Lucknow real estate

                                                                                         

Lucknow, the capital city of Utter Pradesh, is also known as “City of Nawabs”. The city has rich architectural heritage and great historical significance. It is emerging as hottest real estate destination. India’s major builders and developers like Omaxe, Ansal, Sahara and Uppal Group are planning to come up with new townships in outer skirts of the city like Gomti Nagar, Meera Nagar and Naya Hyderabad.

According to a report, Omaxe Group’s subsidiary has entered into an agreement with Lucknow development authority for developing new township in the city. Garv Buildtech Private Ltd, which is a subsidiary of Omaxe, has signed a memorandum for developing this township in the city. This new township is estimated to cater Rs.2, 800 crore revenue and will take around five to seven years to complete. Another project by Sahara City Homes, which begun in starting of this year will have 30 blocks and these 30 blocks will house 1620 residential units. Beside this Eldeco is coming up with Eldeco Town on Sitapur road. This 200 crore project will have apartments in the range of Rs 20 - Rs 50 Lakhs. Also, other builders like Omaxe, Ansals, Parasvnath, and Rohtas are coming up with their new residential projects in Lucknow.

The development of suburbs of Lucknow has boosted real estate sales a lot. Gomti Nagar, an IT hub. It has come up with new multiplexes, malls like Eastern Mall, Fun Republic Mall. The city is witnessing development also because of many government offices like Bank of India, and PICUP etc and many plush offices complexes have come up in the locality. Thus, people are looking for residential property in Lucknow and its suburbs to settle down which has led to an increase in the demand for homes. Also, neighboring areas like Indiranagar is witnessing great demand in retail properties as a result demand for commercial property is also increasing.

As far as commercial development is concerned, many builders have lined up retail showrooms, malls, and complexes and are ready to make their mark in the city and its suburbs. Gomti Nagar already has five malls and will come up with three new malls - Tej Kumar Plaza, Raja Ram Kumar Plaza and Ansal Plaza. After coming of these new malls in the city, people have become brand conscious and with improved lifestyle are looking out for more international brands and luxuries, thus, demand for retail showrooms is also increasing. The hottest commercial destinations in the Lucknow are Hazratganj, MG Road, which are still attracting big brands and their franchises.

Areas like Hazratganj not only comprises of malls and shopping complexes but they also house banks, financial institutions, telecom service providers, government agencies and other offices. With Lucknow being an old city, builders are focusing more on outskirt areas and launching their commercial and residential projects there. Because of the fact that outskirt of the city is not much developed and is still in developing phase so property prices here are not much high as compared to prime locations in the city or other tier-II cities. Most builders think the time is favorable for investment in the suburbs as nobody knows in coming few years the Lucknow property prices may soar and get out of reach of middle and low income group people.

About the author:
Neha Chawla writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estateindustry. It is a forum where buyers, sellers and brokers can exchange information. At 99 acres, you can advertise a property in India , search for a property, browse through Lucknow Real Estate and Properties.

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