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Monday, 17 October 2016

Lucknow Real Estate: Offering A Mix of Affordability and Luxury

In the second list of PM Narendra Modi’s ambitious Smart City Development Plan, Lucknow has also found a place. The ‘City of Nawabs’ is seen as one of fastest growing Tier II cities, particularly in terms of infrastructure and standard of living. Earmarked to be developed as a ‘Smart City’, Lucknow will now focus on the sustainable methods of living, energy efficiency and tech-savvy modes of offering a better lifestyle to its residents.

The two factors that have contributed towards the spiralling growth of Lucknow are- Connectivity and Infrastructure Development. Lucknow, being a well connected city, has extreme potential to be developed into a realty hub. Good road, rail and air connectivity make travelling and commuting easier for the residents. Lucknowmetro development plan is also in the pipeline which will further boost the connectivity.
Recently, the city has seen significant development in the commercial sector as well. The government is extensively focusing on more job creation, hence encouraging the commercial development. Micro, Small and Medium Enterprises (MSME), IT companies and other micro industries can be found in Lucknow and in the surrounding areas. Health and hygiene sector is expected to generate good employment opportunities in the future. A growth in service sector has proven to transform a city’s economy with major influx of people from the lesser developed areas. And Lucknow is expected to witness the same trend in coming few years.
Lucknow offers a good mix of real estate properties ranging from affordable to luxury to ultra-luxury segments. Developers adorn their properties with state of the art amenities and a robust infrastructure which becomes the center of attraction for these projects.
Since connectivity is the main factor behind Lucknow real estate growth, the stretches along national highways and expressways are attracting the investors. Kanpur Road, Sultanpur Road, Faizabad Road, Rai Bareilly Road and Shahid Path are some of the areas that are witnessing good supply of residential real estate. Initial developments started in main locations like Gomti Nagar Extension, Jankipuram Extension and Indiranagar Extension. But properties in these locations come with a higher price tag being the central locations and offering grade A developments.
Omaxe was the first reputed builder to venture into the market. Now, other builders like Excella Infrazone LLP, Parsvnath, Emaar Group and Eldeco have also introduced some of their projects. One of the newest additions is Excella Kutumb that is launched at Sultanpur Road.

Real estate experts are pretty sure that the above mentioned locations are going to witness tremendous price appreciation in the coming decade particularly on grounds of their excellent connectivity with nearby areas. Upcoming infrastructure growth will further push the realty development along these corridors. National highways and state highways are the perfect locations to make an investment in the ‘City of Nawabs’. With growth in infrastructure, these locations are bound to witness tremendous price appreciation in the coming time.

Why property prices are rising in Lucknow's Aliganj

In a survey, majority of homebuyers preferred buying a residential house over other property types.
Over 56 percent respondents preferred to buy a multi-storey apartment while another 20 percent chose residential house over other property types in a survey "How do you feel about buying a house?" conducted by Magicbricks. Buyers from Lucknow who also participated in the survey shared that they would like to make an investment within the coming 6 months.
Choose Aliganj
Magicbricks data indicate that Aliganj in Lucknow showed a price growth of 6 percent for apartments and 9 percent for residential houses. As a buyer, it makes sense to invest in a locality already witnessing a price jump. Trends are somewhat suggestive of the upcoming values in future.
Aliganj's current price trends are positive and if it is to be believed the property owners will enjoy good returns of investment in future.
The current average rate of properties is Rs 4,480 per sq ft. The residential inventory consists of residential houses, residential plots, villas and flats. The commercial inventory consists of commercial shops, commercial land, office spaces and commercial showrooms.
What do the residents say?
Magicbricks readers consider Aliganj as a good residential locality. This was reflected in the ratings shared by them.
Shailendra Kumar, a resident of the locality says, "Aliganj is a good locality. It is well-connected with public transport which is available for 24 hours. The locality has easy going traffic with parking facility. The safety quotient is high. It is clean with good infrastructure comprising of schools, market and hospitals."
The closest station is Vindhyachal Railway Crossing. Within a radius of 3km, one can find hospitals, schools, ATMs, restaurants, pharmacies, gyms, etc. Kursi Road Biotech Park is located in the area, thus offering open space to people looking for it. It is suitable for retirees, couples and families.