Factors boosting real estate of Lucknow
The real estate sector of Lucknow is going through a transitional phase with a lot of activity all around the city. A recent report by Credit Rating Information Services of India Limited (CRISIL) has listed Lucknow among top ten fastest growing real estate segments in the country. This buzz in the city’s real estate market has attracted a number of pan India developers to the city.
One of the reasons for such optimism in the Real estate segment in Lucknow is the successful transition of users from traditional homes to high rise apartments. Lucknow can be broadly classified into two dedicated sections namely old Lucknow and new Lucknow. Traditionally old Lucknow has an independent housing culture while newly developed parts of the city are witnessing more adaptability to the high rise housing culture. 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.
The real estate segment is also keeping a close tab on the three proposed Lucknow Metro project which is under conceptualization stage. Once the Metro project gets functional, the real estate market across Lucknow can unlock its real potential. Numerous bridges across Gomti River have been constructed as well as expressways connecting Lucknow to neighboring cities has made it possible for builders to look at highways as potential realty hotbeds. Trans Gomti region especially Gomti Nagar Phase I, Phase II and Gomti Nagar Extension have been the center of attraction for both developers and end users. Gomti Nagar not only offers well planned roads and civic infrastructure but the close proximity of the area to the Central Business District (CBD) makes it ideal for commercial activities as well. Sahara Hospital and Ram Manohar Lohiya Hospital are two major hospitals located in the Gomti Nagar area.
Lucknow Industrial Development Authority (LIDA) is also focusing on industrial development especially on the Lucknow-Kanpur Road section that is likely to boost the commercial real estate segment in the region. Overall Lucknow market is under a transitional phase offering all the right signals for investors to get a good deal for money and substantial financial gains in the medium to long term.
