Lucknow, the capital of Uttar Pradesh, the most populous state of India, is witnessing significant infrastructural and economic growth over the past few years. The City of Nawabs, which is famous for its culture, historical monuments, arts and cuisine, is experiencing substantial growth in telecommunications, information technology, BPO, healthcare, education, pharma and real estate industry. These industries have been the driving force behind the city's fast urbanization and flourishing real estate market in Lucknow. Moreover, better employment, healthcare and educational facilities have made the city the most preferred destination for people from neighboring districts looking for quality healthcare, education and employment. This migration of people has in fact facilitated the growth of real estate in the city with real estate developers in Lucknow developing new residential townships and apartments in upcoming areas such as Gomti Nagar Extension, Vrindavan Yojna, Raebareli Road, Vikas Nagar and Jankipuram Extension to meet the rising demand of housing.
Here are some reasons why Lucknow is becoming the hub of property investment for buyers, investors and NRIs.
With recent infrastructure and development projects launched by Government of Uttar Pradesh such as IT City, Lucknow Metro, Lucknow-Agra Expressway, Cancer Research Institute, Intl. Cricket Stadium, coupled with wide roads, highways, flyovers, shopping malls, multiplexes, parks, hotels and presence of premier healthcare and educational institutes, more and more people are migrating to Lucknow City in search of better lifestyle. This has actually resulted in an increased demand of flats for sale in Lucknow, particularly in and around Amar Shaheed Path, Gomti Nagar Extension, Raebareli Road, Faizabad Road and Kanpur Road. These areas are already being explored by top real estate companies in Lucknow that have launched unique residential projects to tap into booming real estate in Lucknow.
Affordable Property Rates
Lucknow real estate market is growing and apartment rates are quite affordable here when compared to other cities like Mumbai, Bangalore or New Delhi. Therefore, property investment is much easier and profitable. Furthermore, customers are willing to purchase a flat or an apartment where once living in a private bungalow/villa or investing in a plot of land was the norm. Top real estate builders in the city are developing state-of-the-art housing projects with superior architecture, modern amenities, hi-tech security features, and more, to lure the potential customers.
High Return Investments
With the City of Nawabs being included in Govt. of India's “Smart Cities Mission” along with all-round rapid development of the city, Lucknow real estate is moving in an upward direction. This is the ideal time to buy residential property in Lucknow and wait till prices rise so that the property could be resold at higher value. According to investors and market researchers, customers who purchased residential apartments in Lucknow couple of years back have already experienced 15-20% property appreciation. This higher prospect of acquiring high returns in a couple of years is one of the main factors boosting the sale of 3 & 4 BHK flats in Lucknow.
Rajeev is sales and marketing consultant at Azea Botanica , an upcoming real estate project in Lucknow being developed by Azeagaia Development Pvt. Ltd., promoted by Singapore-based companies through foreign direct investment (FDI). Azea Botanica offers 3 & 4 BHK residential flats in Lucknow at Vrindavan Yojna, Raebareli Road, with lush green landscape, premium architecture, modern amenities, and more. Rajeev writes articles and blogs in his spare time and has a liking for driving sports bikes and cars.