Lucknow has secured itself a special place in the second list of the Prime Minister’s smart city plan. Though it was once considered the city of Nawabs, it is now growing to be one of the fastest-growing Tier 2 cities in the country, especially in terms of real estate development, infrastructure development and standards of living. Though it is shortly going to be a smart city, it has focused seriously on energy efficiency, higher standards of living, and making use of tech-savvy methods to render a better lifestyle to its citizens and investors.
Reasons that fuel real estate development in Lucknow:
The two major factors that contribute to the rocketing growth of Lucknow city are infrastructure development and connectivity features. Lucknow has all the potentials to grow as a realty hub as it is a well-connected city. Lucknow has also seen significant development in the commercial sector as well. It focuses on commercial development, development of SMEs and micro industries, enhancing employability in the state. As a consequence, many people wish to settle in the state, escalating the real estate prices further. Also, the growth in the service sector helps in transforming the economy of the city and is migrating people from the underdeveloped areas to the city. Some of the recent and happening real estate developments in the city are,
- Gomti Nagar, Faizabad Road, Rae Bareli Road, Sultanpur, Hazratganj are some of the developing commercial districts in the state and property in Lucknow in these areas are pushing the cost of residences here along with incrementing the number of real estate investments.
- The development authority of Lucknow has approved the construction of a 150-meter ring road around the city, thus boosting the development of real estate projects within its vicinity.
- Areas such as Jail road and Mohan road are becoming the knowledge parks of Lucknow that boost the growth of educational institutions and higher educations, boosting real estate settlements and investments here.
- All the new townships, stadiums and housing projects will get covered with its 100 km outer ring road, powered by the NHAI.
- The proposed Lucknow metro will boost connectivity within the city. This is expected to attract more real estate establishments and investments.
Real estate arenas in Lucknow:
The real estate growth in Lucknow has impressed investors both within the country and abroad. Lucknow renders the best mix of real estate properties including affordable to luxury and ultra-luxury segments. Some of the best venues for real estate in the state are,
- Kanpur road
- Sultanpur road
- Rai Bareilly road
- Faizabad road
- Gomti Nagar Extension
- Indiranagar extension
- Jankipuram Extension
- Shahid path etc.
Lucknow as the capital of Uttar Pradesh is naturally the hub of many industries, malls, corporate offices, residential and commercial spaces. Real estate development is happening in every single direction of the state, including the peripheral areas. As the modern urban population is aspiring for high-quality homes and workspaces, there is an excellent demand for professionally made and architecturally significant property in Lucknow to enjoy a multifaceted living.
Best localities to invest in Lucknow:
Though the country has experienced a three-year slowdown in the major metropolitan cities, we should admit that the economic slowdown has not affected the state capitals and the tier 2 cities, especially Lucknow. This city witnessed the sharpest rise in the property process and its real estate sector has increased over 13% in the past five years. The old charm of the city is growing and is luring global investors in the ever-expanding property markets. Some of the hot spots where people look for a house for sale in Lucknow are as follows,
This is the ideal locality in Lucknow for NRI investment, as it is known for its plush hotels, exceptional bazaars, shopping complexes, restaurants, theatres, etc. There are hundredths of ready to move in and under-construction properties in this location and the cost of a 2 BHK apartment here costs between Rs. 35 to 40 Lakhs.
This is the home for the main railway station, which is well connected with the rest of the city with the help of a metro network. The average price of a 2BHK unit here is about Rs. 36 lakhs and there are two under-construction projects and 13 ready to move in properties at Charbagh in Lucknow.
3. Butler Colony:
Butler colony has the best social infrastructure and is home for some of the best educational institutes, hospitals, restaurants, and hostels. Investors are in fact spoilt by choices when it comes to properties in Butler’s Colony. It is filled with posh areas and luxury apartments and villas. There are more than 21 ready to move in apartments and two construction projects in the locality. The cost of a 2BHK apartment in this locality is about Rs. 85 Lakhs.
The properties in this locality are quite affordable when compared with the properties in the other localities of Lucknow. The average cost of properties here is more than Rs. 3K per square feet. This locality is in close proximity to some of the prime locations such as Kutubpur, Nirala Nagar, PuranaHaidaraba, etc.
Lucknow is growing to be one of the hottest destinations for real estate investments in India. People look for a house for sale in Lucknow to boost their investments or to benefit from its rental income. As the infrastructure in the city is booming and is expected to reach great heights shortly, even NRI investors show interest to invest in Lucknow properties.
Finding real estate properties in Lucknow:
Housing.com is one of the leading online real estate portals in India that lists properties across Lucknow area-wise on its dedicated website. Housing.com functions on the basis of transparency, trust, and expertise. It is a leading digital marketplace that has an exhaustive list of apartments, villas, independent houses, row houses and under-construction projects in its online portal. It has thousands of verified real estate projects all over the country and renders accurate information on its neighborhoods, amenities, and cost per square feet. Browsing and booking a property through housing.com is easy and hassle-free, there is no brokerage involved and investors can avail EMI facilities as well while booking a project through housing.com.
Article Submitted By Community Writer