October 12 2020 0Comment

Change In The Real Estate Business In Last Few Years In Lucknow

Lucknow real estate has seen a drastic change in the last 15 years. Lucknow real estate market has grown very fast in the last 2 decades. Property prices in Lucknow are increasing rapidly from last many years. Many developments in the city have taken place which is making it a big metro city of the state of Uttar Pradesh.

There are many residential properties for sale in Sahu Developers Lucknow which are available for those who want to invest in the property. The growth and development of Lucknow in the last few years which are given as under;

  1. Lucknow is the capital city of the fourth largest Indian state and is one of the fastest-growing cities in India. With burgeoning manufacturing, commercial and retail segments, it has become a preferred real estate destination.
  2. It is estimated that the Lucknow residential real estate market is driven by a 60:40 mix of investors and end users respectively. The preference for plots is relatively higher in comparison to residential units, but currently, the availability of plots is low in Lucknow as the Lucknow Development Authority (LDA) and Uttar Pradesh Housing and Development Board have been developing residential units.
  3. The most sought after segment in terms of demand in the Lucknow real estate market is the end-user driven segment for ready-to-move-in residential units in the price bracket of INR 30 – 50 lacs.
  4. Major upcoming projects such as the Lucknow Metro, IT City being developed by HCL Technologies, Indian Institute of Information and Technology (Lucknow) and the 1,000-bed Medanta – Awadh super-specialty hospital will be further strengthening the city’s real estate potential.
  5. Our analysis indicates that the maximum supply and absorption in the Lucknow market falls in the price bracket of INR 3,000 – 4,000/sq. ft. and the most active configuration in terms of both new launches and absorption for the residential units has been the 3-BHK segment.
  6. Old Lucknow was established during the ‘Nawab’ era and is typically dotted with old cramped developments. However, New Lucknow which has emerged only a few decades ago is replete with planned development and adequate social infrastructure.
  7. The market is driven by bureaucrats, politicians, government officials, private sector employees, and original inhabitants of Lucknow, who have now migrated outside, yet wish to have a base in Lucknow. Huge demand also flows in from surrounding cities on account of aspirations to enjoy better amenities and opportunities.
  8. The realty market of Lucknow has been witnessing robust real estate activity along Shaheed Path which lies between Kanpur Road and Faizabad Road. It is flanked by the active micro-markets of Vibhuti Khand, Gomti Nagar Extension, Vrindavan Yojna, 3500-acres Ansal-API township Sushant Golf City, etc. The city’s radial expansion has given way to new growth corridors on the real estate development map, especially along the highways that connect with the neighboring cities of Kanpur, Rae Bareli, Hardoi, Sitapur, Faizabad, and Sultanpur.
  9. While locations in Central Lucknow such as Mall Avenue and Jopling Road are old prime zones offering properties in the price range of INR 6,000 – 8,500/sq. ft. Vibhuti Khand and Gomti Nagar extension are the new micro-markets witnessing real estate activity with residential units lying in the price bracket of INR 3,500 – 6,000/sq. ft.
  10. The organized retail market activity has paced-up in the city, especially in the last few years. While MG Road and Hazratganj are the most prominent shopping high-streets in Lucknow, Aminabad and Chowk are typical old retail destinations famous for ‘Chikankari’ works of small-scale industries.