When to buy property in Lucknow And why not? Let’s look at some data. Currently, only 40% of the population in UP is Urban and it is predicted that by 2031, almost 70% of the population in UP will be urbanized. No wonder then that the most developed urban centers like Lucknow will grow the fastest and as they grow there will be a huge demand for housing.
This considered with the fact that Lucknow is ranked sixth in a list of the ten fastest-growing job-creating cities in India according to a study conducted by Assocham Placement Pattern. Considering the substantial growth industry has shown in Lucknow, business promoting institutions like CII and EDII have set up their service centers in the city. So here are some more point which tells you why you should buy property in Lucknow.
- The NHB (National Housing Board) Residex, which tracks housing prices across urban centers in India, places Lucknow right at the top among all North Indian cities for the last 2 years. This is true for both constructed as well as under-construction properties.
- This is also borne out by the fact that most of the large developers from Delhi have setup residential projects in the city. Lucknow has also been an early adopter of large housing projects developed by private builders.
- Another advantage that Lucknow has is that it keeps expanding in all 4 directions radially, opening up new spaces for housing, while keeping all these places also not too distant from the city center.
- However, with differential civic developments, some localities have seen a much better appreciation than others. Areas around Shaheed path (Gomti Nagar extension), Ashiana, and Kanpur road have seen the maximum activity both from real estate developers as well as buyers.
- Some of the developments have also been theme-based, like the one by Paarth on Kanpur road which has an international standard cricket stadium. In fact, while talking of cricket, it is worth noting that the new international cricket stadium is witnessing a lot of cricketing activity with this being the base stadium for Afghanistan’s international cricket team. Paarth also has a well-designed project next to this cricket stadium.