Ask anyone who has commuted in a metropolitan city throughout their career, and they’ll tell you the same thing – location means more than convenience; it means quality of life. While Lucknow has always provided warmth and rich cultural experiences, it is now offering something that professionals actually consider when purchasing or leasing property in Lucknow. It’s proximity to the workplace.
There have been many developments in the commercial sector in Lucknow in recent years. The city’s business parks have evolved and diversified to include various industries, creating a need for properties closer to economic centers. For someone considering properties in Lucknow, knowing what constitutes the city’s economic center will help them make a more informed decision.
Where the Work Is Being Done in Lucknow
It is not a coincidence that Lucknow’s commercial sector has grown significantly in the past years. The expansion has followed specific corridors, each offering different economic opportunities and industrial sectors.
Gomti Nagar and Gomti Nagar Extension continue to be the most established business locations in the city. Many corporate offices, banks, consultancies, and organizations linked to the government function from these areas. The region has continued to grow progressively and is still seeing fresh commercial investments.
Vibhuti Khand is part of the overall Gomti Nagar area but merits a separate mention due to the sheer concentration of office spaces, co-working facilities, and business parks in this area. If you work in finance, media, or any kind of professional services industry, this might be where it all starts.
Sushant Golf City and the Shaheed Path corridor stretch constitute the second generation of commercial centers. IT businesses, technology startups, and business process outsourcing companies have increasingly been setting up shop here as the infrastructure has been improving. The road connectivity offered by Shaheed Path is especially noteworthy, making it a strategically important part of the city.
Amar Shaheed Path and the upcoming IT City project in the eastern fringes of Lucknow should be kept in mind by those who have a long term vision. The proposed IT Parks and SEZs in this area can make it a focal point for property around IT Parks in Lucknow in the coming five to eight years.
The Reason Why the Location Positively Impacts the Value of the Property in Such a Direct Manner
There is a very simple reason why property located close to economic centers appreciates more and retains its value better. It is because the demand never decreases.
As long as there is a consistent stream of people who must reside in that location to be able to perform their job responsibilities, the demand will always remain high.
For example, when it comes to Lucknow, there are several layers of locational advantages for properties located near business corridors of the city. One gets the metro connectivity that has been developed in certain regions of the city. Then, there are several upgraded road networks such as on the Shaheed Path and Ring Road stretches. And then there are various amenities like shopping malls, hospitals, restaurants, and schools, which also tend to be found in such areas.
This all leads to one consequence – the real estate property located near the business areas of Lucknow is more liquid than other properties.
Implications for Purchasers and Investors
For purchasers looking to buy a property for their own use, the numbers are very personal. Saving half an hour in travel time each day is very valuable to someone, even if it does not feature in the balance sheet. If one resides close to his place of work in Lucknow, a city where commuting is tolerable but consumes much time, then the individual will get more time out of his day.
For investors, the implications are no less certain. Areas adjacent to existing business districts of Lucknow have a ready pool of tenants, mostly corporate employees with lease agreements or individuals concerned about commute times rather than costs.
Places such as Gomti Nagar Extension, Vibhuti Khand, and areas in Shaheed Path provide a decent combination of value for money and proximity. While you aren’t shelling out the premium that would be asked for in comparable areas of Delhi NCR, you do get all the essential benefits that come from having your home in the right place.
A Few Points to Remember
It is true that investing close to an industrial district makes sense, but the approach needs to be right.
See whether it is the existing infrastructure or just plans on paper. There are some corridors in Lucknow where a lot of commercial construction is there in the plans but has not been entirely fulfilled yet. Investing in a place with a bit less developed infrastructure could turn into an advantage for you but only if you have a long-term perspective in mind.
Another important factor to consider here is that of the expansion plan of the city. Lucknow is expanding in particular directions, and investing in such a place always turns out to be wise.
The Bottom Line
Lucknow can never be studied as one would study a market. This place is dynamic, and some areas are even rapidly changing. Fortunately, however, for those who want to invest money in Lucknow, it turns out that the best locations, which are near the commercial activity, still offer investment opportunities with potential for profits.
For someone who wants to live near their office, or an area where one’s investment could generate money through rental incomes, studying the commercial activity in Lucknow will guide them in the right direction.
