Owing to the unprecedented demand for newly-constructed residential properties, property values in Lucknow suburban areas have shot up by 20-30 per cent in the past one year. The city with their wide roads, flyovers, multiplexes, residential as well as commercial centers have won recognition from the bigwigs in the construction industry.
In fact, the appreciation was as high as 50 per cent in the past couple of years at Gomti Nagar, Mahanagar, and Janakipuram. Gomti Nagar Extension is a recent development and in fact has become the IT center in Lucknow. The commercial markets here have been picked up in tandem with the improvement in the business environment in the city. According to market sources, the office space rentals at Hazratganj is the prime most commercial market of Lucknow.
The real estate sector of Lucknow is going through a transitional phase with a lot of activity all around the city. As Lucknow has listed among top ten fastest growing real estate segments in the country, attracting a number of pan India developers to the city. Lucknow being the political and administrative capital of Uttar Pradesh is providing high quality civic infrastructure to its residents that is acting as a catalyst for the overall realty boom.
Though the city is flourishing with luxurious project the property prices are affordable compared to other major cities like Mumbai, Banglore and Delhi. Hence investors and NRIs are looking at Lucknow for investing in properties and as it is rapidly developing into a realty city they can presume good returns on investment in the near future, resulting in an increase in NRIs investment in the city.
The real estate segment is also keeping a close tab on the three proposed Lucknow Metro projects which is under the conceptualization stage. Once the Metro project gets functional, the real estate market across Lucknow can unlock its real potential. Moreover, the city has all the potential to attract more builders for investment in various real estate sectors. Lucknow witnesses the rising of the real estate boom that will gradually develop it into a world class city in the years to come.
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