LUCKNOW SET TO BE THE EPICENTER OF REALTY GROWTH

BY Realty+

Sharing their insights, Manish Jaiswal, Group COO, Eldeco Group and Zeshan Toufiq, Director, TS Nirman Pvt Ltd highlight the reasons contributing to Lucknow’s rise as a promising real estate hotbed. They both agree that the Lucknow real estate market is consistently gaining momentum given the improved standard of living and rapid infrastructure development.

According to Manish Jaiswal, Lucknow has a unique old-world charm and infrastructure development, connectivity, financial opportunities, established social infrastructure, & affordability are the key reasons why investment here is a great choice. The government too has greatly supported the real estate sector. 

Zeshan Toufiq believes Lucknow is a promising market to become the next IT hub of the country and with favorable economic growth, the outlook toward the real-estate sector is on an upswing.

WHAT ARE THE REASONS FOR RISING POPULARITY OF LUCKNOW REAL ESTATE?

Manish Jaiswal- Lucknow is witnessing a huge growth in industries and manufacturing with acceleration in sectors like IT, electronics, banking, food processing, and real estate. The city boasts of excellent connectivity and infrastructure that can potentially unlock huge investment opportunities for investors. Projects like Purvanchal Expressway, Outer Ring Road, and Lucknow -Kanpur elevated expressway and well-developed social infrastructure like the best schools, colleges, world-class hospitals, shopping malls add to its attraction for economic opportunities and real estate development.

Zeshan Toufiq- Factors such as easy connectivity with other major cities, city’s road infrastructure and rich culture attracts people from nuclear families that are trying to build a home for their children. As per the master plan 2031, Lucknow will accommodate for the growing population including migrant workforce and natives, estimated to reach 65 lakh by 2031 creating a major demand for real estate. Also, Lucknow is the state capital headquarters of all the state agencies and therefore offers ample employment opportunities.

WHICH ARE THE PROMINENT MICRO MARKETS FOR THE RESIDENTIAL SEGMENT?

Manish Jaiswal- Aliganj, Raebareli Road, Sultanpur Road, Faizabad Road, Bijnor Road, etc. are the most in demand. Similarly, Gomti Nagar and Gomti Nagar Extension are the preferred choices because they are among the best planned and developed micro-markets.

Zeshan Toufiq- Some of the prominent markets include Hazratganj, Mahanagar, and Gomtinagar in addition to Aashiyana, and Gomti Nagar Extension. The major reasons being better connectivity, improved social and retail infrastructure, leading schools, medical facilities, and well-planned development with lush green open space serving as a lifestyle destination.

WHAT ARE THE NEW COMMERCIAL DEVELOPMENT LOCATIONS IN LUCKNOW?

Manish Jaiswal- New locations like Shaheed Path & Kisan Path are coming up in a big way. We have got a great response to our Eldeco projects in these locations. Many new retail developments are coming up to cater to the population, e.g., Lulu Mall, the biggest mall in the entire UP, recently started operation on Shaheed Path which already has operational Phoenix Mall in the vicinity.

Zeshan Toufiq- Commercial development is currently being undertaken at Amar Shaheed Path and Vibhuti Khand Gomtinagar. While Vibhuti Khand is the hub of luxury hospitality and commercial centers, Amar Shaheed Path has an international cricket stadium, ultra-modern shopping malls, an IT campus, an international airport as well as the State Police headquarters. Faizabad road and Raebareli road are seeing fast-paced commercial developments too.

WHAT ARE THE INVESTMENT OPPORTUNITIES PRESENTED BY THE CITY’S REAL ESTATE?

Manish Jaiswal- Lucknow is fast catching up as a base of startups, and IT companies and is growing constantly in terms of investment opportunities, especially in the realty segment. Fast-growing sectors like manufacturing, food processing, electronics, banking, and others are further taking investment prospects to new heights for domestic and global investors.

Zeshan Toufiq- With Lucknow metro rapidly increasing and infrastructure projects like multiple expressways namely: Purvanchal Expressway and the Lucknow-Kanpur expressway are making Lucknow a convenient and eco-friendly city and one of the most sought real estate destinations. Good governance is another reason for making it investment friendly. 

Tags : Lucknow Epicenter Realty Growth Development Eldeco Group TS Nirman Pvt. Ltd Manish Jaiswal Group COO Eldeco Group Zeshan Toufiq Director TS Nirman Pvt Ltd infrastructure affordability investment