Why Real Estate in Luckow is witnessing a boom in property prices?

Lucknow, the capital city of Uttar Pradesh, is progressively transforming into a real estate hotspot, shedding its Tier-II limitations. The city is witnessing a speedy development including the development of transit networks and the growth of IT sector. The 2021 Master Plan has already proposed an inclusion and revision of 197 border villages under the city. This means that facilities offered by the corporations will be available to outskirts and surrounding areas, therefore creating high future appreciation prospects and newer real estate zones. Apart from this, Lucknow Development Authority (LDA) has recently announced its master plan for development up to 2031. This master plan will encompass all the facilities and features that the city must have – such as roads, garbage disposal, transportation, housing, and green cover.

According to the new Lucknow master plan 2031, a 150-meter wide outer ring road along with the periphery of the city has also been planned. Lucknow also has plans to develop transport transit system, estimated to cost Rs. 12500 crores. Apart from this, the Metro project will not only relieve the traffic bottlenecks in Lucknow, it will also heavily reduce the travel time of several commuters, therefore making connectivity more effective. Major infrastructural reforms and projects have always had an optimistic impact on a city’s realty industry, and Lucknow is no different. The city’s real estate sector has witnessed a high demand after the positive initiatives taken by the state government and the announcement of the upcoming Metro project.

With a vision to mimic the success of Noida city in Lucknow, the state government is also supportive of private participation in infrastructure. New townships and colonies within Lucknow, its suburbs and along the highways to Faizabad, Sitapur, Kanpur, Hardoi and Rae Barelli are quickly changing the face of this old city. Real estate in Lucknow is observing a huge boom, evident by major construction activities undertaken in the city by almost every renowned property developer in North India.

Supporting a range of small-scale industries, from rich handicrafts and handlooms to leather and sugar, the UP Government’s foray into the knowledge industry was made with the Biotech Park and the Software Technology Park in Lucknow. Known for the prestigious colleges of learning which have produced high-caliber professionals, the city is also well poised to become an IT hub. All this growth in the field of IT sector has also resulted in the growth of the real estate sector in the city.

Other key factors serving the real estate sector in Lucknow

• Upcoming business parks such as Pinnacle Towers, Omega, and Shalimar Corporate Parks will boost the commercial markets, ultimately resulting in more residential transactions.
• The Agra-Lucknow Expressway will be linked to Yamuna Expressway, which will enhance the connectivity between Delhi NCR and Lucknow. The land has been acquired for the same.
• There are 8 malls in the pipeline, which will invigorate the property in Lucknow by enhancing the retail quotient.
• NCR based A-grade developers like Omaxe, Eldeco, Uppals, and Parsvnath are increasingly entering the Lucknow market.

As far as some interesting upcoming residential projects in the ‘City of Nawabs’ is concerned, special mention can be made about Paarth Aadyant, being developed by the leading builder group in Lucknow, Paarth Infrabuild Pvt. Ltd. Configured as 2 and 3 BHK sophisticated residential apartments in sizes ranging from 1213 sq. ft. to 1460 sq. ft., these home spaces are quite reasonably priced between Rs 44.88 lakhs to Rs 54.02 lakhs. Billed as one of the most promising townships of the city, the project is favourably located at the bustling residential hub of the city, Gomti Nagar.

I'm Niharika Aggarwal. I am a Real Estate consultant, and currently living in New Delhi, India. i am in real estate business from last 3 years. and wants to provide all latest information about upcoming real estate projects in india.