LUCKNOW, the ‘Shiraz of Awadh’ and ‘Constantinople of India’, as it is metaphorically called, is the capital of Uttar Pradesh. Located in what was historically known as the Awadh region, Lucknow has always been a multi-cultural city.
The real estate sector is seeing hectic activity, with every major property developer operating in North India launching projects here. Real estate giants such as Parsvnath, DLF, Omaxe, Sahara, Unitech, Ansal API are already here. The city offers better employment opportunities and education facilities. Being a state capital, it also offers better social and physical infrastructure and amenities compared to other cities in the state.
Says Janardan Aggarwal, president, Association of Real Estate Consultants, Lucknow: “In last 10-12 months, there has been an appreciation of around 20-30% in residential prices in Lucknow. Since it is the capital city, more and more people want to have a house here.”
He says about half of the demand is from people who live in nearby cities who wish to have a house in the capital. Also, there is a significant proportion of PCS officers who look for their dream home in the city. There is not much of business community in the city. One reason why most of the consumers are from the salaried class is that most of them believe that one day or the other they will either shift to Lucknow or will be transferred.
Hazratganj office spaces come at a price of around Rs 50 sq ft/month, while showrooms command around Rs 150 per sq ft/month. From the traditional retail markets of Hazratganj, Aminabad and Kaiser Bagh, Lucknow is also moving to the mall culture with Fun Republic Mall and the Eastern Mall in Gomti Nagar and the Sahara Ganj on Shah Najaf Road.
These days there is more demand of 2-3 BHK flats in the city. Also, there is a great interest for government housing schemes as they are affordable for most of the people. Recently, Lucknow Development Authority came up with a housing scheme that got cancelled due to some unknown reasons, adds Aggarwal.
Says Rohtas Goel, CMD, Omaxe: “Lucknow is witnessing a huge real estate growth with massive developmental changes happening within the city. Increase in economic activity and changing aspirations of the resident population has led to a massive growth of real estate in the city. There is a good demand for quality housing in Lucknow, which boasts of excellent infrastructure, international standard and yet affordable residential developments.”
Riding high on the surging economic activity, increasing disposable in-come and growing aspiration for modern living, Lucknow is bracing for big time real estate growth in both residential and commercial property market. Improved infrastructure in the city has also catalysed the boom in real estate. Lucknow offers a substantial potential for the future growth of real estate.
