Authored By: Mohit Goel, Managing Director, Omaxe Group
Imagine your dream home—a home where modern comfort seamlessly merges with unparalleled
convenience. Today's discerning homebuyers seek properties offering not only luxurious amenities but
also seamless connectivity to vital city hubs and essential facilities like hospitals, schools, and
recreational spaces. This surging demand for luxury residences is unmistakably evident in the Delhi-NCR
region.
In 2023, the region witnessed a remarkable surge in luxury housing sales, soaring by an impressive
216%. However, Faridabad, a crucial part of the NCR, lags behind in the luxury residential property
segment compared to its neighboring cities like Gurugram, Noida, Greater Noida, and Ghaziabad.
Despite high demand, the growth of luxury residential options in Faridabad has been slow to
materialize.
This slower growth can be attributed to various factors, including the perception that Faridabad is
primarily an industrial area, slow infrastructure development, limited connectivity to other NCR parts,
and insufficient public facilities. For decades, the focus was primarily on developing other areas, leaving
Faridabad with fewer investments in its residential luxury market.
However, as prices for luxury properties skyrocket in well-developed parts of the NCR, attention is
shifting towards developing areas like Faridabad. Faridabad is not merely an industrial hub but a well-
planned, developing city under the Smart City project initiated by the central government. Additionally,
it has been listed as an A1 city by the Haryana Government, akin to Gurugram.
Despite being in its early stages, Faridabad’s luxury residential market is witnessing significant demand.
However, the current supply of luxury residential properties falls short of meeting this demand. While
Gurugram and Noida each boast over 7,000 luxury units, Faridabad and Greater Faridabad combined
have fewer than 3,000 luxury units available. This disparity highlights the untapped potential in
Faridabad’s real estate sector. Developers and investors have a unique opportunity to capitalize on this
growing market by introducing high-end residential projects that cater to the increasing demand for
luxury living.
Comparatively, the pricing of a 4 BHK luxury apartment starts at ₹4 Crore in Gurugram and ₹3 Crore in
Noida, whereas in Faridabad, similar properties start at around ₹2 Crore with higher appreciation
potential. It is also predicted that after the completion of the Faridabad-Jewar Expressway, real estate
property prices in the Faridabad region could increase up to 40%. Most of the posh sectors in Faridabad
are almost fully occupied, prompting developers to focus on Greater Faridabad for building luxury
residential properties.
The ongoing infrastructural developments in Greater Faridabad strategically position it as a vital
component of the NCR's interconnected ecosystem. Beyond just roadways, ambitious plans include
extending the metro line along the bypass road and constructing a 75-meter-wide road towards sectors
87, 88, and 89. Additionally, upcoming projects such as the Manjhawali Bridge to connect Greater Noida
to Faridabad and the Faridabad-Jewar Expressway promise to drastically reduce travel times, with
projections of a mere 15-minute journey between Faridabad and the new Jewar International Airport.
These developments are not only fueling demand for luxury residential properties but also for all types
of real estate.
In conclusion, the slow growth of luxury residential properties in Faridabad despite high demand
underscores the urgent need for more investment and development in this segment. As the city
continues to evolve and urbanize, addressing this demand gap presents a significant opportunity for
investors and developers. Faridabad's transformation from an industrial hub to a sought-after real
estate destination hinges on meeting the growing demand for luxury residential options. The time is ripe
for stakeholders to capitalize on this opportunity and propel Faridabad's luxury residential market to
new heights.