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Lucknow is a Hot Cake in the Real Estate Industry?

Lucknow is the capital city of the fourth largest Indian state and is one of the fastest growing cities in India. With burgeoning manufacturing, commercial and retail segments, it has become a preferred real estate destination. Each and every real estate company in Lucknow is trying to provide the best amenities in the city so that the customers get the best out of their investments. Following are the reasons that make Lucknow an attractive place to invest in real estate. Not sure what makes Lucknow such an appealing property market to invest in? Read more to understand why!
Burgeoning Demand
According to a research, Lucknow residential real estate market is driven by a 60:40 mix of investors and end users respectively. The preference for plots is relatively higher in comparison to residential units, but currently the availability of plots is low in Lucknow as the Lucknow Development Authority (LDA) and Uttar Pradesh Housing and Development Board have been developing residential units. Thus, the great availability of flats makes it easier for a person to invest in Lucknow right now.
Upcoming Projects
Major upcoming projects like the Lucknow Metro, IT City being developed by HCL Technologies, Indian Institute of Information and Technology (Lucknow) and the 1,000-bed Medanta – Awadh super-specialty hospital will be further strengthening the city’s real estate potential.
Old and New Lucknow
Lucknow is broadly divided into two parts, Old Lucknow and New Lucknow, on the basis of geographical location and development history. Old Lucknow was established during the ‘Nawab’ era and is typically dotted with old cramped developments. However, New Lucknow which has emerged only a few decades ago, is replete with planned development and adequate social infrastructure. New Lucknow demonstrates high real estate potential.
Market Dynamics
The market is driven by bureaucrats, politicians, government officials, private sector employees and original inhabitants of Lucknow who have now migrated outside, yet wish to have a base in Lucknow. Boom in the real estate in Lucknow has been supported by the huge demand from surrounding cities on account of aspirations to enjoy better amenities and opportunities. It is estimated that about 65% of the investment is from buyers residing outside Lucknow while the remaining 35% is from within Lucknow.
Best Retail Market
The organized retail market activity has paced-up in the city, especially in the last few years. While MG Road and Hazratganj are the most prominent shopping high-streets in Lucknow, Aminabad and Chowk are typical old retail destinations famous for ‘Chikankari’ works of small-scale industries. Moreover, Mahanagar, Indiranagar and Gomtinagar also have shopping arcades in various pockets. Organized retail is booming in the city and a number of malls (located in Hazratganj, Gomtinagar and Alambagh) have obtained a decent response. Sahara mall (Hazratganj), East End mall, Zee mall, Riverside mall (Gomtinagar) and Phoenix United mall (Alambagh) are operational malls witnessing decent foot-falls.
Heritage Cities are on a rise
The recent initiative by the government to develop various regions as heritage cities will also lead to high realty growth in those cities in the near future. The cities to be considered in the 1st phase of development include: Mathura, Amritsar, Ajmer, Varanasi, Vellankani, Kanchipuram and Gaya. The second phase will include cities such as Puri, Tirupati, Allahabad, Ujjain, Hampi, Rishikesh and Lucknow. While cities like Varanasi, Rishikesh and Lucknow are already seeing considerable realty growth, other cities are likely to join the bandwagon soon.
Faizabad Road that connects Lucknow to Faizabad, has supported the growth of real estate in Lucknow. It is adorned with residential areas, commercial townships and educational institutions. A lot of retail stores like Spencer’s, Metro Cash and Carry, Nissan, Toyota, etc. are thriving in the neighborhood. Famous Islamic Shrine “Deva Sharif”, Tata automobile factory campus, great colleges have led to the boost in the real estate. Thus, all the above mentioned points are making Lucknow a great place to invest at the moment. A decision now will lead to a great response in the future.
Check out the our Upcoming residential projects in Lucknow