A major economic and behavioral change in consumers is catapulting the growth of the housing market in Lucknow.Rapid infrastructure growth, good governance, improved standard of living, and huge investments have strengthened Lucknow’s position as a promising real estate hotbed. Popular for being a mix of old-world charm and modernity, it is the second largest city of North India and Capital of the second-strongest state economy in the country. The city is growing fast in terms of infrastructure, and private players are making huge investments, which are accelerating demand for real estate assets here.
As per industry reports, property inquiries have increased hugely in tier-2 cities, and Lucknow has raced ahead of some of the top cities. It has also made into the top 20 list of Indian residential index (IRIS) – a monthly index that tracks potential buyers’ activity in primary and secondary residential markets by tracking 42 key cities driving the residential market. The city is brimming with opportunities and real estate developers believe that Lucknow will soon become an epicenter of realty growth in North India.
The city is emerging as a hub for manufacturing, food processing, electronics, banking, IT, and real estate. It forms a part of many upcoming growth corridors and massive developmental projects. The state of Uttar Pradesh has undergone rampant development that is creating a multiplier effect on Lucknow’s growth. The commercial growth is leading to huge revenue generation and job creations resulting in demand for upscale commercial and residential spaces in the city.
“Lucknow is playing a key role in Uttar Pradesh’s march towards its goal of becoming a $1-trillion economy. The city contributes 3.85% of the state’s GDP and bolstered by excellent connectivity, presence of social infrastructures, open spaces, and investment opportunities, it is all set to become the destination-next of real estate in the country. Large-scale real estate developments in the city are a testimony to the city’s position as a preferred destination for homebuyers, corporates, retailers, and brands,” said Mohit Goel, MD, Omaxe Ltd.
“New infrastructure developments by the State Government like the soon-to-be-operational Outer Ring Road & Purvanchal Expressway; expansion of the international airport to cater to 10 million passengers annually, proposed Lucknow-Kanpur Elevated Expressway, world-class educational and healthcare facilities and a slew of industrial projects by private companies have brought Lucknow at the epicentre of growth and employment,” Goel added.
Buyers are contemplating shifting their base here to explore the option of living in larger spaces with modern amenities and dedicated workspaces. A major economic and behavioral change in consumers is catapulting the growth of the housing market in Lucknow. The trends clearly indicate that the aspirational buyer is looking beyond metropolises that offer an indulgent lifestyle along with sustainability and wellness factors. High-rise buildings and apartment living concepts are not restricted to metros anymore and this has created a chance for real estate developers to take advantage of the untapped consumer demand.
“A spate of infrastructure development, excellent connectivity, vibrant open spaces, and cultural heritage have positioned Lucknow as a leading real estate destination. Being the capital city of UP, it also serves as a second home for those who come here from neighboring cities to avail education, investments, business, job opportunities, health services, etc. It enjoys a lively presence of malls, parks, multiplexes, etc., and owing to these factors, the residential demand in the city is growing at a rapid pace. Independent townships, plotted developments, that are developed with all modern amenities, are also selling well among buyers. The realty market has grown manifold recently and the presence of trusted and organized developers has also helped to boost market sentiments and consumer confidence contributing towards the significant growth of Lucknow’s market,” said Manish Jaiswal, Group COO, Eldeco Group.
The city also enjoys excellent connectivity with all major cities, including Allahabad, Varanasi, Kanpur, Agra, Jhansi, Delhi, and others. After completion, the Outer Ring Road would connect 104 villages, five national highways, and 6 state highways with Lucknow. With Lucknow Metro rapidly expanding, the city is becoming more convenient and environment-friendly.
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