Lucknow Real Estate Gets NRI Attention

Property in Lucknow is very much a sought after option for NRIs in
the Gulf," said Sushanto Roy, head of Sahara Infrastructure and
Housing, a leading real estate developer currently building several
housing estates in Lucknow.

"There is a large population base of Lucknow working in Dubai
and Middle Eastern countries that is looking for high quality life back
in their hometown. With profit overflowing in this sector, a large number
of NRIs from Gulf countries are investing in residential property in
Lucknow in a big way as an after-retirement option," he said.

This was the reason why properties in Lucknow were in focus at the
Indian Property Show held in Dubai in December 2007. The show generated
a huge response from Gulf expatriates for a property in Lucknow.

"There are a large number of NRIs in Dubai who have shown interest
in buying a property in Lucknow," said Kunal Banerjee, president
of corporate communications and marketing at Ansal Properties and Infrastructure
Ltd, a prominent real estate developer in northern India.

The company’s Golf Villa in Sushant Golf City in Lucknow priced at
about Rs 25 million is primarily targeted at NRIs and high net worth
individuals.

The reason behind their interest is emotional attachment with the native
land and future security sought by Gulf NRIs, say industry observers.

Uday Sinha, director of GC Constructions, said: "With a large
Muslim population and improving living standards, they (Muslim NRIs)
find investment in Lucknow a sensible bet.

"In fact, half the buyers in our residential project are from
Dubai and the Middle East."

NRIs also find the lower realty prices in Lucknow much more attractive
as compared to exorbitant property prices in metros like New Delhi and
Mumbai.

Sunit Sachar, chief operating officer in Uttar Pradesh for Parsvnath
Developers, said: "With high-end luxury apartments and townships,
Lucknow has all faces of luxury that an NRI can dream of at a much affordable
rate compared to Delhi or Mumbai.

Photo: Lucknow City Station by ITCENTRELJN, licensed under CC BY-SA 4.0, via Wikimedia Commons.