FARID­ABAD

HT Estates - - HTESTATES -

Al­though it is a small mar­ket in terms of the num­ber of res­i­den­tial units un­der con­struc­tion, Farid­abad holds an im­por­tant po­si­tion. Devel­op­ment in this mi­cro- mar­ket is backed by in­dus­trial growth. Most of the res­i­den­tial de­mand is driven by end users. Lo­ca­tions like Old Farid­abad, sec­tors on NH2, Ne­harpar and Su­ra­jkund Road have seen am­ple res­i­den­tial project launches dur­ing the last few years. How­ever, the Farid­abad res­i­den­tial mar­ket wit­nessed the steep­est drop in both project launches and ab­sorp­tion dur­ing the first half of 2014, com­pared to the first half of 2013.

The un­sold in­ven­tory lev­els are the low­est in the NCR mar­ket, but the age of in­ven­tory is the high­est com­pared to other mi­cro-mar­kets, clearly in­di­cat­ing a mis­match between the de­mand and prod­ucts of­fered. De­vel­op­ers were over-en­thu­si­as­tic in launch­ing pro­jects in Farid­abad, and de­mand has been sub­dued due to lack of driv­ers.

Un­like Noida and Greater Noida, this mar­ket ob­served lit­tle de­mand from cor­po­rates with only 3 mn sq ft of op­er­a­tional of­fice space. Project de­lays have also in­flu­enced the neg­a­tive sen­ti­ment for this mar­ket, since this is an end-user mar­ket.

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