Owing to the unprecedented demand for newly-constructed residential properties, property values in Lucknow suburban areas have shot up by 20-30 per cent in the past one year. In fact, the appreciation is as high as 50 per cent in the past couple of years at Gomti Nagar, Mahanagar, and Janakipuram.
Positive trends have tempted real estate developers like Parsvnath, Omaxe, Eldeco and Uppal Group to ambitiously launch their real estate projects in the city. According to sources, all three groups have announced different projects in the regions.
In Gomti Nagar, residential properties in Phase I and Phase II are fairly populated but Gomti Nagar Extension is a recent development and in fact has become the IT hub in Lucknow.
Capital values for apartments at Gomti Nagar are currently between Rs 1,600 and Rs 2,250 per sq. ft, as per MagicBricks reports. The same, however, hovers around Rs 850-Rs 1,250 per sq. ft in the upcoming residential areas such as Sitapur Road and Hardoi Road.
Property values are pretty moderate in the range of Rs 650 to Rs 1,050 per sq. ft at Raebareli Road.
Commercial property scenario
Lucknow portrays an exquisite example of emerging real estate markets in India. The commercial markets here have been picking up in tandem with the improvement in business environment in the city.
According to market sources, the office space rentals at Hazratganj—the prime most commercial market of Lucknow—are currently at the levels of Rs 40-Rs 60 per sq. ft. That means, renting a property sizing some 2,000 sq. ft is a matter of Rs 80,000 to Rs 1,20,000, which in case of a metro city could be as high as Rs 25 lakh.
Rental values at other major commercial market of Lucknow like Gol Market, Alambagh, Charbagh are between Rs 30 and Rs 50 per sq. ft, depending upon quality, location profile and facilities available.
For more details on Lucknow Property, log on to magicbricks.com
For more information on Delhi Property visit magicbricks.com, here you can also know about Bangalore Property.