The Real Estate Market of Lucknow

The real estate market of Lucknow has witnessed a significant growth in recent times. Rapid increase in economic activity, changing aspirations of the local people and prospects for real estate growth have brought substantial changes within the city according to leading global property consultancy firm, Knight Frank. This old city comprises of locations like Aminabad and Chowk, which have given way to new centres of growth like Gomti Nagar, Mahanagar, Janakipuram and Indiranagar in the suburbs.
In the last few years, the real estate graph of the city has grown manifold. The two main industries to bring this tremendous revolution in the city are Biotech and IT, which are also responsible for promoting economic development in and around the city. As per local real estate agents, the increased employment opportunities and good salary packages has created an increased demand for property in Lucknow.

This sudden transformation of Lucknow real estate market can further be attributed to the increase of construction activity primarily in the residential sector. Developers in the city are coming up with a number of township projects on the outskirt of the city.
Being an old city, it boasts of a lot heritage value but it has not left much space in the core city for further development. Therefore, real estate builders in Lucknow are now shifting their focus and launching their projects especially in the periphery of the city.
One cannot deny the fact that the residential sector in Lucknow has witnessed a considerable change in recent times. For instance, Sahara City Homes is a project which is in full swing and the possession of property will begin in the year 2009. A total of 30 blocks are already under construction and it will house 1620 residential units. The construction of other blocks of Sahara City Homes will commence by the end of this quarter. This project is located on Hardoi Road.
Other most awaited project is Eldeco, which is being developed on 200 acres, called Eldeco Town on Sitapur road. The prices of these apartments will range from Rs 20 - Rs 50 Lakhs. Other national property developers like Omaxe, Ansals, Parasvnath, Rohtas are also coming up with their residential projects in the suburbs of the Lucknow.

Localities such as Gomti Nagar, Mahanagar, Janakipuram and Indiranagar have now developed as new residential centers. If one wants to buy a 3 BHK (1775 sq ft) apartment in Gomti Nagar Lucknow, one has to pay around Rs 35 Lakhs. The rental values in Gomti Nagar are about Rs 10,000-14,000 per month. The capital value of a builder floor apartment in the Aliganj and Jankipuram ranges is around Rs 25 Lakhs for a 1000 sq ft area. The rental value in Aliganj is around Rs 9,000 per month and it varies according to size and floor of the apartment unit.
As far as suburban Lucknow is concerned, Indiranagar and Gomti Nagar are the suburban locations which are witnessing hectic residential development. These locations have individual bungalows as well as new style of apartment developments. Omaxe, Eldeco, Parsvnath and UP Township in collaboration with the Uppal Group and the Chadha Group, are developing residential apartment projects in Gomti Nagar.
Naya Haiderabad, Mahanagar and Janakipuram are chiefly higher and middle-income residential locations. Sahara has developed two projects - Sahara State Homes and Sahara Grace in Janakipuram. Arif Industries Metro City apartment project is being developed in Paper Mill Colony near New Haiderabad.
One more example of this huge demand of realty in the city is Land banks, which being auctioned in different specified locations to bring about a planned development of the city.
Lucknow is witnessing development not only in the main city and the suburbs but is also active along the highways connecting the city to other destinations. These include Sitapur Road, Faizabad Road, Sultanpur Road, Raebareilli Road, Kanpur Road and Hardoi Road. Key residential township projects by real estate builders like Ansal, Sahara, Omaxe, Rohtas, Eldeco etc. have been proposed on these roads.
The foray of a number of developers and retail brands in the city will mark the positive growth of the city. With the support of high-quality manpower availability, supportive policies and increasing purchasing power, this heritage city will emerge as a key IT/ITES, real estate and retail destination of North India.

Sukhpreet Kaur writes on behalf of 99acres.com ,which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry.It is a forum where buyers, sellers and brokers can exchange information. At 99 acres, you can advertise a property, search for a property, browse through Lucknow Real Estate and Properties.