In the last few years, Lucknow has gone through a splendid transformation in terms of real estate, infrastructure, and growth development. This has resulted in Lucknow becoming a lucrative destination for property investors from all across the state.
The capital city of Uttar Pradesh, one of the most populous states in the country known for its rich cultural heritage and history, is the headline for being a prime investment destination.
For investors seeking a long-term value proposition, Lucknow promises every ingredient required to fuel real estate growth.
Therefore, today, we’ll delve deeper into the reason and understand why Lucknow, the city of Nawabs, is becoming the centre of real estate investment in India these days. And how, as an investor, you can make the most of it.
Lucknow’s Property Boom
Lucknow is well recognised as a city with a unique blend of cultural heritage and modern development. As the city continues to grow, the real estate market also experiences heavy demand ahead. Lucknow’s steady improvement in terms of infrastructure, connectivity and a brewing job market welcomes a lot of migration from nearby cities and towns.
With that happening, a lot of people are looking forward to investing in properties in Lucknow to earn stable rentals in both commercial and residential properties. Being close to major cities like Varanasi, Delhi, Noida, and Gurugram with a robust network of connections like roads, rail, and air, it is an ideal choice for investors.
Private and Government support
Many government initiatives in progress, once completed and implemented, will attract a lot of investments for job creation. An improved infrastructure like metro connectivity, new link roads, and an international airport will ease trade due to accessible transportation.
With that happening, Lucknow has caught the attention of ample real estate developers. Trusted builders like the Migsun Group have already laid out several projects that will further boost the real estate market of the city. Migsun Janpath, Lucknow, is an ideal example of how private builders are making an impact on promoting and making Lucknow an investment hub in the city.
Several MNCs like HCL have already started their IT parks in Lucknow, offering jobs to more than 10,000 professionals alone. These individuals not only demand a better lifestyle but also have high spending power.
Shaheed Path: The New Real Estate Hotspot
Lucknow just incepted its international Airport near the Shaheed Path, making the area go in demand very quickly for its potential for high returns on investment.
The expansion corridor of the highway connects many prime destinations of the city and is currently witnessing rapid infrastructural development. Lucknow Development Authority is leaving no stone unturned to enhance its connectivity along the Shaheed Path.
Some of the significant real estate properties in Shaheed Path, Lucknow, include:
- Migsun Janpath- A new-age commercial plaza with a food court, entertainment zones, medicare floor, office spaces, and retail spaces.
- Sushant Golf City is an integrated township with many luxurious amenities and projects (both commercial and residential)
- Rishita Mulberry offers luxury apartments in different settings at affordable prices.
- Ekana Sportz City, India’s first sports-dedicated township, is just minutes away from Shaheed Path.
- Medanta Hospital
The implementation of the RERA Act
The Real Estate (Regulation and Development) Act 2016 has transformed the real estate industry in India like never before.
Before the implementation of the Union Act, there was no regularisation in the real estate market, which has brewed room for shady business practices and investors losing trust in the market. However, the Act brings back the trust and ensures investors’ confidence in the real estate industry.
After the implementation of the Act, there is much transparency in the market. And there are strict actions on builders not abiding by the guidelines set by the Act. This is another reason for an increase in demand for properties in Lucknow.
Important Factors Driving Real Estate Growth
Real Estate boom is closely associated with infrastructural development. In the past few years, the city witnessed several projects crucial for the overall growth of the city. This includes the expansion of major roads, metro development, and smart city projects. These developments enhance the quality of life for people living there, increase job opportunities by securing major investments from large groups, and boost the property value.
- Improving Job Market-
The industrial development establishment of IT and business parks in Lucknow has attracted job seekers, and the demand for rental properties is increasing.
- Emergence as a major educational hub
With many new universities and Educational Centers starting in Lucknow, there is a rise in demand for accommodation by students. This has boosted both the requirement for residential spaces and the local economy.
Lucknow is rapidly becoming the centre of real estate investment in North India. With the boost in infrastructural development, a crucial part of the real estate market, and the implementation of the RERA Act, there is heavy demand for property in Lucknow.
As real estate properties like Migsun Janpath, Lucknow and projects like Sushant Golf City continue to increase, there will be high-value appreciation on property in Shaheed Path, Lucknow. Being close to the international Airport, the area along the Shaheed Path is attracting a lot of attention from both the government and private sector builders.
With that said, if you are looking to invest in real estate, this is the right time to enter the market for a long-term gain and assured rental income.