The city of Splendour, Lucknow has emerged as a major realty hotspot in recent years followed by Kanpur and nearby areas. Lucknow is not strictly like most Tier 2 Cities, it has preserved its Tehzeeb and Awadh Heritage intact. In recent years Lucknow has emerged as a serious contender in attracting the focus of Investor, especially IT and Commercial Investments. Ranked as one of the top ten fastest growing cities for Real Estate by CRISIL, Lucknow witnessed some of the milestone Commercial and Residential Real Estate projects being launched in recent times. Now, coming to the property market, there is a huge gap between demand and supply. Experts say there is a demand for almost 25000-30,000 units every year whereas the supply is almost half of that. Sensing an opportunity the country’s big builders like DLF, AnsalApi, Omaxe and Emaar MGF have all moved in.
While moving down on Amar Shaheed Path from the City Centre towards the airport, first upcoming realty hub is Sultanpur Road that has already established itself as a prime realty hotspot. AnsalApi is the biggest player here with its 3500 acre integrated township, the Sushant Golf City. AnsalApi is selling 1bhk to 4bhk options for Rs 3000-4500 a square foot. It is also betting big on penthouses and villas but these are far more expensive with a price tag of Rs 3-5 crore. Next at Gomti Nagar Extension, one can find the maximum number of options for affordable housing. 2 and 3 BHK’s are available for Rs 2000-3500 a square foot. Emaar MGF from Delhi has launched the 225 acre Gomti Green. The company is offering plotted development at Rs 26000 per sq yd or Rs 2888 per sq ft for plots ranging approximately 1000 units (ranging from 194 sqyd to 957 sqyd). Commercial hub of Lucknow, Hazratganj appeals to Premium Luxury Segment Investors with flats available here for Rs 40 lakh to Rs 1 crore. 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.
The Lucknow realty market is in for a major boost with the much-delayed Lucknow Metro rail project on track. The project, estimated around Rs 15,000 crore, was given the go-ahead by the state Cabinet last week. The first phase, estimated at Rs 8,000 crore, is likely to be up and running by 2016-17. Players are optimistic that once the project starts, local realty would become ‘hot property’, akin to what Delhi Metro did to the sector in the national capital region (NCR). Besides, the state is also considering steps to unlock land value in the vicinity of the metro route by offering higher floor area ratio, flexible land use, etc. “The real estate prices zoomed 200 per cent in Delhi over the last four years largely due to the Delhi Metro. Lucknow would experience a similar boom in the property market,” DLF Vice-President (operations) Rajeev Singh told Business Standard.