The infrastructure development in Lucknow is not only limited to the main city and suburbs, but is also active along the Highways connecting Lucknow to other destinations. Lucknow realty segment has noted an overall appreciation of 10-15% across the city during the Jan to April period, said Sharad Sharma of Mangalam Properties. He added that the growing infrastructure and planned development of the city are the main attributes leading to the growth.
According to Pankaj Srivastva, local realtor from AK Estates, “Besides land banks being auctioned in specified locations to bring about a planned development of the city, proper planning of the city’s infrastructure and of amenities and utilities is being done to support future growth and development in the city.” The city is witnessing array of new projects in commercial, residential and retail sector, he added.
To upgrade public transport projects, construction of metro and monorail is also in the pipeline that will enhance connectivity within the city, said Hemant Kumar of Realty Constructions. Also, the construction of Lucknow Bypass and Lucknow Expressway will considerably improve its connectivity with major centres like Kanpur, Rai Bareilly, Sitapur and Sultanpur.
Apart from state government initiatives, Lucknow is also part of Jawaharlal Nehru National Urban Renewal Mission (JNNURM) which is also working on improving the city’s infrastructure. Uttar Pradesh Housing and Development Board (UPHDB) has also come up with Integrated Housing Scheme under which private developers will be permitted to develop hi-tech townships on 25-100 acres of land in the city.
All these initiatives are attracting NRI’s, buyers and investors from the city as well as from neighbourhood cities.
There has been a 20-25% increase in the number of transactions during the past six months. Most of the investments are from native residents of Lucknow who have settled abroad or to some other city, with city’s rapid development they want to come back to their home town, added Sharma. Localities that benefited the most from a rise in infrastructure activities are Gomti Nagar, Mahanagar, Janakipuram and Indiranagar apart from few suburban areas.