PRLog - Feb. 9, 2010 - NEW DELHI, India -- Neharpar, now part of Faridabad's new Master Plan, is set to gain a foothold in big-league realty market once current development projects are completed in next 3-4 years, says
The Neharpar region in Faridabad was incorporated into the Master Plan of Faridabad about 5 years ago, in 2004-05, under the city's new Master Plan. With an area of approximately 3,000 acres, it covers Sectors 70 to 91. Still in its early stages of development, the area has a mix of both residential and commercial property. With multistorey apartments, plots, villas and townships, a large number of options are available in the residential category. The Municipal Corporation of Faridabad has notified Sector 79 as the commercial district in the area with individual shops and SCFs (shop-cum-flats)
Neharpar boasts of some big developers like BPTP, SRS, Omaxe Ltd, Vipul Group, Piyush Group, Puri Constructions, RPS, etc, who have launched projects in the area. BPTP is a major developer with almost 60% of the projects in the area being under its belt. The residential plots are available in the range of Rs 10,000 and Rs 15,000 per sq yard and flats are available within a price range of approximately Rs 1,800 to Rs 2,000 per sq ft. But prices are expected to rise as development progresses. Currently, it is in early stages of infrastructure development, and connectivity with other areas of the city is also not up to the mark. Once these facilities are in place, Neharpar will be on a par with other major realty hotspots.
Private developers are equipping their projects with basic utility services. BPTP, for example, has received sanction for a 30MW power station for Sectors 75-76, but still, current facilities call for a major overhaul. In order to improve the area's connectivity, roads in and around the area need to be improved.
Government has moved in this direction by imposing Section 17(4) of Land Acquisition Act for mandatory acquisition of land which comes under the sector roads. This will ensure the development of the sector roads in the area leading to a positive impact on its valuation.
Opening of the Badarpur flyover and the Metro link will also help in attracting buyers and contribute towards developing a more positive image of the area. Moreover, HUDA is also planning to widen existing bypass at Sector 37. Such infrastructural improvements and development will add to the USP of the place.
Currently, 90% of buyers are investors lookin for long-term gains. As the property is in different stages of construction, individual buyers are not yet keen on purchasing. According to Vipin Sood, a city based realtor, "The area will be able to fully realize its potential only after 3 to 5 years and will then be able to gain foothold in the market."
Courtesy:- Times Property dtd:- 06-02-2009