Real Estate Market In Lucknow

What is the future of real estate in Lucknow for an investment1 (2).pdf

Lucknow is a large city in northern India and the capital of the state of Uttar Pradesh. There are many heritages and monuments from the old age like "Rumi Darwaza," a Mughal gateway, "Bara Imambara," which is nearby the 18th-century, and the amazing "Bhool Bhulaiya" It is known for its maze of narrow tunnels with city views from its upper balconies. It is near the grand "Victorian Husainabad Clock Tower," built as a victory column in 1881.

Everybody knows about the unique culture of Lucknow, and it is the royal and planned city of Uttar Pradesh. It is also known as among the fastest developing cities in India. It is also known for its good infrastructure created by successive governments, making it ideal for residential and commercial businesses (to live and earn a living).

If we talk about the real estate market, many changes have taken place in the real estate market in Lucknow. Until two or three decades ago, a plot of land was probably the one asset many people saw as a life goal and plan for their families. Gradually a demand has been increased in real estate for flats for sale in Lucknow. The real estate industry has struggled across India, and it has been able to keep the momentum going in this city. Especially in a few certain localities, due to the different factors.

Growth and opportunities of the Real estate market in Lucknow

The real estate industry in Lucknow is working in both sectors, residential and commercial. The business process in all fields is establishing faster in Lucknow in various areas. There is no doubt in the economy that lower GDP growth affected the cost appreciation here too. Lucknow is on the track of rapid growth and development, including the IT sector for career development and transit networks. The Master Plan was launched in June 2021 and proposed a revision and inclusion of about 197 perimeter villages.

Facilities in Lucknow

Lucknow is also present in the list of top Smart Cities in India, and this will boost aspects like transport (Bus, Train, Air, and Metro), water supply, waste management, sanitation, educational institutions, shopping complexes or malls, and e-governance greatly in the future.

  1. Hazratganj

  2. Gomti Nagar Extension

  3. Indira Nagar

  4. Maha Nagar

  5. Aliganj

  6. Rajaji Puram

  7. Janki Puram

  8. Alambagh

  9. Ashiyana Colony

  10. Sultanpur Road

  11. Kanpur Road

Top Commercial Area in Lucknow

  1. Shaheed Path

  2. Gomati Nagar

  3. Vibhuti Khand

  4. Krishna Nagar

  5. Raebareli Road

  6. Sultanpur Road

  7. Faizabad Road

  8. Kanpur Road

  9. Alambagh

10 Hazratganj

11. Charbagh

Lucknow's Real estate market situation during Covid and after Covid

According to the "Times of India" report, about 14000 housing cases were settled during the pandemic (covid-19). It was noted an enormous growth in the pandemic, and almost after the 6th year, "UP-RERA" came into existence to control the ill practices in the real estate sector and helped bridge trust between homebuyers and developers.

Construction Cost Per Sq Ft For a House In Lucknow

If we see in the country, many changes have taken place, not only in the real estate market. Due to increasing inflation, the cost of materials is rising. Nowadays, If you plan to construct a home in Lucknow, you may budget it for 1800-2000 Rs per Sq Ft with all standards of good interior fittings and fixtures averaged for G+3 size.

Stamp Duty AND Registration Charges In Lucknow

If you invest in Lucknow real estate, you must ensure that the property is legally registered while making a deal. It is mandatory to note property above 100 Rs in the Sub-Registrar's office under section 17 of the Uttar Pradesh Registration Act 1908.

Read the full article at HonestBroker.