The real estate in Lucknow is reaching sky high, evident by the hectic construction activity undertaken in the city by almost every major property developer operating in North India.Supporting an array of small scale industries, from rich handlooms and handicrafts to sugar and leather, the Uttar Pradesh Government’s foray into the knowledge industry was made with the Software Technology Park and the Biotech Park in Lucknow. Known for the eminent institutes of learning in Lucknow and the rest of UP which have produced professionals of calibre, the city is well poised to become an IT Hub. Lucknow’s IT industry has made a beginning with exports of Rs.10 crores in high-tech areas of telecommunication and software development.
With a vision to replicate the success of Noida in Lucknow, the state government is supportive of private participation in infrastructure. New townships and colonies within Lucknow, its suburbs and along the highways to Sitapur, Faizabad, Sultanpur, Rae Barelli, Kanpur and Hardoi are quickly transforming the face of this old city
Real Estate Projects in Lucknow
Commercial Property: Commercial properties in Lucknow like the Shalimar Corporate Park and Pinnacle Towers are ready for IT companies to occupy. Gomti Nagar, Mahanagar, Janakipuram and Indiranagar are emerging as the new commercial enclaves. Hazratganj maintains centre stage garnering a large quantum of business in the city. The Kapurthala Commercial Complex in Mahanagar is also attracting new office establishments.
Hazratganj office spaces come at a price of Rs. 45 to Rs. 55 sq. ft. per month, though M.G.Road commands premium rates of Rs. 100 to Rs. 180 per sq. ft. Capital values range between Rs. 15,000 to Rs. 20,000 per sq. ft
From the traditional retail markets of Hazratganj, Aminabad and Kaiser Bagh, Lucknow also opened up to the Fun Republic Mall and the Eastern Mall in Gomti Nagar and the Sahara Ganj on Shah Najaf Road. 8 more malls are in the planning and construction stage. Rental values of Rs. 110 to Rs. 160 per sq. ft. prevail here.
In Alambagh, Aminabad and Kaiser Bagh, rented properties range between Rs. 70 to Rs. 100 per sq. ft per month, and capital values average between Rs. 6,000 to Rs. 8,000 per sq. ft. Rentals in Gol Market, Charbagh and Mahanagar are a notch lower at Rs. 30 to Rs. 50 per sq.ft per month.
Residential Property: The metamorphosis of Lucknow can be attributed to the wave of construction activity primarily in the residential sector. While Hazratganj, Civil Lines and Mall Avenue remain exclusive residential neighbourhoods, the congested colonies of Alambagh, Aminabad, Chowk and Kaiserbagh have left no scope for development. Indiranagar and Gomti Nagar are abuzz with construction projects of real estate developers of repute. Residential apartments in Lucknow have been introduced to the city by NCR based property developers Omaxe, Eldeco, Parsvnath, Uppals and Chadhas.
Janakipuram is host to Sahara State Homes and Sahara Grace, while Metro City by Arif Industries is coming up near New Haiderabad. On Hardoi Road, Sahara City Homes is spread over 200 acres. Sitapur Road has been selected by Eldeco for a 200 acre township. On the Rae Bareilly Road, Rohtas and Omaxe have established their presence with new-age projects. Stylish apartments and villas, clubs, malls, theme parks and hospitals mark these new townships. Ansals and Sahara townships on Sultanpur Road will usher in a world of luxury living to Lucknow.
Investors in Lucknow’s property market have reaped returns of 25 to 50% in the last 2 years, as per studies by Knight Frank. Per sq. foot rates for residential property developed by Parsvnath, Omaxe and Eldeco range between Rs. 1,800 to Rs.2,200, while Jankipuram and Indiranagar fetch rates of Rs. 1200 to Rs.1,200 per sq. ft. Properties on Hardoi Road and Sitapur Road are at a reasonable Rs.1,000 to Rs.1,200 per sq. ft. and the rates on Rae Bareilly Road prevail at Rs. 750 to Rs. 1,000 per sq. ft.
Concerned citizens have warned of “over-concretizing” the city, and civic services need to be reined in to pre-empt shrinkage of green areas of Lucknow. The Lucknow Development Authority on its part has pro-actively planned infrastructure projects to support the emerging colonies. At still affordable rates, investing in any of the deluxe projects in Lucknow is sure value for money.
Source: Indian Realty News