The development in various states across India has spurred the choices for investors as each city or state is booming with prospects. Moreover, the urbanization of cities has led to an increase in job sectors, thereby increasing commercial and residential estates as real estate investment.
A city that has recently seen a spurt in growth and development and is blooming with investment options is Lucknow. Many investors have their eyes on the real estate properties in Lucknow as the recent Master Plan 2021 has given rise to facilities for the migratory workforce and settlers.
Therefore, investors consider Lucknow as the new real estate investment hub. We have comprehensively discussed why Lucknow is the new real estate investment hub in this post. Read and learn about the investment options in Lucknow, presently.
Master Plan 2021 (Real Estate Investment )
Recently, the local population of Lucknow crossed 45 lakhs, including the migratory workforce and the settlers. Therefore, the Master Plan 2021 called for a revision to meet the needs of 65 lakh individuals by 2031.
In the plan, the town and the country planning have been estimated to include about 197 villages. Therefore, the plan indicates the development of facilities, modern house designs, corporates, buildings, entertainment centers, gardens, roads, etc.
Thus, many investors have their eyes on the new properties in Lucknow as the development looks promising. Hence, if you are looking for real estate for investment, Lucknow should be one of the cities on your radar.
As the Master Plan 2021 aims to develop the city, the authorities will develop the commercial districts soon, opening the choices of the locals to shop. Mostly, the locals need to go to Gomti Nagar and Hazratganj to shop.
However, you would find all the shopping centers in Faizabad Road, Rae Bareli Road, and Sultanpur with the recent developmental plan.
As a result, the prices of housing and commercial properties are bound to surge. Therefore, you can see Lucknow becoming the new real estate investment hub soon.
Development in the Education Sector
Lucknow will see a surge in educational institutes as the Master Plan has provisions to make a knowledge park between Mohan Road and Jail Road.
As the public moving to Lucknow for education needs accommodation, real estate will be on the rise. Hence, another reason why you should invest in real estate in Lucknow.
100 km Outer Ring Road
One of the main projects in the plan is the 100km outer ring road surrounding the new townships, housing properties, and education centers.
Moreover, the ORR will surround the CG City, Awadh Shilp Gram, and cricket stadium planned to develop in the outskirts. The NHAI or the National Highways Authority of India has submitted the feasibility report of ORR to the center for approval.
As the Master Plan 2021 has highlighted the developments scheduled to occur, Lucknow will soon see a boost in India’s list of the smartest cities. Lucknow is already second on the list.
Lucknow will see a drastic boost in the liability quotient as the center has decided to assist by giving funds for the development.
In addition, enhancements are to be made for water supply, waste management, sanitization, transport, IT, and e-governance.
The advantages of Lucknow’s development and higher rank in the smart cities indicate the potential and benefits it holds for the near future.
The Lucknow Metro will support the commute of the 65-lakh people by 2031 as it will efficiently increase connectivity.
In addition, the authorities have started receiving bids for the eight metro stations improving the commute for individuals and supporting the growth of commercial spaces and residential properties.
The ridership of Lucknow metro has crossed the 10 lakh mark within 70 days of its commencement. Therefore, it proves the metro to be a preferred public transport choice for the daily commuters.
With the boost of the metro, the commercial and residential properties will receive great support. Hence, investing in real estate in Lucknow will have a positive outcome.
Residential Property in Lucknow
Here are some of the residential properties in Lucknow:
- The Legends: 4 BHK (₹2 crore – 2.25 crore)
- Omaxe Residency II: 2 and 3 BHK (₹70.4 lakh – 1.04 crore)
- The palace: 3BHK apartment (₹84 lakh – 1.09 crore)
- Omaxe heights: 3 BHK and 4 BHK Pent House
- Omaxe city Lucknow: Plots and Villas
- Metro city – Celestia gold: 2 BHK (₹41.08 lakh – 51.32 lakh)
Commercial Property in Lucknow
Here are some of the commercial properties in Lucknow:
- Pearls Omaxe: ₹50 lakh – 1 crore
- Omaxe Square: ₹45 lakh onwards
- Omaxe Chowk: Wholesale retail and food court (₹55 lakh onwards)
Lucknow is soon to become the smartest city in India, and it already holds the second position. Hence, investing in the real estate properties in Lucknow right now can prove to be profitable for you. A potential buyer of a new place must pay attention to the word-on-the-street as the basis for planning.
Developers can make or break your real estate game. With each passing day, as the demand for property increases, the need for good developers also hikes. And it is for all the good reasons.