Lucknow, the state capital of Uttar Pradesh a city of historical and cultural significance, is fast surfacing as a modern real estate destination. Increase in economic activity, and potential for real estate growth has led to massive changes within the city. Real estate is one of the many flourishing sectors of the economy. There are several malls, residential complexes and business complexes throughout the city. Lucknow, with its excellent education, commercial, banking and legal infrastructure, is witnessing brisk growth in information technology, banking, education and other service sectors. Lucknow offers world class commercial and residential real estate, being one of the Indian cities that follow development graphs of cities like Delhi, Mumbai, Surat.
Lucknow real estate has never so highly in demand before, with real estate sector booming. The Lucknow property market has not just doubled in size but has also displayed an exemplar shift to a more contemporary real estate development. One can find upscale properties coming up in different parts in and around Lucknow.
The real estate area is spread equally on both sides of the Gomti River, with the likes of Hazratganj, L.D.A. Colony, Alambagh, RDSO Colony , Usman Enclave. Major township projects by developers like Ansal, Sahara, Omaxe, Rohtas, Eldeco, Southcity etc. have been proposed on these roads. Development is now not only limited to the main city and the suburbs but also along the highways.
Lucknow is a hub of education and research and many premier institutions and universities are located in and around city. The city has many universities, Medical Colleges, Engineering Colleges, Management Institutes,Research Institutes and Schools. Private coaching institutions for preparing aspirants of competitive exams and services is another business that is flourishing in Lucknow.
Ranked 6th among all the cities in India for fastest job-creation, Lucknow is not only a major market & trading city in Northern India, but is also an emerging nucleus for producers of goods and services. IT/ITES sector is yet to explode in Lucknow and as such there is a lack of IT/ITES catering developments. However, keeping in mind the future growth and demands, TCS and Wipro are two IT companies going ahead with their plans in the city.
Lucknow real estate market has gained impetus over the last 2-3 years. The city offers substantial potential for future growth and this is being supplemented by proactive policies of the state government. Lucknow Development Authority (LDA) has taken active initiative in all round development of Lucknow. Land banks are 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 entry of a number of national level developers and retail brands in the city points towards the positive outlook for the city. With the backing of quality manpower availability, supportive policies and increasing purchasing power, Lucknow is transforming into a highly demanded destination of North India.