In one of the updated reports, we have noticed the way tier 2 cities in India are growing at a very quick and becoming favourite real estate market, The study also suggests the potential real estate growth in Lucknow. Let’s have a look over the few key reasons for real estate development in city of Nawabs.
- Lucknow, the largest capital in the country is now witnessing rapid real estate developing.
- The number of new township assignments in the capital city is dramatically increasing, especially along the highways that lead to Faizabad, Shaheedpath, Gomti Nagar Extension, Kanpur, Hardoi, and other nearby cities.
- The residential apartment along with the commercial constructions across the city are at full swing. There are many builders are coming up with new residential and commercial towers, which is a good sign of booming real estate market in the city.
- Lucknow is emerging as new hub for IT sectors which also helps in the development of the city because people from nearby cities are coming for job opportunity.
- NCR based A-grade builders such as Parsvnath, Omaxe, Eldeco&Uppals are increasingly entering into the Lucknow market.
- In the last couple of years, the return on the property investment is notice around 25-50%.
- The commercial sector will be boosted by upcoming business hub like Omega, Shalimar Corporate Parks, and Pinnacle Towers, which will eventually lead to more residential buyers.
- The local property investors are gone up to 80% whereas rest are coming from neighbouring cities and states, in future it is more likely to increase drastically.
- Eight malls are planned, which will boost the retail quotient and stimulate the real estate sector. Additionally, the connectivity will be improved due to the new metro project announced by the government.
- The Yamuna Expressway, which will be connected to the Agra-Lucknow Expressway, would improve communication between Lucknow and the National Capital Region. For the same, the land has been purchased.
If anyone who is looking for property investment then Lucknow is one the top destination in residential as well as commercial investment with good returns.
Before buying any property go through all the details, check documents and also the reputation of builder.