Once upon a time Lucknow was famous for its Nawabi culture and traditional values, the city of Lucknow is now gradually upgrading to a modern city. The city boasts of some swank commercial properties, sprawling shopping malls and modern residential real estate.
Recent trend suggests that Gulf NRIs form the major chunk of investors for affordable realty deals in the 'City of Nawabs'. According to some developers NRIs also find the lower realty prices in Lucknow much more attractive as compared to exorbitant property prices in metros like New Delhi and Mumbai. Not just the city's prime commercial and residential locations, the suburban locations of Lucknow, especially Indira Nagar and Gomti Nagar are undergoing intense construction activities.
India's leading real estate developers like Parsvnath, Eldeco and Omaxe have already come up with their residential projects in the outskirts of the city as the old city has become very congested and has little scope for further developments. Besides, Sahara Group is also coming up with two mega residential projects – Sahara Estate and Sahara Grace, in Janakipuram, which is mainly a higher and middle income residential location.
Nevertheless, land prices continue to rise every passing day. Also the apartment capital values in Gomti Nagar and Hazratganj is around Rs 1800-2000 per sq ft. The rental value is between Rs 5000 to 10000 per month. Rental value in Jankipuram for a 2 BHK apartment is in the range of Rs 5000-5500 per month.
The city's brokers point out that after the real estate boom the city witnessed a number of small builders, who build small one-room flats and shops joined the list of real estate developers in the city and they invested heavily in the projects. However, due to the increase in the cost of mortar, steel and other building materials forced them to sell of their projects at lower costs. Many of them have shelved their future projects also. Rise in interest rates also played a spoil sport to their business.
Real Estate Agents in Lucknow
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The citys Industrial Development Authority plans 200-acre industrial enclave.It is often debated that the industrial development in Uttar Pradesh is confined to the National Capital Region (NCR) and the growth is far less visible in other parts of the state.In this backdrop,the Lucknow Industrial Development Authority (LIDA) — the proposed industrial enclave along the Lucknow-Kanpur highway mooted almost three years back for industrial and commercial amelioration in the region — is slowly picking up steam. For more view- realtydigest.blogspot.com
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