In one of the recent report, we have captured how the Tier 2 cities in India are growing fast and are emerging as the new engine of realty growth. In the given report, we will discuss the recent growth of Lucknows realty market and the various factors that will propel growth in the coming time.
Lucknow Realty Market Overview
- Once the city of Nawabs & capital of largest Indian state is demonstrating an aggressively expanding realty market.
- The capital city is witnessing a massive surge in new township assignments across peripheral locations and highways towards Kanpur, Hardoi, Rai Bareli and Faizabad etc.
- The growth in the residential market in Lucknow is also interlinked with the surge in commercial activities. Once an epicenter of handlooms and small-scale trade, Lucknow is aggressively transforming into an IT and technology hub- emulating the success of
- NCR based A-grade builders such as Parsvnath, Omaxe, Eldeco & Uppals are increasingly entering into the Lucknow market.
- In the last two years, property price appreciation has been in tune of 25-50%.
- Upcoming business parks such as Omega, Shalimar Corporate Parks & Pinnacle towers will boost the commercial market, eventually resulting into more residential transactions.
- 80% of the buyers are locals are rest are outsiders. In the coming time, the latter is expected to increase.
- There are 8 malls in the pipeline, which will invigorate the realty market by enhancing the retail quotient. Likewise, the recently announced metro will further add up to the connectivity.
- The Agra- Lucknow Expressway which will be linked to the Yamuna Expressway will enhance the connectivity between Lucknow & NCR. The land has been acquired for the same.
Image Source: Sobha