While metropolitan cities in India struggle with overpopulation, the scarcity of land resources, high property rates, high inventory levels, and a high cost of living, it is the tier-II cities that are emerging as major investment destinations for real estate in India. Tier-II cities are emerging as investor favourites owing to a high economic growth, availability of manpower, lower prices of property and growing infrastructure.
Lucknow, the state capital of Uttar Pradesh is seen as one of fastest growing Tier-II cities, particularly in terms of infrastructure and standard of living. At the Reserve Bank of India's (RBI) Housing Price Index for the December quarter of the financial year 2018-19, home prices in Lucknow have risen over 13 per cent in the past five years. After securing its place in the smart cities of India, Lucknow is now attracting more and more people to invest in its ever-expanding realty markets.
Top Areas to Buy a Home in Lucknow
The city is the hub of affordable housing. Spacious homes within an affordable price range sweeten the deal for home buyers. Due to this, several real estate developers are building affordable housing projects in Lucknow. Let’s have a look at the topmost locations in Lucknow for your residential property:
Gomti Nagar Extension
This is the favourite hotspots for anyone who wants to buy a flat in Lucknow. With world class amenities, coupled with commercial and retail catchments and the minimal distance of nearly everything one could need, this region always tops the chart for Real Estate investment in Lucknow. The International Cricket Stadium, headquarters of several government offices, and a highest concentration of operational shopping malls all in one place, is one of the most sought after destination in Lucknow. It also houses several large companies and institutions in India. Presence of Software Technology Park with companies like TCS and Reliance Communications, and offices of the Reserve Bank of India, National Bank for Agricultural and Rural Development or NABARD, and headquarters of Sony and Reliance Retail have been driving real estate growth in the region. With the presence of IT companies and other industries, influx of working professionals will further enhance demand for residential properties in this region, escalating the rates of commercial and residential real estate.
Hazratganj
The central hub of the city, Hazratganj is one of the posh residential neighbourhoods. One of Lucknow's oldest and most popular localities, Hazratganj is known as entertainment, shopping and cultural hub. Being the central hub of the city, it is a home to nearly all major commercial ventures and government offices in the city. It is well connected to the other parts of the city through the Metro. Lucknow Metro is acting as a catalyst to boost the housing demand in the region.
Faizabad Road
It is one of the top localities offering high residential inventory. The road connecting Lucknow to other cities of the state such as Ayodhya, Barabanki, Gorakhpur, and Faizabad itself. It also connects other residential localities like Preeti Nagar, Shankar Puri, Ismailganj, parts of Gomti Nagar, amongst others. Prominent presence of commercial hubs, private firms, government and semi-government authorities has also played an important part in the growth of real estate sector. The commercial development and excellent social infrastructure, has been the major driving forces behind the growth of residential real estate in this area.
Indira Nagar
Centrally located and well connected to the main areas of the city, Indira Nagar is a high end residential area. Developed by the U.P. Housing Board (Awas Vikas), it is one of the largest colonies in Asia. A lot of independent houses are also available in Indira Nagar.