Burning kebabs that titillate our taste buds, nawabi etiquettes that soothe our conscience and mysterious-magnificent architecture that leaves us in high wonder is what defines the city Lucknow. Very old and ruled by many, from Afghans to Mughals to the Englishmen, Lucknow has always been a rich city from the beginning in terms of culture, history and lavishness.
Coming out of the description, the city excelled and expanded its edges from all possible sides. Take tourism, technology or population, growth has almost touched every other sector. The commerce and financial status has been greatly improved and induced in the people and the city a new flair of life. It is no supernatural that now Lucknow, the capital of Uttar Pradesh is 6th among all the cities in India for fastest job-creation and the second largest metro of North India (after Delhi).
In economical perspective, mostly government sector ruled Lucknow and very few large scale industrial developments took place if compared to highly commercially developed areas like NCR region. Though slowly, the heavy streams now including IT, Manufacturing, Medical and Biotechnology are on the verge of mushrooming in the Constantinople of north. Handicrafts and especially the embroidery like ‘Chikan’ and ‘Lakhnawi Zardozi’ are well grounded sector in the city. Now the public-private partnership has been carried out positively in the sectors of construction, power and education.
Education wise the city boasts of its excellence that includes many recognized universities including IIM Lucknow. It also caters some of the best research institutions like Central Drug Research Institute, Industrial Technology Research Centre, National Botanical Research Institute. Manufacturing units such as, HAL, Tata Motors, Eveready, Scooters India ltd. has rooted deeply in the city’s soil that generates heavy employment.
Infrastructure facilities are better with wide roads, water and sanitation facilities and other social amenities, all but in New Lucknow. The old Lucknow region still has some basic lagging because of the congestion of the area and fear of change in the minds of residents. In a new modernization scheme known as JNNURM (Jawaharlal Nehru National Urban Renewal Mission), the infrastructure development picked the pace of leopard.
Speaking of transportation and connectivity, the city has volumes to flaunt with four national highways, good inter-city connectivity, excellent railways and airway facility plus a mass transit system has been finalized.
The real estate of the city is can’t said to be booming but yes an average appreciation of 8-10% is expected in a year. Lucknow however has huge potential in growing and scaling up in the tier-2 city ranking. In a recent survey taken in about two years (of 2008-09 and 2009-10), the year-on-year appreciation ranged from 11 – 48%.
The land of the city is divided by the River Gomti, Old Lucknow; the cis-Gomti region is all covered with heritage and handicrafts. Families ranging from high to low class reside here but hardly any multi-storied builder development is witnessed. New Lucknow, trans-Gomti on the other hand has been a planned region and modern architecture can be easily found. The trend of apartment/floor establishments by reputed builders is common here. In the recent years a large number of private developers like Unitech, Rohtas, Sahara India and Eldeco have entered the market. Along the Faizabad Road, massive development can be seen.
The market of Lucknow is mostly user driven. The investors share is only 40%, however as every market remains optimistic, an elevation is destined. According to a recent CRISIL report, Lucknow is one of the next top ten cities with enormous real estate potential. Commoners and businessmen from neighboring districts such as Faizabad, Gonda, Bahraich, Sultanpur, Unnao, Sitapur, Barabanki, and Allahabad etc are interested in investing in Lucknow. The result came out as high demand and low supply, coupled with good spending capability that leads to property price escalations.
These are several factors that are helping the city grow in terms of real estate. The most important being the capital city of the most vibrant state. The high-per capita income and continuously improving infrastructure, thanks to Maya Ji and Yadav Ji. Also land is affordable. All these factors sum up to be a motivating energy for the people.
Price Trend of Major Locations
| Location | Average Capital Values (per sq.ft.) |
|---|---|
| Gomti Nagar | 3,200 – 4,100 |
| Indira Nagar | 3,900 – 4,500 |
| Hazratganj | 4,500 – 5,300 |
| Mahanagar | 2,500 – 3,500 |
| Nirala Nagar | 3,000 – 3,500 |
| Janakipuram | 3,500 – 4,000 |
| Raibareli road | 3,000 – 3,300 |
| Sultanpur Road | 2,600 – 2,900 |
The property rates in Lucknow are growing, no doubt. With a variety of upper class malls and super class development going on (not to forget the grandiose Ambedkar park), high level of real estate development is no longer a dream but a vision to be metamorphosed into reality.