NCR real estate - Neharpar Faridabad on tenterhooks

Cortesy: Moneycontrol

Also known as Greater Faridabad, 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 to an essentially strategic location between Greater Noida and Faridabad. Greater Faridabad will also be very close to the Faridabad bypass road, which will connect the border of Delhi with Ballabhgarh and the adjoining industrial areas.


Infrastructure Development
In tune with these plans, a number of infrastructure initiatives currently underway will provide vastly improved connectivity:

- The KMP (Kundli-Manesar-Palwal) expressway will connect the Neharpur area with Delhi and Gurgaon

- A 3-kilometer flyover between Delhi and Faridabad which will ease traffic bottlenecks at the Badarpur border is near completion

- 6-laning of the existing bypass road starting from Badarpur, parallel to the Agra and Gurgaon canals is 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, Mool Chand, Lajpat Nagar Areas, 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 - Crown Plaza Mall, Good Store and Lifestyle being among the major ones. The area now has the benefit of educational institutions such 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.

HUDA (Haryana Urban Development Auhtority) is planning to construct sector roads (sectors 75-89) in the Neharpur area, further augmenting connectivity. An investment of several crore has recently been made towards 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 a par with other major realty hotspots in the NCR region.

Investment Potential
Neharpar is developing into a megahub for residential and commercial projects. The biggest draw is that property is still available at affordable rates:

- Land - Rs. 12000-13500.sq.yd (primary market),  Rs. 9000-10000/sq.yd. (secondary market)

- Apartments - Rs. 2050-3500/sq.ft per sq. ft.

On an average, the region has witnessed price appreciation of approximately 30% over last 12 months. As such, the Neharpur 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 the 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, Neharpar is definitely a promising mid-to-long term property investment bet. The area saw an unprecedented boom from January 2012, and though the boom has now slowed on account of the sharp and sudden upward movement of property prices, rates are still reasonable and therefore expected to hold. A correction, if any occurs, would be marginal.

As per the latest market conditions, it does seem like that there is an inventory overhang in fresh bookings, which will take 6-12 months to clear. There are a few resale units available which are primarily finding takers among buyers focused on budget homes. Currently, property transactions at Neharpar are at low ebb. The next round of demand will depend on:

- How fast the government executes infrastructure work

- The performance of the economy, and

- The generation of employment opportunities


Price Points
Property rates at Neharpar and Faridabad will stay steady between Rs. 3000-3500/sq.ft. for the interim. Projects with imminent possession dates should move up to these levels, while fresh bookings will lag until the infrastructure work is given a push. In other words, only investors with a horizon of at least a couple of years can expect to see a meaningful rate of return on investment. In fact, nearly 90% of investors into Neharpar are looking for long-term gains

There is certainly scope for further appreciation in the Neharpur. Demand for property in Faridabad's Sectors 88 and 89 is high as both are located quite close to two upcoming highways. In these sectors, the going rate for group housing ranges from Rs. 1400-1600/sq.ft. on the secondary market. In the primary property market, developers are quoting rates ranging from Rs. 1600-2200/sq.ft. The price of group housing has risen by between Rs. 150-200/sq.ft. over the last one year, and that of plots by about Rs 2000/sq.yd.

The major realty players in Neharpar include BPTP, SRS, Omaxe Ltd, Vipul Group, Piyush Group, Puri Constructions and RPS (BPTP has the largest land bank). TDI also has plans for residential and commercial projects in the area.

KMP Expressway's first stretch in November

Haryana Chief Minister Bhupinder Singh Hooda has announced that a part of the 135.65-km Kundli-Manesar-Palwal Expressway will be opened this November.

“The first segment of the four-lane expressway between Manesar (NH-8) and Palwal (NH-2) will be opened in the first week of November,” Hooda said. On the expressway, toll will be levied according to the distance travelled, also called partial tolling. The total cost of the project has been estimated at Rs 1,915 crore; of this, Rs 1,200 crore had already been spent till the end of April this year. Read more in The Indian Express

13 theme cities along Kundli Expressway

The Times of India

The second spell of Bhupinder Singh Hooda government in Haryana seems to be pushing the development of 13 theme cities along the 136km-long Kundli-Manesar-Palwal expressway.

The directorate of town and country planning (DTCP) will notify land patches earmarked for these future cities as controlled areas for the specific use.

These proposed theme cities include cyber city, bio-science city, medical city, fashion city, entertainment city and leisure city. Deepender Singh Hooda, the MP from Rohtak, said on Sunday that out of these 13 theme cities, three would come up in Bahadurgarh on NH-10 and along the expressway.

For Gurgaon district, the state government has proposed five theme cities — fashion city, entertainment city, world trade centre, leisure city and retail merchandiser warehouse centre. Similarly, Sonepat district will have specialized activities like the Rajeev Gandhi Education City, Sonepat-Kundli multifunctional urban complex. This apart, the Haryana State Industrial Development Corporation (HSIIDC) is contemplating an industrial model township at Kharkhoda on the lines of Manesar.

Likewise, a leisure and a leather city have been proposed for Mewat, Palwal district will get a dry port city.

State government officials said that the development of these theme cities is a part of the plan to develop the areas along the KMP expressway as a global corridor. ‘‘A consultant engaged by the state government had proposed creation of sector-specific parks and sub-cities to ensure that economic activities are developed in a systematic manner,’’ said a senior DTCP official.

He added the time-frame for developing these cities has not been fixed by the state and would largely depend on foreign investment and investment from private players in the state. ‘‘All this will happen only when the expressway becomes functional. The work has already been delayed,’’ the official said.

Officials said the spatial plan of the corridor will be developed around a number of specialized economic activities and each activity is envisaged to be the focus of a selfsustaining cluster city. Sources said that the threshold population required for sustaining the physical and social infrastructure will govern the development of cluster cities.

Kundli-Manesar-Palwal Expressway delayed

People have to wait longer for the much touted 135.6km Kundli-Manesar-Palwal Expressway or Western Peripheral Expressway for which only 20 pc works has been completed by May this year and it all set to miss the July 2009 deadline.

The KMP expressway which will connect northern and southern Haryana and will be fenced completely is being constructed by the KMP Expressway Ltd—a consortium comprising infrastructure developers DSC Ltd, Hyderabad-based Madhucon Projects and UK-based Apollo Enterprises, the financial partner.

• Roadblock on expressway

Kundli-Manesar-Palwal (KMP) Expressway set for delay

Hindustan Times

Aimed at easing traffic off Delhi roads and providing alternate route to vehicles from neighboring states which use Capital roads for crossing over, India's longest signal-free Kundli-Manesar-Palwal (KMP) Expressway is all set to miss its deadline of July 2009.

Also known as Western Peripheral Expressway, this Rs. 1,915 Crore project is part of the proposed Ring Road around Delhi and is supposed to touch Eastern Peripheral Expressway on both its ends. However, the latter part of the ring is still to take off. KMP Expressway is the dream project of the Haryana Government.

Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) awarded the project to a special purpose vehicle company KMP Expressway Limited (KMPEL). The project was given on a BOT (build operate and transfer) basis with construction period of 36 months ending July next year.

Speaking to HT , Rajiv Arora, Managing Director, HSIIDC confirmed the KMP Expressway project was set to miss its July 2009 deadline. He refused to give a definite time frame as to when the project is to be completed. Even H.S. Kohli, Chairman, KMPEL admitted the project would not take off in totality by July next year but said the company would open a portion of it for vehicular traffic.

When asked whether the project would be ready before 2010 Commonwealth Games, Kohli replied, "Much before that."

Kohli attributed the possible delay to change in design and delay in transfer of land. Earlier only flyovers were planned on highway intersections but later these were upgraded to interchanges. However, HSIIDC denied the lag was because of the change in design and said it was probably because of delay in funding from financial institutions following litigations.

Kohli added, "We would open a portion of it in July next year. We would, however, be missing on the interchanges as we are still to get land from the Haryana Government. The delay is also because of the change in the design of the project," he claimed.

Kohli is also one of the directors in DS Constructions, the concessionaires of Delhi-Gurgaon Expressway.

Meanwhile Arora said, "It is quite evident now the project would be delayed, despite the fact we had transferred the required land for right of way (ROW) to the company KMPEL in time. The delay has been caused because the company did not get loan following litigation cases. There was no delay in acquiring land for ROW and transferring it to the company."