Real estate developers in faridabad
Today, Faridabad has developed into a mini-metro in its own right, writes RAVI KUMAR MANGALAM
The real estate landscape in the country has seen significant transformation. Much of this has been brought about by the realty revolution that the country witnessed in 2005-2007, and a subsequent period of slowdown that saw a slump in consumer demand. However, the strong fundamentals of the economy have seen the sector rebound after the slowdown — on the back of resurgent demand — with increase in consumer confidence due to optimistic economic outlook and a stable job market. This dramatic shift clearly points to certain fundamentals that have redefined traditional wisdom.
Not so long ago, the average buying age for properties, especially in India, was typically 50 years onwards. However the sector saw unprecedented interest in the period 2001-2007, with new pockets of wealth being created which spawned a young consuming class. Added to this, a closer integration with the global economy and greater awareness in the consumer heralded a fresh new chapter in the history of realty in India.
This was further propelled by the growing importance of the sector, which emerged as a key revenue and employment generator and gave an impetus to other allied industries like retail and hospitality.
While growth in the metro regions continued, nearby ancillary towns and other smaller cities emerged as new pockets of development, giving rise to new hotbeds which were the focus of real estate action. Faridabad, a modern satellite city of Delhi, is one such example. In fact, the picture of the heart of India has grown from including only Delhi to the whole National Capital Region comprising Delhi, Faridabad, Noida and Gurgaon in the past few years. Most remarkably, Faridabad has developed today into a mini-metro in its own right.
The furious pace of urbanization of Delhi's outskirts in the last four-five years has led to a rapid development of areas surrounding the national capital. With Gurgaon and Noida outpacing the other suburbs in terms of development, the two micromarkets are almost near saturation. Hence there has been a steady shift of interest by developers to other lucrative locations like Faridabad. Also with the massive thrust and demand emerging from the affordable housing segment, Faridabad provides an appropriate setting for developments across the value chain, be it affordable or high end realty. Further, the realty sector gains impetus as it is the only city in Haryana to be chosen under the JNNURM scheme by the government, which is bound to boost urban infrastructure in the region.
Faridabad, which is strategically located 25km south of Delhi, has thrived in recent years due to its connectivity to Delhi, Gurgaon and Noida. Faridabad has traversed a long way from an industrial township into a modern-day city, complete with elegant office complexes, sprawling shopping malls and classy retail markets that host major retail brands. That apart, it has emerged as a playground for some of the most distinguished and prominent real estate developers in the country. The city is poised for major development drive as it holds significant potential for residential as well as retail, projects. Various housing projects by these residential property builders include row houses or apartment houses, group-housing societies and also the latest concept — integrated townships.
Some of the key names that have operations or have launched projects in the town include BPTP, Puri, Eldeco, Vatika, Omaxe, and Mahindra Gesco, which have catapulted Faridabad into a top-league real estate investment destination. What has contributed to the speedy growth of the city of Faridabad is the number of real estate projects coming up here.
BPTP has been one of the early investors in the region. It has been instrumental in identifying Faridabad as an area of potential growth for development ahead of the market. "BPTP Parklands" is BPTP's signature flagship integrated township. With over 70% of its entire land bank in Faridabad, BPTP has been instrumental in shaping the urbanscape in this town. BPTP is the largest real estate developer in Faridabad.
BPTP Parklands has been designed to be a modern self-sufficient township with all basic infrastructures like sports and recreational clubs, schools, hospitals, shopping centers, hotels, IT parks and group-housing facilities, with a special emphasis on greenery, open spaces and water bodies including lakes and lagoons. Project Parklands is expected to have an extensive internal road network and is well located in proximity to the national highway as well as the upcoming Faridabad-Noida-Ghaziabad expressway. The key developments under Project Parklands include: "Princess Park" (group housing project), "Park Grandeura" (luxury apartments), "The Resort" (mid-income housing apartment), "Park Floors" I & II, "Park Elite Floors" (independent floors), "Park Elite Premium", "Park 81" - all of which are residential offerings. The ongoing commercial projects under BPTP Parklands include "Convenience" commercial plots, "Next Door" (modern convenience commercial shopping complex) and "Park Square" (convenience commercial shopping complex). The forthcoming projects include an IT park and an IT SEZ project that are a part of the flagship development in Faridabad.
Amit Raj Jain, senior vice-president (marketing) of BPTP Limited, says: "BPTP has been at the vanguard of real estate development in Faridabad, much before it stirred the interest of the industry and consumers alike. Our leadership in the region is evident from our biggest investment - our flagship signature project BPTP Parklands. Designed as a self-sufficient community, the complex will have several residential and commercial complexes, retail spaces, healthcare facilities, educational institutions, entertainment and sporting options. Innovative living concepts with the 'best in class' construction quality and superb facilities we deliver to our customers symbolize the value of our promise."
Other prominent real estate companies including Omaxe have boosted the image of Faridabad with glamorous and high-class projects, residential as well as commercial. Residential projects like "The Forest" by Omaxe is a prime example of posh residential development in Faridabad. The ultramodern living combined with the aesthetics make The Forest an exquisite villa designed to international specifications. The KLJ group has launched three group housing projects — La-Vista, Espana and KLJ Greens — in Sector 77. It is also constructing independent floor houses, where prices range between Rs 14 lakh and Rs 19 lakh.
Triveni Infrastructure, a realty major, is also implementing a number of projects in Faridabad. Besides an apartment project "Galaxy" in Sector 78, it has also launched two projects of independent houses — "Luxury Villas" in Sector 78 and "Garden Villa" in Sector 89. The prices of independent houses range between Rs 34 lakh and Rs 90 lakh.
Along with swanky residential projects, there are a lot of commercial projects that have been developed or are still under construction in Faridabad. These commercial projects are also as vast and as elegant as the residential projects. Many shopping arcades and malls are functional and many more are in the pipeline. Put together, they make Faridabad a city with truly international style of living and also a very propitious place for the purchase of property.
Courtesy by : Times Property Dtd : August 21st 2010
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Article Source: Messaggiamo.Com
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