Is Faridabad Property Giving competition to that in Gurgaon?

Faridabad is considered as the most promising city by many and some consider it to be a poor cousin of Gurgaon. Whatever is the view of people, there is no denying that numerous things are working in the favor of the city and the metro connectivity is like the cherry on the top!

Known to be the largest city of Haryana, this fantastic city possesses a good and strategic geographical location due to its vicinity to all the primary cities of NCR, namely Gurgaon, Noida, and South Delhi, which has played a significant role in boosting the Real Estate Sector and economic possibilities. It is pretty visible that Properties in Faridabad has been attracting numerous buyers as well as other developers or competitors due to its incredible physical and social infrastructure. The primary reason for the same has been the shortage of land in Delhi. No doubt, these investments are generating many job opportunities.

This magnificent city is witnessing numerous new mass transit systems that are developing in the city. The metro connectivity that connects Faridabad to Delhi. Along with this the city will be connected to the rest of NCR through metro, expressways and roads. The improved transportation of Faridabad contributes significantly to the rise of the city. Also, there are numerous housing projects and IT parks that are nearing completion in the city.

There are numerous factor start are contribution towards the growth of Faridabad. These includes the metro connectivity that has open gates for developments in Gurgaon and the IT companies in the millennium city, Gurgaon. Another biggest advantage that Faridabad has is it closeness to Gurgaon and Delhi and both these cities have scarcity of affordable housing segments and land. This has bought along advantage for the Residential Properties in Faridabad.

The hinterlands are also being experienced in the city. Places like Nehrapur has received boost due to the Kundli-Manesar-Palwal Expressway that will connect Delhi to Faridabad. This will provide the advantage to the residents in Faridabad to enjoy the improved infrastructure of the national capital, Delhi.

Faridabad properties are all set to boom in the coming time. With numerous MNCs, small and medium sized organizations are moving towards Faridabad- Ballabgarh complex. This obviously will affect the Real Estate sector in the city 

Real estate Bill Cleared by Rajya Sabha; Home Buyers Relieved

The most awaited Real Estate bill has been passed by the Rajya Sabha that aims to protect the interest of buyers and bring more transparency to the real estate sector. The bill brings along some drastic changes in the real estate sector especially in the buying and selling of residential and commercial Property in Noida, Delhi and rest of NCR. Major developments are taking place in these cities which makes the attention in these cities the most.

The Regulation and Development Bill 2015 has the main motive to bring transparency in the sector, protect the home buyers, and bring out the flow of the unaccounted money into the Real Estate Sector. The real estate Bill provides that the seventy percent of the proceeds from the sale will have to be kept at a side by the developers in an escrow account. This amount can only be used for buying the land or the construction of the related project. This provides certainty to the buyers that the money that they are investing in the project will only be utilized for the development of the respective project where they have planned to buy the house.

 This Bill will help to establish a state-level Real Estate regulatory authorities as well as appellate tribunals that would regulate the transactions relating to both the commercial and residential projects and ensure timely completion and handover of the project. It also calls for clearance of the complaints to both regulatory authorities and appellate tribunals within 60 days which itself sets a timeline for the resolution of disputes.

While the Realty Bill is set for the deadline, it also has the provision for imprisonment up to three years for the promoters as well as a year for the Real Estate Agents and the buyers if there is any violation of the orders of the monetary penalties, appellate tribunals or both.

Experts say that the real estate bill is the need of the hour. However, they believe that there is certain lacked clarity on the Bill related to the ongoing under-construction projects. Also, they clarified that there will be no exceptions in the bill, and the rules are equal for all, and there will be no discrimination by religion, caste, gender, region or creed and this will be included in the bill as well.

The real estate bill is a plus point for the Real Estate Industry of India. This will cut down the frauds in the industry and help the buyers to get their homes or properties on time.