Lucknow’s real estate market has advanced impressively, and it is fair to say that the city is likewise renowned for its high quality of life. The city has a wealth of promising investment opportunities as a result of the recent rapid infrastructural growth. The city of Nawabs has seen a tremendous boom in the real estate market over the past two decades, despite the slow and sluggish expansion of the real estate industry decades ago.
UP’s top real estate market.
Lucknow is currently viewed by investors from different cities in Uttar Pradesh as the state’s top real estate market. There is no question that potential home buyers have continued to express interest in investing in towns like Lucknow during these times of a global epidemic. According to Sandeep Singh Katiyar, CEO of a real estate group, “The city of Nawab has recently developed into a modern city inhabited by a burgeoning middle class consisting of professionals, private company executives, and government servants, among many others.” It is a reservoir of peerless culture and heritage and still retains its traditional old-world charm.
Right choice for home seekers in Lucknow
This middle class has been aspirational for a life of quality and comfort in these days of fast communication and better exposure, typically identified as benefits of living in urban areas. An ultra-modernized metropolitan centre. However, Lucknow residents do not want to sacrifice their commitment to eco-friendly living, so they are searching for developments that offer eco-friendly housing and services. In this context, the well-known Gomti Nagar neighborhood is particularly pertinent. The green aspect has become a permanent fixture at all levels of real estate development in the city. The standard of living for residents in the city has already increased due to significant investments being made in public infrastructure by both the government and private parties.
An affordable destination for homebuyers
Despite having all the infrastructure, amenities, and quality of life that are increasingly typical of a modern metropolis, Lucknow is still a traditional small town from an expense and economic standpoint. In terms of the cost of living, it is far cheaper than the typical mega metro cities like Delhi and Mumbai for the majority of everyday goods and services needed by a family with an average salary. Additionally, this affordability is present in the real estate industry.
Even though land costs are rising rapidly on average, they often remain below average land prices in major cities. In addition to decreased labour costs, cheaper construction supplies and materials would make it possible to build more affordable housing in the city of Nawab. This is not to argue that there aren’t expensive, luxurious projects in Lucknow. However, it is undeniable that the city presents a large opportunity for inexpensive housing.
In and around Lucknow, several new neighbourhoods serve the middle- and upper-middle-class markets.
The pricing points and price segments inside these pockets vary. The top three clusters include:
Amar Shaheed Path: The most sought-after product category is real estate, with an average price of between Rs 60 and Rs 80 lacs.
The most sought-after product category is real estate on Faizabad Road and Sitapur Road, with an average price of roughly Rs. 40–50 lacs and 2-BHK and 2.5 BHK configurations.
The most sought-after product category is real estate on Sultanpur Road and Raebareli Road, with an average home price of roughly Rs25-40 lacs and 2-BHK and 2.5-BHK configurations.