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Real Estate Market in Lucknow

 Lucknow is the capital city of state of Uttar Pradesh bearing a great testimony to the culture and history. One of the fast evolving sectors in Uttar Pradesh is the real estate market in Lucknow. The rich architectural heritage is one of the most sought after segment in the Lucknow real estate along with the demand for modern homes, flats named apartments. The Neighboring Kanpur, is a leather producing hub and Lucknow specializes in ‘Lucknow Chikon’ garments and artifacts. This is one of the main reasons why the commercial real estate market in Lucknow is growing faster. Increase in economic activity has led to changing aspirations of the population residing in the city that requires massive changes in the real estate market conditions in Lucknow.

 

The old cities comprising of locations like Aminabad and Chowk have given way to new placesof growth like Gomti Nagar, Mahanagar, Janakipuram, and Indiranagar in the suburbs. These are prospective areas for both residential market developments in Lucknow and commercial estates. Of these places, Hazaratganj remains to be the Centarl Business District of the city. You can find a list of properties in Lucknow on sale in the areas surrounding Sitapur Road, Faizabad Road, Sultanpur Road, Raebareilli Road, Kanpur Road, and Hardoi Road.

 

Commercial real estate market in Lucknow

 

The retail and office sector, is mainly concentrated in and around Hazratganj. Some other destinations like Kapurthala Commercial Complex in Mahanagar have also emerged as a popular district. The IT sector is yet to gain heights in Lucknow, foreseeing future demand; the STPI at Gomti Nagar is being revived. TCS and Wipro are two IT companies going ahead with their plans in the city. The Eastern Mall (250,000 square feet in Gomti Nagar and Sahara Ganj measuring about 400,000 square feet are popular retail outlets in the city. In Gomti Nagar therefore the rate of office space is likely to increase two-fold in few years.

 

The residential real estate market in Lucknow

 

The residential sector in Lucknow has witnessed a sea change in the recent times. Main city locations like Chowk, Alambagh, Aminabad, Kaiserbagh were once the place where half population of Lucknow were concentrated. A few premium residential apartments have also come up on Mall Avenue.

 

Locations Rental rates (per sq ft) Ownership rates
Hardoi Road Rs 1,000-Rs 1,200 -
Sahara Ganj Rs 110-Rs 160 Rs 8 lakhs onwards for 2 BHK flats
Raebareilli Road Rs 750- Rs 1,000 Rs 11 lakhs onwards
Charbagh (commercial space) Rs 40- Rs 1,000 -
Kaiserbagh (retail) Rs 70- Rs 110 -

 

Indiranagar and Gomti Nagar are the suburban locations that are witnessing huge residential development. Naya Haiderabad, Mahanagar and Janakipuram are chiefly higher and middle-income residential locations. The rental values in suburban locations like Janakipuram, Gomti Nagar, Indiranagar, Aliganj and Mahanagar have increased by 25-50 per cent over the last 2 years.

 

Rental for residentials by builders Omaxe, Eldeco and Parsvnath in Gomti Nagar are between Rs 6,500- and priced a little higher thosugh there are affordable homes as well.  Residential developments in Jankipuram and Aliganj are priced between Rs 11 lakhs- Rs 36 lakhs.