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Lucknow Real Estate Market Witnessing High Traction

Lucknow's real estate market is rising exponentially beyond India's major metropolitan cities. The city has already overtaken many Tier 2 cities as the top real estate destination.

Lucknow’s real estate market is rising exponentially beyond India’s major metropolitan cities. The city has already overtaken many Tier 2 cities as the top real estate destination. The aspirational city is also well-connected to all major cities, including Allahabad, Kanpur, Jhansi, Varanasi, Gorakhpur, Agra, and Delhi, which has catapulted its real estate sector to new heights. Thus, Lucknow’s excellent connectivity and high quality of life make it a real estate hotspot for buyers and investors in UP and adjoining areas.

Lucknow is creating a higher demand for new homes

Lucknow Offers Plentiful Affordable, Luxury, & Premium Housing Options

People from eastern Uttar Pradesh and neighbouring areas are looking to settle in Lucknow, creating a higher demand for new homes in the state capital. Though Lucknow is a dynamically growing city with the necessary infrastructure, it continues to maintain a traditional pricing structure. The city is home to several emerging pockets catering to the middle and upper-middle-income segments. Consequently, buyers are relocating here to enjoy more affordable living in larger spaces with premium facilities and dedicated workspaces. 

Additionally, luxury and premium housing options have gained significant traction and appreciation in Lucknow over the past few years, making it one of the most promising segments. Such luxurious homes are a reflection of an individual’s social status. 

Raising the Bar with Infrastructural Development

Several infrastructure development projects are underway in Lucknow, led by the state government. For instance, the Lucknow Development Authority has undertaken several projects, including a 150-meter-wide ring road, a Knowledge Park between Mohan Road and Jail Road, an IT City along Sultanpur Road, and a 100-kilometer Outer Ring Road. Additionally, with the massive expansion of the Lucknow Metro, the city is becoming more commuter-friendly. Other notable government projects include the IT City, CG City, the cricket stadium, the proposed Lucknow-Kanpur Elevated Expressway, and the expansion of the international airport to accommodate 10 million passengers annually. Such massive infra-developments bode well for the realty sector’s growth in the region.

Raising the Bar with Infrastructural Development

Industrial Corridors Boosting Lucknow’s Commercial Realty Segment

Lucknow is undergoing rapid transformations and growth on several fronts, attracting countless investors and buyers. The city is part of several upcoming growth corridors and industrial zones. Consequently, there has been a steady inflow of investment into Lucknow’s commercial spaces. 

The city offers commercial properties for every budget. Additionally, a new breed of Grade-A office spaces, co-working spaces, and business parks are coming up with flexible leasing options and affordable rentals. Thus, the numerous developments and facilities in Lucknow make the commercial real estate market a lucrative one.

Lucknow Emerging as Growth Frontier in Retail Realty Sector

The growth of the metro, rail, and road networks, along with the development of airports and commercial clusters, have led to a wide range of domestic and global brands popping up in Lucknow. Thus, retailers and mall developers are hoping to capitalise on the increasing purchasing power of consumers in Lucknow. Consequently, commercial and retail leasing activities are surging in the city.

Lucknow’s burgeoning mall culture is also revolutionising the city’s property market in a big way. As luxury-loving individuals search for properties that support lavish lifestyles, Lucknow’s retail real estate segment has stepped up to provide Millennials with an international lifestyle and shopping experience. Known once for its traditional elegance and hospitality, Lucknow has now become the hub of organised retailing. Moreover, malls and multiplexes are slowly bringing modern concepts to the City of Nawabs.

Lucknow’s shopping destinations offer a wide array of retail brands in the athleisure, F&B, fashion & apparel, fine dining restaurant, department store, hypermarket, and auto showroom categories. Moreover, as an export hub, the city specialises in gems and jewellery, art items, silk fabric, hardware, software, marble goods, glass items, brass products, leather goods, electronics, chemicals, and apparel. Thus, with Lucknow evolving as a luxury retail destination, many high-end global brands are eyeing the city to expand their footprint.

Wrapping Up

Lucknow, the city of Nawabs, is the most prominent hub of governance, culture, tourism, education, poetry, and music. Also known as the future fast-track smart city, Lucknow is set to become the next driver of the Indian economy due to its world-class infrastructure and a stream of industrial projects being developed by private companies. Moreover, the city is also assisting Uttar Pradesh’s ambitious goals of increasing its GDP to $1 trillion. Given the growth scenario in Lucknow, we can assume that the city is poised to stand up to India’s megacities in terms of its real estate landscape, work environment, lifestyle, and sustainability.

Authored By;

Siddharth Katyal, Group Director, Omaxe Ltd.

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