What springs to mind when you come to think of 'Lucknow'?
Hindi, spoken with a tint of purity?!
Mughlai cuisine?!
An accent that’s more of a melody?!
And…real estate!
Yes, for all that Lucknow is known for, its real estate is now its calling card.
Lucknow is an expanding commercial & residential real estate universe whose past five years (as of March 2024) depict a stunning growth story:
119.4% increase in price per square foot in Mahanagar
88.6% increase in price per square foot in Gomti Nagar between March 2019 to March 2024
25-30% average price appreciation (last two years)
15% year-on-year growth since Q4, 2022.
For their growth infrastructure and appreciation, these areas are leading the real estate revolution in Lucknow:
REGION | DEVELOPMENT STAGE | YoY GROWTH |
Gomti Nagar | Developed | 17.3% |
Sushant Golf City | Developing | 15% |
Amar Shaheed Path | Developing | 26.3% |
IIM Road | Developing | 15.6% |
Mahanagar | Developed | 23% |
Sultanpur Road | Developing | 20% |
Lucknow blossomed quickly, along the lines of Noida and NCR, into a leading IT hub for software companies to set up base there. It ranked sixth on the list of India's top ten business destinations in 2020 (Source: JLL) and has maintained that growth since.
The sustained real estate growth is attributed to:
Rapid growth industries like IT, manufacturing, and tourism.
Rising demand for corporate offices, IT Parks, retail spaces and coworking spaces in Lucknow
Tech and IT companies surging employment opportunities
A shift towards an experiential lifestyle driving innovative retail and window shopping experience.
Sustainability and green development initiatives
Infrastructure
Connectivity
Economic Opportunities
Affordability
Appreciation
Government initiatives in Lucknow are another key reason. From green corridors to highways, a ring road, and a metro project, state initiatives on connectivity, infrastructure, quality of life, and ease of doing business have truly revolutionised Lucknow.
Some flagship developments (ongoing and finished) include-
150 mts wide outer ring road
28.6 km long green corridor linking the old city to Kisan Path
UP Darshan Park, a development to keep the state’s rich cultural heritage alive
Multi-level parking near MG Marg
The Ganga Expressway (ongoing) set to be among the longest expressways, providing rapid connectivity to Uttar Pradesh’s interior regions.
Six-lane access-controlled expressway to ease travel between Gorakhpur and Azamgarh.
Lucknow-Kanpur Expressway to cut short travel time between the twin cities from 1.5 hours to just 45 minutes
The Lucknow Metro expansion plan to ease commuting within the city
Terminal 3 at Chaudhary Charan Singh International Airport is set to increase traffic in the region.
Delhi-Varanasi High-Speed Rail project with 12 stations to pass through Lucknow.
Anyone who knows Lucknow would find that the city has outperformed the major growth benchmarks of a metropolitan city. Even though in real estate, one-size-fits-all never works, Lucknow is unique in that it encompasses goals, budgets, requirements, and broad tastes.
And that makes it particularly great in meeting the expectations most buyers and investors set for themselves.
The top areas to invest in Lucknow are:
Amar Shaheed Path
These are the most sought-after locations in Lucknow based on affordability, potential for future development, and the flexibility to choose from different options and negotiate.
Nonetheless, we encourage seeking out a RERA-registered consultant to identify the best fit for your budget, choices, and preferences.
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