#Faridabad: Rents climbing, sleepy town is hot property

NEW DELHI: With the Metro coming to Faridabad by the end of this month, there’s a scramble to find rental space. Rents in commercial buildings along the Metro alignment have already shot up.

Lybrate, a healthcare technology platform, started operations from Mindspace Towers near the Badar pur border on Mathura Road in January this year. When they asked for space in the same building some months ago, they were told that rentals were set to rise. “We are expanding and wanted offices on another floor. The rates, we were told, would rise once the Metro started. We’re hoping to get space before that,” said Kanchan Dass, who works for the start-up.

Aman Pandhi, a realtor, said rates for commercial space would go up by 25%30%. “The IT towers are already showing the effects of Metro’s coming. Rentals in SSR Towers and RPS Infinia have gone north.Others are following suit.” He cited the example of Crown Interiorz, a mall in Sector 35 where rates have increased from Rs 2,500 per square yard in 2004 to Rs 40,000 now.