What Drives the Demand of Flats in Lucknow?

Famed all over India for its Nawabi-era finesse, glorious historical monuments and mouth-watering gastronomical delicacies, Lucknow is a unique amalgamation of the ancient and modern world. This bustling city is home to awe-inspiring Imambaras, Rumi Darwaza, Ghanta Ghar, bagh (gardens), wide boulevards and parks, depicting a captivating blend of oriental and colonial architecture. Fast forward today, the City of Nawabs is witnessing a massive change in its skyline with the development of glittering shopping malls, state-of-the-art multiplexes, discotheques, hotels and high-rise building and apartments.

With good infrastructure, proper connectivity, presence of premier healthcare and educational institutes, ample employment opportunities and quality lifestyle, more and more people are migrating to Lucknow from neighboring cities. This has actually propelled the growth of Lucknow real estate market, especially the rising demand of flats in Lucknow in upcoming localities. Over the past few years, there has been a significant rise in residential demand owing to the ever-increasing population, which in turn, is attracting many real estate developers, long term investors and end-users. Today, many buyers, particularly those who spent their working years in this magnificent city are considering property investment in Lucknow for reliable and higher returns.

At present, Lucknow cannot be considered a small city and neither is its growth and development unidirectional. Increase in employment opportunities, higher disposable incomes, rapid urbanization and the resultant growth in Lucknow real estate is for everybody to see. Trade analysts believe that in the past few years, luxury residential projects in the city have followed new paths of growth and flat prices in Lucknow have escalated. Trying to make the most of luxury real estate boom, real estate builders are developing luxury housing projects, offering luxury apartments in Lucknow, coupled with premium architecture, spacious and well-ventilated rooms, modern amenities, hi-tech security features, and more.

Where is the Housing Demand Moving To?

According to government data, Gomti Nagar Extension, Vrindavan Yojna, Amar Shaheed Path, Raebareli Road and Faizabad Road have maximum number of flats for sale in Lucknow. Ritesh Kumar, real estate consultant in a leading property firm, says new corridors of growth have emerged over the past few years along the highways, which link Raebareli Road, Sultanpur Road, Faizabad Road, Kanpur Road and Sitapur Road. Top real estate builders in Lucknow are developing state-of-the-art residential townships along these highways to cater to the rising demand of 2/3/4 BHK apartments in Lucknow. In fact, Vrindavan Yojna in Gomti Nagar Extension and Vipin Khand and Vibhuti Khand in Gomti Nagar are fast emerging as residential and commercial hubs of Lucknow.

Property Values

Many leading data and research firms have actually listed Lucknow among the top real estate markets of the country and have considered the City of Nawabs as a real game changer in real estate growth. As per market analysts, flats at Lucknow that have witnessed some rise in their prices in the last couple of years would further escalate. Most 2/3/4 BHK flats in the size range of 1000-1500 sq.ft. are quite affordable when compared to other cities such as Bangalore, Mumbai or New Delhi. If you are looking to buy property in Lucknow, then the above mentioned areas would be ideal, considering their affordability, higher return on investment, strategic location and fast development.

About the Author: Rajeev is sales and marketing consultant at Azea Botanica, an upcoming housing project in Lucknow at Vrindavan Yojna being developed by Azeagaia Development Pvt. Ltd., promoted by Singapore-based firms through automatic foreign direct investment (FDI) route. Rajeev has a hobby of writing articles, blogs and likes driving sports bikes and cars.

Rajeev is an avid writer and regularly writes articles and blogs on Lucknow real estate.