If we were to talk about properties in Lucknow, a survey clearly states that investors preferred residential plots and traditional independent houses. However, recently real estate in Lucknow has undergone a transition, with high-rise buildings replacing the standard housing format in a new area, majorly near highways and outer ring roads.
The segment in terms of demand in the Lucknow real estate market is looking for ready-to-move-in residential projects in the price range of Rs 30 to Rs 50 lakh. Some buy them for self-use, while others buy them for capital appreciation. Below are the areas or localities that are well-suited for end users and investors.
Faizabad Road: Located on National Highway 28, the road gives easy access to Lucknow and Faizabad. Apart from this, the area has had a massive involvement in real estate due to the vast availability of land parcels and easy access to premium locations such as Hazratganj, Gomti Nagar, Mahanagar, Indira Nagar, Aliganj, and Kapurthala. As per the data, properties on Faizabad road Lucknow range from Rs 2,500-Rs 2800 per sq ft.
Amar Shaheed Path: One of Lucknow’s fastest and most preferred localities. The elevated road from Kanpur Road to Faizabad Road has not only eased the traffic situation in the city but has also driven the real estate market in the locality. Moreover, easy access to Lucknow Amausi Airport, Lucknow Railway Station and social infrastructure, along with commercial and retail establishments, are the reasons to drive people to this locality. Residential properties will be available between Rs 3300 to Rs 3800 per sq ft.
Gomti Nagar Extension: Once considered a flood-prone area, now the construction by the Lucknow Development Authority (LDA) in 2009 changed the overall outlook of the locality. The locality is well-connected with Amar Shaheed Path with National Highway-28 and NH-56. The area has affordable property prices compared to posh residential and commercial localities. Capital values in this locality are around Rs 3200-3700 per sq ft.
Raebareli Road is a six-lane National Highway (NH) 24-B that connects Lucknow, Raebarelli, and Allahabad. The area is equipped with industries and government organizations such as PGI, Mohan Lal Ganj, and PSC. Capital values in the region are around Rs 2900-3400 per sq ft.
Vrindavan Yojna: This well-planned locality is built and governed by UP Housing & Development Board or Avas Vikas. This area offers a green environment, broad metalled roads, and seamless connectivity to commercial regions in Gomti Nagar, Hazratganj and other prominent places of Lucknow. As per data, residential properties will be available at Rs 3100-Rs 3600 per sq ft.