The city of Nawab is known for its courtly manners, amazing cuisines, and its lavish hospitality. But, real estate is the new addition and is quickly becoming a synonym for Lucknow.
The reasons? That would be growing capitalism in the city, strong governance, and increasing employment and educational prospects in the city. This, as a whole, increases investor confidence in the city’s real estate market and attracts potential investors. Increasing investment trends, the needs of diversifying portfolio, and saving maximum tax are other reasons behind this increasing real estate trend.
In this blog today, let’s analyse the real estate market of Lucknow and understand in detail the rise in the demand for commercial property in the city. Bonus added, will also explore the top three properties that you should check out.
A brief introduction to Lucknow
The capital city of Uttar Pradesh has an astounding history with its share of twists and turns. Situated 450 km from the national capital, Lucknow has always been of cultural importance to India. Known for its delicious cuisines and top administrative and producing national leaders, Lucknow is home to some rated universities in the country, namely Lucknow University and La Martinez.
The tier 2 city has come into the limelight for investors in the last few years, and there are many reasons for this exponential growth of the city. The major factor being the active participation of the state government and liberal policies. The decreasing crime rates in the city are another reason for increased investor confidence in the country.
Why Commercial investments are increasing in Lucknow
It wouldn’t be true to conclude that commercial investment is only growing in Lucknow and that there’s some secret mantra behind this. Because, post-pandemic, the narratives have largely changed, and there has been a consumer shift in the way masses perceive real estate investment.
Commercial properties are the new trend in the real estate market since people are getting more aware about how important it is to manage finances and book better return on investments along with enjoying stable rental incomes. Mathematically commercial properties bless more rental income, show better rental appreciation based on market trends, and have longer lease tenure than residential properties.
All these little things come together to increase demand for commercial properties, forcing real estate developers to launch new projects catering to these increasing trends. Migsun Lucknow Central in Shaheed Path and Ekana Mall are two examples of this.
Reasons behind increasing real estate in Lucknow
For any commercial real estate market to prosper the location, pricing, and the footfall plays an important role. As such, real estate investment in Lucknow is a great choice in 2024 because of the increasing infrastructure development, new employment and educational opportunities the city offers, and the smart city initiatives taken through public private partnerships.
Here’s a detailed overview of why investing in real estate is a great choice for investors:
- The strategic positioning of Lucknow close to major cities in Uttar Pradesh like Prayagraj, Gorakhpur, Kanpur, and Agra makes sure people easily migrate or visit the state capital.
- Improved connectivity infrastructure of Lucknow connects the city with all major destinations within the state through expressways, and highways. The city is also well connected through railways and airways. Metro connectivity within the city helps in easy commuting, saving time.
- Affordable real estate prices attract new investors and corporations to invest early and secure top properties at a minimal price compared to that of cities like Noida and Greater Noida.
- Areas like Shaheed Path and Sultanpur Road are the best locations for commercial investment since it promises high footfall due to many new residential hubs sprouting in close proximity.
- Lucknow has a mixed economy with presence of automobile hubs, IT hubs, and SMEs that promises a reasonable product mix.
- Smart city initiatives, planned developments, and green initiatives make sure developments are future ready which plays an important role in producing higher resale value of your investment.
Best properties in Lucknow
Lucknow has many real estate developers offering top properties at a reasonable price and each of them are unique in itself in terms of the features and amenities offered. However, Migsun Group, and Enaka Group are two top developers whose commercial properties are currently making waves in the city.
Here are the top three properties with their location and the properties offered:
- Migsun Janpath, an under construction property on Shaheed Path just two minutes from Sushant Golf City offers retail spaces, office space, food courts, and commercial studio apartments for sale.
- Migsun Lucknow Central on Shaheed Path right next to Medanta Hospital. The newly launched property offers retail spaces for sale in Lucknow.
- Ekana Mall in Ekana Sportz City, just minutes away from Ekana Cricket Stadium, offers premium retail and office spaces.
Wrapping Up
Lucknow’s real estate market is a success maker and is bound to produce remarkable returns in the next few years. Rapid urbanisation of the city, increasing potential for employment and educational opportunities and improved connectivity are the major reasons to invest in Lucknow.
Migsun Lucknow Central, Ekana Mall, and Migsun Janpath are some of the top properties and some of the best investments in Lucknow today. These properties come from top developers and are available at a reasonable price.