The Lucknow is the real estate capital of Uttar Pradesh due to its cultural and historical importance as well as rapidly emerging as a modern real estate destination. The increasing economic activities and the real estate developers have made massive changes in the city. Real estate is one of the many prosperous areas of the economy. There are a number of shopping malls, business complexes and residential complexes all over the city. Now, Lucknow is known for its world-class commercial and residential real estate properties. It is one of the Indian cities which adhere to the graph of the development of cities like Surat, Mumbai and Delhi.
According to local trend watchers, the prices of real estate property in Lucknow have triple over the years and for this reason, this nawabi city has retained its potential investors and buyers who were in search of big cities for other house or rental houses. There are many buyers who have recognized Lucknow as a growing city, and therefore did the potential investment in the city.
Now, buyers are upgrading their lifestyles in Allahabad, Varanasi, Unnao, Kanpur, Sitapur, Sultanpur, Bahraich and Barabanki as well. On the other hand, the low-income buyers and the other people, who are living in the city actively searching for property within the city. In Lucknow, the Sultanpur, Gomti Nagar, Rae Bareli Road, Faizabad Road and Amar Shaheed Path are very high in demand. All these locations are peripheral. However, the availability of properties in peripheral location is not limited to any one budget.
Over the years, investment patterns have been changed and buyers are now bored by looking for the same type of property. Therefore, the young investors, who are investing in the property in Lucknow are looking at high-end assets and it encourages many integrated townships to come in the peripheral locations.
The buyers are searching for the property with convenience and hence their budget starts from Rs 50 lakhs and onwards due to escalation in prices of property in Lucknow. According to the figures, the property of this area is in the range of Rs 35 lakh to Rs 1 crore. Alternatively, if it comes to tenant returns then the areas such as Janakipuram, Indira Nagar, Gomti Nagar, Vikas Nagar, Metropolitan and Hazratganj come as the first choice of the investor.
The growth is increasing in the organized retail sector and the demand for housing has led to commercial routes and shopping arcades in areas like Metropolitan, Indiranagar, Hazratganj, Gomti Nagar and Alambagh. The city has touched its tier-II image and is making rapid progress towards consumer culture where all the things from luxury cars to luxury projects are quite a lot.
Nowadays, the apartments dominate the horizon and independent houses attached to most of the old traditional areas like Rajgipuram, Rajbazar and Rakgaganj are no longer common and interested. Now, new buyers are choosing large apartments in areas where the population density is not as much in the old areas are.
Despite the recession in the total real estate market this year, there were a large number of properties transacted in Gomti Nagar and neighboring areas. Now, the famous real estate builders are becoming the most popular challenges. The local builders are not too far behind in this race and increasing their quality of construction to appeal to local workers, those who have money, are well equipped and are selecting a fully packed house, which has the best facilities.