Lucknow the city knows by its Culture & Respect – is the largest city in the state of Uttar Pradesh, India. Lucknow is the third largest city in the north, east and central India after Delhi and Kolkata.
The architecture of Lucknow monuments built during the British and Mughal era. More than a half of these buildings lie in the old part of the city. The Uttar Pradesh Tourism Department organizes a “Heritage Walk” for tourists covering the popular monuments. Among the architecture there are religious buildings such as Imambaras, Dilkhusha Garden, Residency, as well as enclosed gardens, such as Ambedkar Maidan, Ambedkar Park, Eco Park, Jyaneshwar Mishra Park, Birds Centaury Centre, Science City, Zoo, Water Parks such as Anandi, Dreamworld, Disney water park, Amrapali etc.
- It is one of the fastest growing cities in India. Having manufacturing, commercial and retail segments, such as Tata Motors Ltd., Hindustan Aeronautics Ltd., and Eveready Industries etc
- The Major ongoing projects in Lucknow are Metrorail, IT City being developed by HCL Technologies, IIIT (Indian Institute of Information and Technology, International Cricket Stadium and the 1,000-bed Medanta – Awadh super-specialty hospital will be further strengthening the city’s real estate potential.
- The market is executed by Government officials, Businessman , Private sector employees and original inhabitants of Lucknow who have now migrated from outside; planning to settle down in Lucknow, due to the tremendous development phase, amenities & opportunities which flourish day by day. The estimated ratio of property buyer of outside & local residents is 65:35 % approx as per our research.
- The realty market of Lucknow has been witnessing robust real estate activity along Shaheed Path which lies between Kanpur Road and Faizabad Road. It is flanked by the active micro-markets of Vibhuti Khand, Gomti Nagar Extension, Vrindavan Yojna, 3600-acres Ansal-API Township Sushant Golf City etc. The city’s radial expansion has given way to new growth corridors on the real estate development map, especially along the highways that connect with the neighboring cities of Kanpur, Rae Bareli, Hardoi, Sitapur, Faizabad, and Sultanpur. The real estate markets in these regions have witnessed some traction and many known developers have launched their projects in these locations.
SUPPLY AND DEMAND INDEX
The real estate market in FY2013 & FY2014 is quite good due to more absorption level of flats. In FY2015 & FY2016 market is slightly stable due to more availability of flats. The ongoing development in Lucknow will affect the real estate Market in a positive way in FY2017 as per the economist.
AVERAGE PRICE TREND
The weighted average price of the available units has marginally increased in the beginning of FY2013. in the beginning of 2015, hinting towards the investors’ inclination to invest in the Lucknow housing real estate market.
MARKET RESEARCH-DEMAND RATE
As per the market analysis report the current demanding areas of Lucknow are Hazratganj/Aliganj, Gomtinagar Extn. , Sultanpur road as compared with other areas on the basis of absorption and availability of units
This chart shows the variation of price as per the demanding location in Lucknow.