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.

L&T bagged contracts for Faridabad metro corridor

Economic Times
L&T has also bagged the construction of entire viaduct for the Faridabad corridor, which is an extension of the Central Secretariat-Badarpur corridor.


The Hindu
The 14-km Faridabad corridor will be completely elevated and is also an extension of Line 6 from Badarpur to Faridabad. This section (Badarpur-Faridabad) will have nine stations at Sarai, NHPC Chowk, Mewala Maharajpur, Sector 27 A, Badkal More, Faridabad Old, Ajronda, Faridabad New Town and YMCA Chowk. The section is extremely important because around 180,000 people from neighbouring Faridabad are expected to benefit from it. “The contractor will have to complete this project in 20 months,” said the spokesperson about the contract for viaduct construction.

Metro-line-Bahadurgarh to come closer to Faridabad

Elevated metro corridor to Faridabad coming up

The Delhi Metro will extend up to neighbouring Faridabad during Phase-III of its construction through a completely elevated corridor covering about 14 km. The route will be an extension of the existing Line 6 (Central Secretariat-Badarpur corridor) and will be built on standard guage.

The depot will come up near Faridabad Sector 20-A and the receiving sub-station will be located at Sarai.

The Faridabad link will prove to be an important link for the Delhi Metro, with its daily ridership expected to go up to around 1.79 lakh.

HUDA to give DMRC 12 acres for Badarpur-Faridabad metro-link

Hindustan Times
The Haryana Urban Development Authority has decided to hand over about 12 acres of land in Faridabad to set up Metro stations for the Badarpur-YMCA chowk link to the DMRC. The 13.8km-long Metro line to Faridabad will be elevated with nine stations including Sarai, NHPC Chowk, Mewala Maharajpur, Sector 27A, Badkal Mor, old Faridabad, Ajronda, Faridabad New Town and YMCA Chowk.

Tenders have been floated for construction of Badarpur-Faridabad Metro corridor.

Haryana approves funds for Metro to Faridabad

Haryana government approved a budgetary allocation of Rs 1,588.6 crore for the extension of Delhi Metro to Faridabad. The new Metro link from Badarpur to YMCA Chowk (13.8-km) has been estimated at Rs 2,533 crore, of which the Centre will bear Rs 544.4 crore

Read more in The Times of India

Work on Badarpur flyover stepped up

"The deadline for completion of this flyover is December 2010, but efforts are being made to complete it before the start of the Commonwealth Games,” RK Chawla, Project Director, National Highways Authority of India (NHAI) said.

According to NHAI, construction of the Rs 340 crore, 4.4-kilometre flyover project has been entrusted to Hindustan Construction Company (HCC), which started the work in December 2008, Chawla said.

The 4.4-kilometer flyover starts in Delhi at NTPC chowk near Badarpur and will end at Sector 37 in Faridabad. Read more in The Hindustan Times

Why Faridabad needs Metro: fresh survey

Badarpur flyover on track

October 2010 is the deadline for the 4.5km six lane Badarpur flyover being built with estimated cost of 400 crore; 62 pc work is said to be completed. A special toll plaza mooted on this flyover.

बदरपुर फ्लाईओवर के टोलप्लाजा का काम शुरु

Badarpur corridor meets police roadblock

Sobhana K, The Indian Express

Feb 19, 2009

With less than two years left for holding the 2010 Commonwealth Games, the Badarpur-Faridabad corridor, which was meant to provide a faster link for visitors to reach Agra, is now stuck in limbo. The reason: Badarpur Police Station has come on its way. The National Highway Authority of India (NHAI) requires land for making a clover leaf of the six-lane elevated corridor for signal free movement at the T-junction where Mehrauli Badarpur road meets Mathura Road. To build the leaf, which will be similar to one at the AIIMS and Dhaula Kuan, the police station building needs to be relocated. This realisation has, however, sunk in late with the civic agencies.

Badrpur-Faridabad Corridor Project

• Six-lane elevated corridor
• Total length: 4.4 kms
• Elevated: 3 kms
• Project cost: Rs 340 crore

Pushing the panic button, the NHAI officials have clearly told the Delhi government that if the approval is not given within 15 to 30 days then the project will miss its deadline and won’t be ready for before the Commonwealth Games.
The government is now frantically trying to find an alternate plot to house the police station. Delhi Police has identified a land which is a little away from the existing police station and also falls on Mathura Road. “The problem is that that the suggested plot is not a Gram Sabha land. It falls in unauthorised colony which has been ear-marked for regularisation and the acquisition is problematic,” said a senior official of Delhi government. The police have said that they will shift out if an alternate land is given and is also mulling over renting out some premises to accommodate the station.

From the existing 2.5 acre premises, the police station has been operating since 1978. The Detailed Project Report of the Badarpur-Faridabad corridor was completed in 2004 and NHAI had clearly mentioned relocation of the police station in the report. This was followed by several step-by-step procedures (see dateline) and Delhi Police was informed about relocation of its station on November 12, 2008.

However, no decision on this issue was taken. “There are several issues which are bogging down the project, including shifting of the police station. I have constituted a committee of all the concerned officials and have asked them to file a report within two weeks,” said Chief Secretary Rakesh Mehta. The cabinet secretariat has told the government to sort out the issue immediately.

Dateline

2004: Detailed Project Report of Badarpur-Faridabad corridor is completed
November 6, 2007: Project gets a green signal after inspection by several civic agencies
September 4, 2008: NHAI signs an agreement with the concessionaire Hindustan Construction Company
November 3, 2008: Ministry for Shipping, Road Transport and Highways notifies acquisition of land
November 12, 2008: Delhi Police gets information for land acquisition
December 23, 2008: Work on the project begins