Faridabad Real Estate Witnesses Astonishing Rise in Plot Values

By: George Gonigal

Residential real estate values have increased in the posh sectors of Faridabad especially Sector 14, 15, 16, and 17, in the range of 20-40 per cent in the last ten months, according to MagicBricks reports. For instance, the residential plot capital values in Sector 14 have increased from Rs 25,000 per sq. ft, in May 2007 to Rs 35,000/sq yard in February 2008.

Brokers attribute the increase in these values to the fact that the occupancy levels are high at 70-80 per cent and these sectors are buoyant with many transactions in real estate happening, and the values increasing at regular intervals. Plus these areas are better provided with infrastructure facilities like water, electricity, drainage, sewerage etc as compared to other sectors.

Co-operative Group Housing Society (CGHS) values have been more or less stable in Faridabad from August 2007 to February 2008 with the average apartment capital values being in the range of Rs 2600 - Rs 3600/ sq ft. These CGHS are allotted apartments and are under various phases of construction. Values are expected to rise after completion of construction, once these are ready for possession within a year.

Property values have been stable at Sector 55, 64 and 65 with the average plot capital values being in the range of Rs 15,000 - Rs 20,000/ sq yard. These all are HUDA sectors where development is very slow. Government is not taking any initiative to develop these sectors and also these are not provided with infrastructure, says Bhanu Garg of Tarishi Infrastructure Pvt. Ltd. he informs that the occupancy levels are low at 10-20 per cent, no property transaction is taking place and thus the capital values are more or less stable.

Rental values have increased marginally in the last ten months but there has been no significant transformation. Rental values are more or less same in the previous months and fall in the range of Rs 7,000- 12,000. This is because most of the people are investing in residential properties like upcoming apartments and plots rather then taking home

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