The Realty Market of Lucknow

Published: 24th July 2009
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Lucknow, the state capital of Uttar Pradesh, has a lot of historical and cultural significance. It not only boasts of a rich architectural heritage but also a fast evolving modern real estate destination. According to leading global property consultancy firm Knight Frank, things that have led to an increased economic activity are the changing aspirations of the resident population and potential for real estate growth within the city.

The erstwhile old city of Lucknow comprising locations like Aminabad and Chowk have given path to new centres of growth like Gomti Nagar, Mahanagar, Janakipuram and Indiranagar in the suburbs. Hazaratganj remains to be the CBD of the city but these emerging pockets have led to an increase in commercial activities in the suburbs. Now, Lucknow is witnessing development not only in the city but also along the highways connecting Lucknow to other destinations. These areas include Sitapur Road, Faizabad Road, Sultanpur Road, Raebareilli Road, Kanpur Road and Hardoi Road. Other than that, the city is also witnessing a foray of major developers like Ansal, Sahara, Omaxe, Rohtas, Eldeco etc who are coming up with promising projects within and in the periphery of the city.

The old and traditional city of Lucknow is slowly picking up the modern concepts of malls and multiplexes. The city once known for its sophisticated etiquettes and hospitality is now a ground for structured retailing. Right now, there are more than eight shopping malls that are coming up at different parts of the city, as per a study.

Current Scenario of the Lucknow real estate market

Commercial activity in Lucknow, including retail and office sector, is mainly concentrated in and around Hazratganj, according to Knight Frank research. Besides that, some other destinations like Kapurthala Commercial Complex in Mahanagar have also emerged as alternative of business centres. Offices in area like Hazratganj comprise those of banks, financial institutions, telecom service providers, government agencies as well as those of some well known developers likes Parsvnath, Halwasia, Rohtas, Eldeco, etc. Major developments taking place in these locations include the commercial complex format and have been developed by local developers.

Rapid growth of real estate in Lucknow has in a way modified the demographical scenario of the city as well. As it is an old city, there is not much space left in the core city for further real estate development. As a result, the real estate builders of Lucknow are now shifting focus and launching their projects especially in the outskirt of the city.

The transformation of the real estate market of Lucknow can further be attributed to the surge of construction activity primarily in the residential sector. To improve the residential property space in the city, developers are coming up with number of township projects on the outskirt of the city.

One such project has been developed by Sahara City Homes and the possession of property will begin this year. A total of 30 blocks have been developed. These 30 blocks will house 1620 residential units. The construction of other blocks will start taking place by the end of this quarter. This project is spread across175 acres on Hardoi Road.

Besides this, Eldeco is coming up with a 200 acre project, called Eldeco Town on Sitapur road. The price range of these apartments is between Rs 20 - Rs 50 Lakhs. There are many other national builders like Omaxe, Ansals, Parasvnath, Rohtas, who are also developing their residential project in the suburb of the Lucknow.

The localities of Gomti nagar, Mahanagar, Janakipuram and Indiranagar have now been developed as the new the residential centers. To buy a 3 BHK (1775 sq ft) apartment in Gomti nagar, Lucknow, one has to pay Rs 35 Lakhs. The rent of a residential property in Gomti nagar is about Rs 10,000-14,000 per month. Whereas, the capital value of a builder floor apartment in the Aliganj and Jankipuram ranges around Rs 25 Lakhs for a 1000 sq ft area. The rental value in Aliganj is approx Rs 9,000 per month and it varies according to the size and floor of the apartment unit.

In the last few years, the realty graph of the city has grown manifolds. Two main areas that have promoted economic development in and around the city are biotech and IT. This growth has in turn led to the growth of property in Lucknow .

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 estateindustry. It is a forum where buyers, sellers and brokers can exchange information, quickly, effectively and inexpensively. At 99 acres, you can advertise a property, search for a property in India, browse through Lucknow Real Estate and Properties.

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