Lucknow: The recent Global Investor Summit held in the state capital has set the tone for big ticket investment in the state of Uttar Pradesh. With the ground breaking ceremony months away, a wide array of sectors including real estate are slated to witness big change. Post pandemic, this has been reason for much needed cheer with a significant property boom. This comes at the backdrop of the past decade which has seen unprecedented growth in the commercial real estate market. With real time innovation injected into real estate projects, a lot of new and classy projects have added to the city skyline.
Once a fading sector in North India now better residential complexes are part of the once compromised North Indian market. From important areas like Delhi-NCR and Gurugram, the commercial real estate market has also made significant inroads into other parts of North India including Lucknow.
Tier II cities are fast-growing cities with a population between 50,000 and 99,9999 including Lucknow, Bhopal, and Kanpur. They are now witnessing an unprecedented increase in pace of development.
In recent years, Lucknow has fast found a place in the list of fast-track smart cities released by the Ministry of Urban Development, and is one of the cities where the real estate industry has seen significant growth. Multiple investment opportunities and highly competitive price range make this city an attractive investment market for home buyers. Talking of the investment sectors in Lucknow where you can park your investment and reap double digit appreciation, the city is emerging as a residential hub, and a potential home buyer is staring at a double whammy.
The Lucknow IT Corridor is a stretch between Faizabad Road and Sultanpur Road, which has become one of the most preferred locations among real estate investors and builders. The Lucknow Development Authority (LDA) and RERA are the primary authorities that approve plots. The corridor covers areas for residential plots/lands namely Indira Nagar, Shivaji Puram, Gomti Nagar, Gomti Nagar Extension, Sultanpur Road, Faizabad Road and Shaheed Path.
Lucknow Airport Corridor is one of the important realty segments in the south of Lucknow. The corridor covers the Chaudhary Charan Singh International Airport, which is also the primary pull factor behind the rapid development of real estate in the Lucknow airport corridor. It covers Kanpur Road, Neelmatha, New Jail Road, Rae Bareli Road among others.
Much of the good infra is also attributed to good medical institutions like Sanjay Gandhi Postgraduate Institute of Medical Sciences, Mayo Institute of Medical Sciences, Medanta Hospital, educational institutions like Delhi Public School, Seth M.R. Jaipuria School, Cityb Montessori School, Babasaheb Bhimrao Ambedkar University, Amity University Lucknow campus, Era University and many more. Commercial establishments, food outlets, some famous malls are some of the other factors that should make you invest in Lucknow.
The economic development of the region is another reason why investors prefer this corridor to invest their hard earned money. Growth in the city is fueling business and creating employment opportunities, driving more investors to the city. Good governance, improved standard of living, and huge investments have strengthened Lucknow’s position as a promising real estate hotbed..
As per industry reports, property inquiries have increased hugely in tier-2 cities, and Lucknow has raced ahead of some of the top cities. It has also made it into the top 20 list of Indian residential index (IRIS) – a monthly index that tracks potential buyers’ activity in primary and secondary residential markets by tracking 42 key cities driving the residential market.
The city is emerging as a hub for manufacturing, food processing, electronics, banking, IT, and real estate. It forms a part of many upcoming growth corridors and massive developmental projects. The city contributes 3.85% of the state’s GDP. After completion, the Outer Ring Road would connect 104 villages, five national highways, and 6 state highways with Lucknow. With Lucknow Metro rapidly expanding, the city is becoming more convenient and environment-friendly.
Starting from Kanpur Road, the market is hot from there on Hardoi Road, Sitapur Road, Deva Road, Faizabad Road, Sultanpur Road and Mohanlalganj Road.
Ready to move flats are waiting for you in Vrindavan Yojna, Near PGI, Lucknow. These include flats ranging from 1 BHK to 3 BHK. Other hotspots include Aliganj, Sitapur Road, Kanpur Road and Gomtinagar of the city.
Keep in Mind
- What to keep in mind before buying a property
- Financial Status of The Buyer
- Check Developers Reputation & Goodwill Before Buying Right Property
- Construction Quality of the Property
- Carpet Area of the Property
- Location & Neighbourhood of the Property
- Connectivity from the Major Points
- Rental and Re-Sale Value of the Property
- Make sure you have calculated the additional expenses incurred in the price like GST, Registration fees, home loan processing charges, etc.
- Check the delivery date as most builders keep a buffer of approx. 6 months to 1 yr.