Lucknow, recently, found a place in the growing list of Prime Minister Narendra Modi’s 100 smart cities mission. Experts see this city of erstwhile Nawabs as one of the fastest growing cities in the country as well as amongst the peer group of Tier II cities is now a well established fact. The move is expected to help the city see improvements in lifestyle and amenities boosting the prospect for both the realty investor and the end user.
It is likely to lead to higher level ‘Urbanization’ not only in Lucknow but in the close vicinity as well. Health and hygiene is likely to improve in the future and it is expected to generate lots of business development opportunities, particularly in the service sector, leading to higher employment. Needless to say, all these developments will be further strengthening the city’s real estate potential.
According to recent Reserve Bank of India report, Lucknow witnessed the highest increase in housing prices in the country rose during the October-December quarter of the 2015-16. On an annual basis, in Q3:2015-16, Lucknow witnessed the highest increase of 16.1 percent.
Besides, Lucknow is a very well connected city and has very good road, rail and air connectivity. It is witnessing significant infrastructure growth, including Lucknow Metro, IT City being developed by HCL Technologies, Indian Institute of Information and Technology (Lucknow) and the 1,000-bed Medanta – Awadh super-specialty hospital. All of these combined together have made the city the toast of real estate investment.