Manas Nag, a retired central government employee, has settled for a semi-luxury home in Gomti Nagar which has been gifted by his son, an IIM-Lucknow graduate working with an American multinational. Today, more and more buyers, especially those who have spent their active working years in the city, are considering residential housing in Lucknow as a hot investment ground.
The city of Nawabs is no longer a Tier-2 city in terms of its dimensions. Neither is the growth unidirectional. Development, disposable incomes, an increase in the number of jobs and the resultant growth in real estate is for everyone to see. Trend watchers believe that in the last few years, luxury projects have followed new corridors of growth and property prices have escalated. All this points to a rise in housing demand, attracting many end-users and long term investors. Like Nag, a number of government employees and bureaucrats have also taken to the local real estate.
Where is the residential moving to?
As per data with Magicbricks, Faizabad Road, Amar Shaheed Path, Gomti Nagar Extension Road and Rae Bareli Road have the maximum supply of properties. Ajay Prasad, a local broker at Sairam Properties and Consultancy says, “New growth corridors have surfaced over the last few years especially along the highways that link Kanpur, Hardoi, Sitapur, Rae Bareli, Sultanpur, and Faizabad. To add to its value, these are not small-time developers’ projects but realty giants known for their caliber across top active real estate markets of the country. Supporting infrastructural growth such as roadways, entertainment areas and commercial development along these areas has also encouraged buyers. In fact, the Gomti Nagar Zone that comprises of Vibhuti Khand and Vipin Khand is fast evolving into a secondary business district. Faizabad Road has also witnessed a lot of commercial developments.
Shankar Kishore, an individual consultant at Bibhor Lal Consultancy says, “Over the past five to six years, organized retail has led to the mall culture penetrating the upcoming areas. As a result, the younger generation of buyers who may or may not have large budgets but have a family in Lucknow and would want an early investment, prefer settling for such areas. Most leading research and data analytics firms have listed Lucknow as a top real estate market beyond the top ten Tier-I cities. Many of these young buyers for residential housing in Lucknow purchase property for their parents. Even buyers from smaller towns move to Lucknow for aspirational value,” adds Kishore.
“Influx of the well-placed migrant population has also been drifting towards apartments, although flats near Charbagh Railway Station in Lucknow has for long been known for buyers fancying the idea of purchasing large tracts of plots to build Nawabi households,” says Prasad.
The Lucknow would be a game changer in terms of real estate growth. Property values of flats in Lucknow that have seen some degree of rise in the last few years will then further escalate.
If affordability is your pick, most 1 or 2BHK units in size ranging from 500-1500 sq ft, are within Rs 30 lakh. If you are planning for a new property, you could also look forward to the above-mentioned areas that have new projects within the same price range and are scheduled to be delivered by end of 2019 to 2021 timeframe. In the case of small budgets, one could even go for investment in plotted developments. A majority of these are within Rs 10 lakh varying in sizes but mostly within 2500 sq ft.
It is interesting to note that the aforementioned areas are no longer concentrated with a particular property segment. Affordable properties are in vogue as much as luxury properties. If you are a buyer, you know where to invest! Read how- Lucknow Shaheed Path developing for housing