What Kind of Property in Lucknow Sells the Most Nowadays?

If you are a connoisseur of the Nawabi culture but want to live with modern amenities, then Lucknow is the best place for you to stay in. The trend in the city has been to live in independent houses or bungalows compared to apartments in high rise buildings. However, because times are changing, the pressure on the resources existing is compelling buyers to lower their expectations and opt for multi storeyed apartments.

One such area where people are opting for multi-storeyed apartments is the IIM Road. There are numerous ongoing projects in this area which are being spearheaded by companies such as Shalimar Builders, Eldeco Developers, Sigma Rock Infra Venture Pvt Ltd and the Rohtas Group. The Eldeco Group is spearheading the project of the Eldeco City and there are about 1500 units available in the multi-storeyed buildings. The older residents of the city are not quite exposed to the flat culture. They are quite used to staying in independent homes and are adapting slowly to changing times because of inflation. The paucity of land in the city has pushed up land values very high and multi-storeyed flats are quite affordable compared to independent houses.

Right now, the value of property in Lucknow along the IIMR Road is between Rs 3,500 and Rs 4,000 for a square foot. This means that an apartment measuring 1000 sq. ft. can be bought for Rs 30 to Rs 35 lakhs only. Compared to the city centre, values of property in Lucknow are affordable along the IIM Road. They are ideal for buyers who have limited budgets. If you have a budget of Rs 25 to Rs 30 lakhs then settling for this location in a multi-storeyed apartment is not a bad idea. Independent houses and villas in these areas cost around Rs 60 to Rs 70 lakhs.

Some other areas where a lot of apartments are available within limited budget are Rai Bareli Road, Sultanpur Road and Faizabad Road. Most of the apartments in these areas can be bought within a budget of Rs 20 to Rs 60 lakhs. To buy villas and independent row houses, buyers have to shell out more money. The standard of living along with the quality of life is much altered by inflation. Most Lucknow residents would have to get used to the apartment culture because of rising costs. Builders too are focusing more on apartments in Lucknow compared to villas and row houses.

Since the city is a growing one because of increasing employment opportunities, more people have the means to splurge on a luxury apartment. Luxury flats are slowly becoming the flavour in Lucknow’s real estate market. The metro railway network that is coming up in Lucknow is further boosting its status as a metro city. Because of better built infrastructure along with smoother connectivity, some of the areas that have created a place for themselves in the market for luxury property in Lucknow like Gomti Nagar, Faizabad Road, Hazratgunj, Shaheed Path and Sultanpur Road. When compared to affordable houses available, Lucknow residents prefer living in Luxury properties because it is the second most preferred house destination in the state of Uttar Pradesh.

Another reason why more people prefer the luxury real estate market in the city is that luxury properties are larger which suit the culture of the city. Unlike larger cities such as Bangalore, Mumbai and Delhi, most residents in the city want to live in independent homes compared to multi-storeyed apartments. Moreover, the idea of living in a nuclear family is not well accepted in the city.

Some of the companies offered luxury property in Lucknow include Omaxe, DLF, Iconic Infraventure Ltd., Ansal API etc. Most of the projects are available within the price bracket of Rs 50 lakhs to Rs 2 crores. These apartments are usually around 1500 sq. ft or more and can be in the form of multi-storey flats, villas or independent row houses even.

What do buyers of luxury properties look for?

Property type and location are of highest importance. Aside from this, buyers also seek modular kitchen, swimming pool, elevated gardens and bathroom. Also, Lucknow buyers are highly conscious of properties that are vastu-compliant. The want for uber modern facilities such as Italian marble flooring and club houses are yet to come into the market. Most buyers are unaware about uber-luxury amenities such as the ones mentioned above.

Even though ultra-modern facilities are yet to enter the market, the concept of theme living has already been introduced in the property in Lucknow market. Some years ago, the LDA or Lucknow Development Authority has introduced the theme of music in the Sargam Apartments and since then, themes are being introduced in apartment complexes. Currently, the theme of Cricket County is selling well among buyers.

The sporting township of Lucknow is quite unique as there has been collaboration with Steve Waugh’s company, Sporting Edge. The famous oval of the cricket stadium shall be there along with stylised villas that offer exclusive clubs with swimming pools, gymnasium, billiard rooms and tennis courts. A provision for making Sports University is also there on the premise.

With a large number of people investing in tier II cities, the concept of quality luxury properties is increasing. Moreover, NRIs are also interested in investing in their home towns. Some of the other cities in which people are thinking of investing are Kanpur, Meerut and Nasik. The property investments in Lucknow are increasing and many builders are entering the market.

If you are thinking of buying property in Lucknow, you should look up online as most good builders list their properties online for maximum exposure. Not only will you get to know of the upcoming properties in areas that you prefer but also get hold of their floor plans, specifications and other amenities available in the apartment complex. Alongside the details of the properties available in Lucknow, you can also read up different discussions about the market for property in Lucknow and the trends that are coming up.