Lucknow Real Estate has been a late bloomer and has picked up speed in the last few years as successive governments have focussed on creating infrastructure that befits the capital of the largest state of India. There are developments in terms of roads, bridges and newer residential areas all across the city. Lucknow Metro is also getting ready to be operational thus further fuelling the real estate market in the city. There are various developers who have set shop in Lucknow as the city witnesses massive growth of residential and commercial projects.
While the state has been a hub of textile handlooms, and other small scale industries around leather, handicrafts and food processing, the state government is also making efforts to reshape the knowledge based industry in Lucknow. This has led to many software and IT parks being set up across the state; especially in the city of Lucknow; which has further helped in the developments across the lucknow property market. While Noida, that is also a part of UP, has been a bell-weather of IT & Knowledge-based industry, the state government is keen to replicate the same in the state capital of Lucknow. Keeping this in mind, many new areas lying on the suburbs of Lucknow and on highways to places like Sitapur, Hardoi, Kanpur, Faizabad, etc. have come up with massive projects to house these new age industries.
There are many areas within Lucknow that have seen jump in the commercial Real Estate in Lucknow over the last few years, namely Hazratganj, Gomti Nagar, Mahanagar, Indirapuram, etc. The going rate at these places for commercial property is Rs. 45-55 per sq. ft. per month in terms of rentals. For outright purchase, the rates are in between Rs. 15,000 and Rs. 20,000 per sq. ft. Some of the commercial buildings like Shalimar Corporate Park and Pinnacle Towers are ready for occupancy by IT and other knowledge based companies. Besides this, there are various large scale shopping malls that are at various stages of construction. The going rate at these malls is Rs. 100-150 per sq. ft. per month for rentals.
Residential Property in Lucknow too has seen massive strides as many top-class developers like Sahara, Omaxe, Parsvanath, Eldeco, Uppals, etc. have launched large residential projects in the city. The areas like Gomtinagar, Indirapuram and Janakipuram have seen hectic construction activities. There are large 200-acre townships being built like the Sahara City Homes at Hardoi road and Eldeco city near Sitapur road. The going rate for residential properties is between Rs. 1,000 and 2,000 per sq. ft. for outright purchase depending on the area of the project. Investors have even made returns of 25-50% over the last couple of years in some of these projects.
With massive focus of the state government and the Lucknow development authority, the city sure is a bright spot for potential investors of commercial as well as residential properties in Lucknow.