subject: Culminating The Demand For The Commercial And Residential Property In Lucknow [print this page] The Lucknow properties have become an attractive sector in terms of real estate investments. Let it be apartments, retail space, builder floors or independent houses, Lucknow has offered number of world class commercial and residential properties. The property in Lucknow has seen to have rise in demand especially for the luxurious homes. The demand for the tier II cities like residential property in Lucknow, Nagpur, Mohali and Agra is increasing at its highest pace due to improving infrastructure facilities as well as increasing job opportunities.
According to Pankaj Srivastava, a local realtor who states that in the last one year the capital value of the apartment among the Lucknow properties have seen a good appreciation. In order to meet the growing demand, both the local builders and prominent developers are flourishing with their high end luxury residential projects.
According to the property consultant A K Mishra who states that demand for the new and ready to move in apartments that are fully furnished and equipped with all kinds of modern amenities have attained high stability and more transactions compared to the others. Examples of such property in Lucknow are DLF Garden City, Omaxe Heights, Eldeco Elegance, Akshay Homes, Golf Vista, Sushant Golf City, Eldeco City Breeze, Lakshya Heights etc. These projects are being constructed on the outskirts of the city and are available at the price range of Rs 1900-2500 per sq ft.
Apart from the main city and the suburbs, the infrastructure development for the residential property in Lucknow is also active along the Highways which connects Lucknow to other destinations. According to Sharad Sharma of Mangalam Properties, the realty segment for the Lucknow properties has been seen to have a good appreciation of nearly 10-15% across the city during the month of January to April. Number of prominent developers who have successfully launched their projects in this city are Omaxe Ltd, Ansals API, Eldeco Group and Parsvnath Developers. With the good connectivity to major centres like Kanpur, Rai Bareilly, Sitapur and Sultanpur through Lucknow Bypass and Lucknow Expressway, as well as the initiatives taken by the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and Uttar Pradesh Housing and Development Board (UPHDB) for the permission for developing hi-tech townships on 25-100 acres of land in the city have attracted NRIs, buyers and investors from the city as well as neighbourhood cities. During the past six months, the number of transactions for property in Lucknow has been increased by 20-25% and the localities that have benefitted a lot are Gomti Nagar, Mahanagar, Janakipuram and Indiranagar.
Number of prominent developers like Parsvnath, Ansals, Unitech and Jaypee have already launched their residential projects in the city. Ansal Properties & Infrastructure is planning to launch a big township project in the city providing 70,000 units. The company is currently developing a 3,500-acre township Sushant Golf City at Lucknow.
Hence, the prime reason why the visitors have taken a keen interests in investing on the Lucknow properties is due to the fact that it surely ensures for the good return on the investments to numerous investors who have started their projects in Lucknow. While the second important reason is that the city is known to be the best education as wwell as commercial hub where you find institutes like IIM, Dr. Ram Manohar Lohia National Law University, Central Drug Research Institute and many others. Apart from that you find here various historical monuments like Imambara, Shah Najaf, British Residency etc which attracts visitors from various parts of the world.
