Lucknow, the capital of Uttar Pradesh is popularly known as the ‘City of Nawabs’. This city has a high historical and cultural importance and is famous for its courtly manners, beautiful gardens, music, poetry and fine cuisines. Lucknow is enriched with architectural heritage and is witnessing major developments across all the sectors at a speedy pace. By ranking among the top ten fastest growing tier-II cities of India, it is quickly evolving as a real estate destination.
Lucknow, also called ‘The Golden City of the East’ is witnessing an economic boom today. The surge in its industrial activities has led to a boom in real estate sector which has also changed the demographic boundaries of the city. Being an old city, the government and people have a lot of veneration for the city and its residents. Lucknow is imbued with multicultural spirit and so, property developers are focusing developments more on the peripheral areas of the city. Positive trends in Lucknow property market have tempted leading developers like Parsvnath, Omaxe, Eldeco and Uppal Group to launch some mega projects in the city.
The unprecedented demand for housing has proved progressive for Lucknow and transformed it into an upcoming metropolitan city. This demand is raised by students from all over the country who migrate to the city to attend to some of the most premier and eminent educational institutes in Lucknow and nearby areas. It is further augmented by professionals who enter this region to work with some of the most reputed brands of India and abroad. NRI investments also make for substantial amount of raise in demand for quality housing.
The property in Lucknow is being developed with a wholesome approach but housing and retail sector are witnessing an all time high. Some of the important developments in the retail sector include:
-Fun Republic Mall in Gomti Nagar promoted by Lucknow Development Authority on an area of approx. 5 lakhs square feet. It consists of a 6-screen multiplex, department stores, music and gift shops, food courts, fine dining restaurants, a boutique business hotel gaming and other lifestyle retail options.
– Next among retail developments is the Westend Mall located at Vibhuti Khand in an area of more than 5 lakhs square feet offering parking facility for 400 cars, several leading retail brands, etc.
– Sahara Ganj Mall is the pioneer shopping mall of the city with 5.25 lakhs square feet built up area that is occupied by a multi-cuisine food court, world known retail brands and 4-screen multiplex.
-The upcoming Phoenix United Mall in the Alam Bagh area of the city in about 6.30 lakh square feet in area would include a triple-level basement dedicated to parking. Retail stores, entertainment centre, a food court, fine dining specialty restaurants and a 6-screen PVR multiplex will be the major attractions.
– Emaar MGF Mall of Lucknow is next in the list of soon-to-be launched malls furnished with all the world class facilities.
The leading brand retailers are continuously striving to cater to the growing needs of the population by providing quality retail space.
The construction wave in the residential sector has been outstanding with Hazratganj, Civil Lines and Mall Avenue being the exclusive residential neighborhoods. Indiranagar and Gomti Nagar, too, are engaged with construction projects of real estate developers.