When it may come to real estate market in India, it is usually the metro and tier-I cities that play a major role. However, along with metropolitan cities such as Mumbai, Bangalore and New Delhi, various tier-II cities like Varanasi, Kanpur, Allahabad and Lucknow are also witnessing robust real estate activities. Compared to tier-I cities, many market surveys and researches have indicated higher surge in the prices of residential houses in tier-II cities.
New Areas of Growth and Development
In the recent past, with quite a few existing metro cities reaching saturation point, it is estimated that tier-II cities would play a big role in the overall growth and development in the years to come. Moreover, given the current rate of urbanization and population, it would be necessary that tier-II cities make up a major portion of the forthcoming urbanization phenomenon.
Along with tier-I cities many tier-II cities such as Lucknow has witnessed a rise in economic activities in the past few years. Various industries such as retail, automobile, IT/ITES, medical, education, pharma and real estate are growing in the City of Nawabs and this economic rise is actually translating into improved social and physical infrastructure and civic amenities in the form of wide roads, flyovers, hospitals, colleges, shopping malls, multiplexes, hotels, etc. As a result, there has been a surge in demand for new housing projects in Lucknow as people from neighboring cities are migrating to Lucknow in search of quality education, healthcare and employment and to live a good lifestyle. With real estate in Lucknow witnessing strong growth many property developers have launched residential projects to cater to the growing demand of flats at Lucknow.
Lucknow Real Estate Overview
1) Lucknow, the capital of the most populated state in India, famous for its glorious history and Nawabi-era monuments, is demonstrating an expanding real estate market.
2) There has been a rise in new housing projects and apartments in Lucknow spread across highways and upcoming locations such as Gomti Nagar Extension, Vrindavan Yojna, Raebareli Road, Faizabad Road, Kanpur Road, Sultanpur Road, etc.
3) The growth of residential real estate in Lucknow is also interconnected with the rise in commercial activities in the city. Once a hub of chikan embroidery (zardozi) and handlooms, Lucknow is transforming into a full-fledged metro city with various industries thriving and making their strong presence here.
4) Top real estate builders in Lucknow as well as developers from National Capital Region (NCR) are making the most of the boom in Lucknow real estate market. These builders are developing affordable and luxury houses in Lucknow to satisfy the increasing demand of apartments.
5) In the past two years, market value appreciation of residential properties in Lucknow area has been in the range of 25-45 percent.
6) Upcoming business and corporate parks would strengthen the commercial market, which in turn, would boost residential real estate market.
7) 75 percent of the customers are locals while the rest are from outside the city. In the future, the percentage of outside buyers would rise considerably.
8) 5-6 shopping malls are expected to come up in the next 3-4 years, which would invigorate the commercial and residential realty market.
9) Recently announced development projects such as Lucknow Metro, Lucknow-Agra Expressway, IT City, Cancer Research Institute, Intl. Cricket Stadium, to name a few, would facilitate the growth of residential projects in Lucknow.
Rajeev is sales and marketing consultant at Azea Botanica, a new residential project in Lucknow being developed by Azeagaia Development Pvt. Ltd., promoted by Singapore-based firms through foreign direct investment. Azea Botanica offers 3 & 4BHK luxury apartments in Lucknow at a prime location of Vrindavan Yojna, coupled with premium architecture, spacious and airy rooms, modern amenities, and more. To know more about Azea Botanica, please visit http://www.azeabotanica.com