Lucknow: Is It The Next Major City For Property Investment After Gurgaon

 Gurgaon has played host to the property boom of recent years, with builders and developers from all over the country launching new projects in the area. But what does this mean for the market?


The most obvious effect is that prices for property in Gurgaon have gone up considerably: a two-bedroom apartment will cost you Rs 9,000 per square foot at least, and that's on the low end. This has led to many people being priced out of the market - and if this trend continues, it could lead to a major drop in demand for property in Gurgaon.


But if Lucknow becomes India's next major city for property investment or buying LDA approved plots in lucknow, will this have an effect on prices? It depends on how quickly other areas grow. If they do so faster than Gurgaon, then there may be some price increases - but they won't happen overnight; instead, they'll be gradual.


Here are some reasons to invest in property in Lucknow:


Major growth projected for the next decade


The Gross State Product (GSDP) of Lucknow has been growing at 10% per year and it is expected to continue growing at this rate for the next decade. The city has been attracting major property investments, giving a boost to its economy. The UP Government recently announced plans for developing an International Finance & Business Centre (IFBC) in Lucknow. The proposed IFBC will be modeled on GIFT City Ahmedabad and will be spread over 2,000 acres of land.


Largest IT export of UP


Lucknow is one of the six cities selected by the UP government to develop IT infrastructure under the UP State Information Technology & Start-Up Policy 2017. As a result, many IT companies have already chosen Lucknow for their operations including TCS, Wipro, HCL and Infosys among others. This will create a lot of job opportunities in Lucknow, which in turn will drive demand for residential properties in India.


Affordable property rates compared to other NCR cities


The property rates in NCR cities like Gurgaon and Noida have skyrocketed beyond affordability. The same cannot be said about Lucknow real estate where you can still purchase property in lucknow, decent-sized apartments at affordable prices. Property prices in Lucknow have remained stable throughout 2019 and even appreciated by 6% in some localities over the past few months.


Growth


Government & private companies have been making heavy investments in the state capital of Uttar Pradesh (UP), which is leading to the rapid growth of its economy. As a result, many large-scale residential projects are being developed in the city to meet the needs of its growing population. The UP government recently announced a plan to develop an International Finance & Business Centre (IFBC) in Lucknow, which will be modeled on GIFT City Ahmedabad. The proposed IFBC will be spread across 2,000 acres and will include office spaces, shopping malls and hotels.


Infrastructure development


The GoI’s Smart Cities Mission aims to develop 100 cities across India by improving their infrastructure through technology-based solutions. The project includes comprehensive development of core infrastructure such as electricity, water supply, sanitation, roads etc., along with improvement in healthcare facilities, education facilities and public transportation systems. Lucknow has been chosen as one of these 100 smart cities under the mission and will receive funds worth Rs 1,500 crore over a period of time.

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