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Hats off to Moderator and all Lucnow section fans.CommentQuote0Flag
- Lucknow Real Estate offers lucrative returns for the investor. Lucknow Real Estate also has value for the property buyer who wish to live in Lucknow.
Lucknow is an ancient city dating back to the Mughal era. Lucknow is also the administrative capital of India's largest state- Uttar Pradesh. Lucknow real estate shows great potential as India's economy grows from strength to strength.
Lucknow Real Estate benefits from the low interest rates with respect to purchase of property initiated by the Indian government. For strategic investors, Lucknow Real Estate gives an astonishing and lucrative return of 20 percent per year. It is no co-incidence that a lot of Non Resident Indians (NRI's) are investing in Lucknow real estate.
Most of the NRIs investing in Lucknow real estate are the state diaspora. The sons of the state of Uttar Pradesh are literally attracted by the lure of the land.
Lucknow real estate is flourishing thanks to flexible lending rates initiated by the banks with support from the central government. Improved infrastructure in Lucknow city has also catalyzed the boom in real estate. Residential demand is maximum and spread all over Lucknow city and it is not confined to particular areas of the town.
The need for security has prompted residential property buyers to make a marked preference for apartments rather than independent houses. The perception is that apartments are less prone to illegal property grabbing. The capital value of the land may exceed Rs.2000 per square foot depending on the location and proximity to landmark areas.
All realty roads lead to Lucknow!
Lucknow Real EstateCommentQuote0Flag
- Lucknow, the capital of Uttar Pradesh is popularly known as the 'City of Nawabs'. This city has a high historical and cultural importance and is famous for its courtly manners, beautiful gardens, music, poetry and fine cuisines. Lucknow is enriched with architectural heritage and is witnessing major developments across all the sectors at a speedy pace. By ranking among the top ten fastest growing tier-II cities of India, it is quickly evolving as a real estate destination.
Lucknow, also called 'The Golden City of the East' is witnessing an economic boom today. The surge in its industrial activities has led to a boom in real estate sector which has also changed the demographic boundaries of the city. Being an old city, the government and people have a lot of veneration for the city and its residents. Lucknow is imbued with multicultural spirit and so, property developers are focusing developments more on the peripheral areas of the city. Positive trends in Lucknow property market have tempted leading developers like Parsvnath, Omaxe, Eldeco and Uppal Group to launch some mega projects in the city.
The unprecedented demand for housing has proved progressive for Lucknow and transformed it into an upcoming metropolitan city. This demand is raised by students from all over the country who migrate to the city to attend to some of the most premier and eminent educational institutes in Lucknow and nearby areas. It is further augmented by professionals who enter this region to work with some of the most reputed brands of India and abroad. NRI investments also make for substantial amount of raise in demand for quality housing.
The property in Lucknow is being developed with a wholesome approach but housing and retail sector are witnessing an all time high. Some of the important developments in the retail sector include:
-Fun Republic Mall in Gomti Nagar promoted by Lucknow Development Authority on an area of approx. 5 lakhs square feet. It consists of a 6-screen multiplex, department stores, music and gift shops, food courts, fine dining restaurants, a boutique business hotel gaming and other lifestyle retail options.
- Next among retail developments is the Westend Mall located at Vibhuti Khand in an area of more than 5 lakhs square feet offering parking facility for 400 cars, several leading retail brands, etc.
- Sahara Ganj Mall is the pioneer shopping mall of the city with 5.25 lakhs square feet built up area that is occupied by a multi-cuisine food court, world known retail brands and 4-screen multiplex.
-The upcoming Phoenix United Mall in the Alam Bagh area of the city in about 6.30 lakh square feet in area would include a triple-level basement dedicated to parking. Retail stores, entertainment centre, a food court, fine dining specialty restaurants and a 6-screen PVR multiplex will be the major attractions.
- Emaar MGF Mall of Lucknow is next in the list of soon-to-be launched malls furnished with all the world class facilities.
The leading brand retailers are continuously striving to cater to the growing needs of the population by providing quality retail space.
The construction wave in the residential sector has been outstanding with Hazratganj, Civil Lines and Mall Avenue being the exclusive residential neighborhoods. Indiranagar and Gomti Nagar, too, are engaged with construction projects of real estate developers.
Some of the residential developments are:
-Sahara State Homes and Sahara Grace in Janakipuram,
-Metro City by Arif Industries near New Haiderabad,
-Sahara City Homes on Hardoi Road over 200 acres,
-Eldeco's 200 acre township on Sitapur Road,
-Townships by Rohtas and Omaxe on Rae Bareilly Road,
-Ansals and Sahara townships on Sultanpur Road and many more.CommentQuote0Flag
- Gomti Nagar Leads Way In Lucknow's Real Estate Market
Sub-urban areas are fast becoming centers of real-estate developments in Lucknow. According to sources, Gomti Nagar is coming up as one of the most preferred commercial destinations in the city.
Besides Gomti Nagar exemplifies how a residential real estate settlement can diversify into an IT hub. Notably, the locality was established primarily as a residential property . Today it is widely regarded as the IT and ITES hub of the city.
Gomti Nagar lies in the northern part of Lucknow. The locality got its name from River Gomti that flows near by the town. It was the first planned expansion developed by Lucknow Development Authority (LDA). The locality is divided into Phase I, Phase II and Gomti Nagar Extension.
Residential properties in Phase I and Phase II are fairly populated but Gomti Nagar Extension is a recent development and in fact has become the IT hub in Lucknow.
This locality houses major government offices like Reserve Bank of India, PICUP etc. Besides this, many plush office complexes have sprung up in the locality. All these centers generate employment and many people working in this area prefer to live near by. As a result the residential properties of Gomti Nagar have suddenly come in demand.
Gomti Nagar is also the convener of organized retail in Lucknow. The first mall there, called as Eastern Mall, was thrown open some time ago. The mall is spread in about 2.5 lakh sq ft. The people of Lucknow witnessed all the international brands and national leaders with Eastern Mall. Recently another mall, Fun Republic Mall, was inaugurated in Gomti Nagar.
Meanwhile, Gomti Nagar and its neighbouring area of Indiranagar is witnessing quite an impressive demand in retail properties. A lot of leading brands have opened their showrooms in these areas and such positive trends have tempted real estate developers like Parsvnath, Omaxe, Eldeco and Uppal Group to ambitiously launch their real estate projects in the city. According to sources, all three groups have announced different projects in the regions.CommentQuote0Flag