Residential Real Estate in Lucknow Sub-Urbs Shows Strength

Residential Real Estate in Lucknow Sub-Urbs Shows Strength

by George Gonigal

Disapproves the slowdown trends rampant across the country...

While housing in prime city locations of Lucknow remains traditionally congested, the residential properties at the suburban locations of Lucknow has picked up comparatively well in the past two quarters. Evidentially, the new projects are equipped with state-of-the-art infrastructure and facilities, and anyone looking to buy property in Lucknow is giving them a serious thought.

Of late, India's major real estate developers like Omaxe, Ansal, Sahara and Uppal Group have planned huge townships in the sub-urbs like Gomti Nagar, Meera Nagar, and Naya Hyderabad. In fact, construction of Omaxe's township at Mahanagar is in full blown. The 250-acre township would possess a mix of residential and retail units, to cater to the daily requirements of the residents out there.

The Lucknow administration is also quite actively improving the state of local infrastructure support the real estate developments. Construction and repair of roads is on at the affected parts of the city and due care has been given to the provisions of drinking water and other civic amenities in the city localities.

The heartland of the city like Chowk area and Aminabad are jam-packed, leaving no space for new developments.

Capital Values

The residential Lucknow Real Estate is moreover driven by the end-user segment but given the room for growth and returns, Lucknow properties offer now, investing in properties is fast catching trend in the city.

Take the instance of real estate at Jankipuram and Indiranagar. A healthy appreciation of 25-50 per cent has been marked in these areas despite the market slowdown observed all across the country.

The most significant factor that affects the demand scene in Lucknow is its capital values that are comparatively lower than the other popular real estate markets.

At present, the values hovers around Rs 1,200-Rs 1,800 psft at Gomti Nagar, while the price range of Rs 1,000-Rs 1,200 psft is marked at Hardoi Road. The same at Raibareli Road is by far one of the lowest at Rs 750-Rs 1,000 psft. Units at Omaxe Township though tread between the levels of Rs 1,800 psft and Rs 2,200 psft.