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Lucknow Real Estate
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Real Estate Developments in Lucknow

As a Tier II city, Lucknow has a range of options for investors: group housing, bungalows, villas, condominiums, penthouses, high-end luxury apartments and townships. The new wave of property buyers in Lucknow is however showing a marked preference for apartments instead of the traditional independent cottages and bungalows.

Accordingly, real estate developers from the NCR have launched a large number of apartment projects which range from Rs 2, 000 per sq ft onwards, depending on the location and amenities offered.
Dominating construction activity in Lucknow are real estate majors Ansals, Omaxe, Parsvnath, Eldeco, Sahara and Unitech. Almost 100 local and outside developers are active in Lucknow and about 10,000 independent homes and 6 shopping malls are in progress, in addition to the 3 operational malls.

Local real estate developer Arif Industries’ Metro City is centrally located near Hazratganj on Ashok Marg and offers a host of conveniences. New projects are sprouting in developing growth centres like Gomti Nagar, Janakipuram and Mahanagar and along the highways to Kanpur, Rai Barielly, Sitapur and Faizabad

Notable projects include Omaxe Heights, a multi-storied luxury apartment complex, and Parsvnath Planet, an air-conditioned luxury condominium. Integrated township projects in Lucknow are also making inroads in Lucknow’s property market, like the Sushant Golf City.

The Lucknow Development Authority and UP Housing Development Board in turn, are promoting affordable homes for the low budget buyer. The UPHDB is promoting the Integrated Housing Scheme wherein private developers will be permitted to develop hi-tech townships on 25-100 acres of land.

Property trends in Lucknow have followed the nationwide trend of substantial price escalation over the last 3 years. While land rates in Lucknow appreciated between 100% to 300%, prices of ready-to-move-in apartments have grown by 100%, ranging between Rs.1100 to Rs.2000 per sq. ft. State sponsored housing schemes have seen moderate appreciation by about 80%.

Retail rental values have grown to a modest level of Rs.70 to Rs.180 per sq. ft while capital values could be anywhere between Rs.6000 to Rs.20, 000 per sq. ft. Commercial properties in Lucknow command rates of Rs.30 to Rs.35 per sq. ft.

Traditionally driven by end-users, Lucknow’s real estate market is more realistically priced than other Tier II cities. Realty experts have predicted residential property prices in Lucknow to go up steadily by 5.5% in the near future, while commercial property would fare better with 8 to 9% growth. Retail real estate in Lucknow however is expected to grow the fastest by 10 to 11.5%

NRI Real Estate Trends in Lucknow

For the range of living options that the city possesses, NRIs from Uttar Pradesh find investment in property in Lucknow a worthwhile option. Private local builders like Arif Industries who initiated group housing in 1984 have extended their portfolio to duplex and luxury apartments which are very affordable investments for NRIs.

Ansal Housing and Construction, Sahara and Omaxe have introduced contemporary villas, penthouses and apartments to Lucknow which have found favour with NRI investors. After the Sahara States Township, the Sahara group launched the exclusive Sahara Grace residential township in Jankipuram which has encouraged other builders like Parsvnath to put up luxury projects too. The Uppal Chaddha group has an ambitious Rs.500 crore project, Plumeria coming up in Vibhuti Khand, Gomti Nagar.

Eldeco through over 20 projects in Lucknow have a choice of independent floors, villas and plots in luxury residential complexes and townships. The fully developed township has found favour with NRIs and genuine buyers who prefer the secure environs of a gated township with a host of in-house conveniences. The M Tech group is also setting up a mega township in Gomti Nagar.



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