely to take another 2 to 3 years. Once these facilities are in place, Neharpar will be on par with other major realty hotspots in the NCR region.
The biggest draw is that property is still available at affordable rates: Land prices are in the range of Rs 12,000-13,500 per sq yd in the primary market and Rs 9,000-10,000 per sq yd in the secondary market. Apartments are priced in the Rs 2,050-3,500 per sq ft range.
On an average, the region has witnessed price appreciation of approximately 30 per cent over last 12 months. As such, the Neharpar area is still the most affordable in the NCR region if we take Noida Extension as a benchmark for affordability. Even considering the steep increase in prices over last year or so, Nehapar remains a more cost-effective option than Noida, Gurgaon and other parts of Faridabad. Given the projected infrastructure development over the next 2-3 years, it is definitely a promising mid- to long-term investment bet. The area has seen an unprecedented boom since January this year. Though the boom has now slowed following a sharp and sudden upward movement of property prices, rates are still reasonable and expected to hold. A correction, if any occurs, would be marginal.
According to the latest market conditions, it seems there is an inventory overhang in fresh bookings. This might take 6-12 months to clear. There are a few resale units available that are primarily finding takers among buyers focused on budget homes. Currently, property transactions at Neharpar are at a low ebb. The next round of demand will depend on how fast the government executes infrastructure work, the performance of the economy, and the employment generation opportunities.
The writer is CEO (operations), Jones Lang LaSalle India