Where Should You Invest In Lucknow
The over three-year slowdown in India's real estate sector might have dragged metropolitan cities, but its impact was nowhere to be seen when one looked at the price growth in the state capitals and Tier-II cities. Leading this pack of cities which defied the overall mood was Lucknow, the state capital of Uttar Pradesh. At the Reserve Bank of India's (RBI) Housing Price Index for the December quarter of the financial year 2018-19, the City of Nawabs saw the sharpest movement where property prices increased over 13 per cent in the past five years. Across parameters, this city with its old-world charm is growing and luring more and more people to invest in its ever-expanding property markets. Tempted to do the same and would like to know which localities are seeing the highest growth?
Here you go:
Livability score: 10
Average property price: Rs 7,269 psf
Average monthly rent: Rs 26,017
This would be the most ideal locality in Lucknow if you are looking to settle down in the city. One of Lucknow's oldest and most popular localities, Hazratganj is known for its quaint bazaars, plush hotels, theatres, shopping complexes and restaurants.
According to Makaan.com, there are 85 ready-to-move-in and five under-construction projects in the locality. While a 2BHK unit could be bought for Rs 35-40 lakh, a 3BHK flat could cost you anywhere between Rs 65 lakh and Rs 3 crore.
Livability score: 9.6
Average property price: Rs 5,106 psf
Average monthly rent: Rs 29,500
Butler Colony has a well-developed social infrastructure. It not only houses some of the city's best educational institutes and hospitals but also the best of hostels and restaurants. You will be spoilt for choices in case you are planning to invest here — this posh areas is bustling with new luxury developments, be it apartment projects or villa-based constructions.
According to Makaan.com, there are 21 ready-to-move-in and two under-construction projects in the locality. While a 2BHK unit could be bought for Rs 85 lakh, a 3BHK flat in Butler Colony could cost you anywhere between Rs 55 lakh and Rs 1.14 crore.
Livability score: 9.5
Average property price: Rs 3,764 psf
Average monthly rent: Rs 26,031
This locality that houses the main railway station, is now connected to the rest of the city through a Metro network. The Charbagh Metro Station falls on the Red Line of the Lucknow Metro. It makes perfect sense to buy a property here, right? For a 2BHK unit, you have to pay an average price of Rs 36 lakh while the ticket size would swell up to nearly Rs 70 lakh if you plan to buy a 3BHK unit.
According to Makaan.com, there are 13 ready-to-move-in and two under-construction projects in the locality.
Livability score: 9.2
Average property price: Rs 3,310 psf
Average monthly rent: NA
When compared to the localities mentioned above, property prices in this locality are quite affordable. Average property rates in Hasanganj are Rs 3,310 per sqf. Hasanganj lies in proximity to some of the prime areas of Lucknow, including Kutubpur, Purana Haidarabad, Mukarimnagar, Nirala Nagar and Vivekanandapuri. There are five ready-to-move-in projects in Hasanganj.