Lucknow, the capital of Uttar Pradesh, is steadily transforming into a real estate hotspot, shedding its hitherto Tier-II limitations. Lucknow is witnessing rapid development including the growth of the IT sector and the development of transit networks. The 2021 Master Plan has already proposed a revision and inclusion of 197 fringe villages under it. This means that facilities offered by the corporations will be available to surrounding areas and outskirts, thereby creating newer real estate zones and high future appreciation prospects. In terms of shopping and the commercial sector, areas like Rae Bareli Road, Faizabad Road and Sultanpur will be developed into prime commercial hubs and residential markets surrounding these areas will witness hefty appreciation in terms of prices.
The LDA (Lucknow Development Authority) has also approved the development of a ring road which is 150 metres wide and this should also boost the development of private residential projects in surrounding zones. The master plan also includes a proposed Knowledge Park located between the Jail Road and Mohan Road which will have several coaching and educational institutions and a 100 kilometer Outer Ring Road will be surrounding the peripheral zones of the city and will encompass housing projects, townships, Awadh Shilp Gram, CG City and a cricket stadium. The Lucknow Metro will also give a huge boost to intra-city connectivity and will lead to an appreciation in values of residential projects along this entire corridor.
Bids are already being invited for 8 planned metro stations which are expected to be functional soon. Terminals have also been proposed at strategic intervals by the town and country planning department for monitoring heavy vehicles like buses and trucks on the city’s outskirts. The IT city will come up over 100 acres in Chak Ganjaria and is being built by ACL Technologies. There will be three townships developed with the latest technologies along with many other integrated townships.
Lucknow is also present in the list of Smart Cities and this will boost aspects like transport, waste management, sanitation, water supply and e-governance greatly in the future. Leading hospitals like Narayana Hrudalaya Aarogyam and Medanta have already come up in the city and several mid-range, affordable housing and luxury real estate projects are being developed here as well. There are several prime residential projects already being built in Lucknow including Urban Axis Urban Woods at Sushant Golf City, one of the city’s flagship integrated townships.