Lucknow Realty Rail To Keep Riding On New Developments

Industry insiders in Lucknow, especially the ones who are on ground and dealing with prospective buyers on a day to day basis, say that property markets in the Uttrar Pradesh capital never really witnessed any major slump. Yes, sales conversions were fewer in the past but the demand was always active. Today, investors from cities such as Allahabad, Bahraich, Barabanki, Kanpur, Sitapur, Sultanpur, Varanasi and Unnao are considering Lucknow as their new property bet.

Given the population of the city, it is but natural that migration from outside as well as from within is bound to happen. Manohar Chaurasia, broker, Deepmala Properties says, “Many outsiders have set small and big businesses in the city. Some others have actively put their money in their second homes across Lucknow. The city is garnering attention every day and the need for lifestyle and wellness homes is just growing although how soon these will move in the market is debatable.”

What makes Lucknow attractive?

The city is the hub of affordable housing. The price bracket may be anywhere between Rs 25-55 lakh. Two BHK and 3BHK units move well in the market. But what makes these popular apart from the pricing?

A host of factors contribute to the city's popularity. Formal researches have termed the city as one of the fastest growing with its Metro network and the expressway. The scope for medical-tourism has also gone up by leaps and bounds. Given its development, job opportunities are growing, especially for the business communities, migration from the neighbouring cities is now common.

Also Read: 11 Reasons Why Lucknow Has Been Grabbing Eyeballs

Ample stock

The city has a rich supply of cost-effective properties by reputed developers. A cursory glance at PropTiger.com will tell you that there are over 480 projects in the city. There are plot-based projects, with rates starting at Rs 1.20 lakh; prices could go up to Rs 20 lakh. Luxury villas and apartments priced up to Rs 4 crore are also available in the market, their sizes ranging between 3,200-4,000 sqft. On the whole, over 220 projects are in various stages of construction in Lucknow.

Data show Sultanpur Road, Aminabad, Gomti Nagar and Aashiyana are popular localities but the highest returns have been registered in areas such as Banaura Husainbari, Aliganj, LDA (Lucknow Development Authority) Colony and Bijnor on the basis of their price growth in the past 24-36 months.

However, prices have witnessed a fall. In April 2013, capital values stood at Rs 4,000 per sqft on an average. Four years on, the value has dipped to Rs 3,450 per sqft approximately. However, insiders insist that there is no lack of demand. It is only a matter of price correction, they say.

This, therefore, becomes a good time to buy. The comparative cost advantage has urged many businessmen to flock to the city and invest. Today, on an average, plotted developments cost Rs 15 lakh, 1BHK units Rs 22 lakh, 2BHK units move for Rs 44 lakh, 3BHK units at Rs 65 lakh and 4BHK units at about Rs 1.25 crore. 

Check out some of the best new launches in the city.

New developments

Here are some of the developments announced for smart city Lucknow:

• The Lucknow Municipal Corporation has joined hands with a private company to implement ICT-enabled Solid Waste Management System in Lucknow on a public-private partnership mode.

• Latest technology has been incorporated to pave way for Smart City Surveillance project, Drishti. A command and control centre will be set up to monitor traffic violations.

• The e-challan system, an app by the transport department, has been extended to other cities in the state. It helps automatically logging of location based on GPS. There is a provision to click and store pictures of vehicle, documents, etc.

• The Uttar Pradesh Police Emergency Management System is keen on the Dial 100 emergency system wherein the services are integrated. Even remote areas can have access to this facility. Those who avail of the service can expect emergency service to arrive within 20 minutes of the alert through calls, emails and social media.

• Energy efficiency and LED-based energy-efficient lighting are being introduced.

• For this, a Memorandum of Understanding (MoU) with Energy Efficiency Services Limited (EESL) has already been signed.

• A passenger-centric project which involves electronic ticketing and GPS-based vehicle tracking will be adapted soon by the Lucknow City Transport Services Ltd. Smart bus shelters will also have passenger's information.

• Smart parking on PPP basis could be proposed to smoothen traffic and parking conditions in crowded areas such as Jhandewala, Dayanidhan and Jhandi Park.
• Lucknowis getting smart. A unified mobility card which would give access to Metro, buses and taxis is being planned. According to reports, there are 32 other services that can be availed of with this card.

Recently, it was reported that over one lakh commuters used the Lucknow Metro within four days of its operations.

Other developments

• The Lucknow Development Authority has objected to the maps of the second phase of Sushant Golf City for not complying with o the Master Plan of 2031. The township is one of its kind in the city.

• According to the Master Plan 2031, 70 per cent of Uttar Pradesh is set to become urban. The number is less than 40 per cent now. 

Also read: UD Ministry Sanctions Rs 250 Cr To Lucknow Metro, City's Real Estate May See An Upswing