The real estate sector in Lucknow, the capital of the country’s largest state, has made good progress and it would not be wrong to say that the city is also known for its high standard of living. Due to rapid growth in infrastructure in recent years, the city is brimming with good investment prospects. Despite the slow and sluggish growth in the real estate sector decades back, during the last 2 decades or for the last 20 years, the city of Nawabs has witnessed a huge boom in the real estate market. Today, investors from various cities of Uttar Pradesh are looking at Lucknow as the best real estate market in the state. There is no doubt in saying that in these times of global pandemic, interested home buyers have continued to show their interest in investing in cities such as Lucknow.
Mr. Sandeep Singh Katiyar, CEO 1OAK said, “ While being a reservoir of peerless culture and heritage, although it still retains its traditional old world charm, the city of Nawab in recent past has also evolved into a modern city inhabited by a burgeoning middle class comprising professionals, private company executives and government servants, among many others. In these times of instant communication and better exposure, this middle class has been aspirational for a life of quality and comfort often associated with the perks of living in an ultra-modernised metropolitan city. At the same time, Lucknowites also do not wish to compromise on green living and as such are looking out for projects with ecologically-sustainable green housing and amenities. The popular Gomti Nagar area is particularly relevant in this context. With enormous investment being made in public infrastructure by government as well as private players, while the standard of living for people in the city has already gone up, the green element has come to stay at all levels of real estate development in the city.
Mr. Amritanshu Roy, COO, Greenfield Advisory Pte. Ltd, “In recent years, the city of Nawab has come to epitomise the classic syncretism embracing both tradition and modernity at the same time. On the back of improved governance and law and order, the city is now ranked as one of the most favourable investment destinations. Indeed, this capital city of the largest state in India is emerging as a thriving new hub for manufacturing, food processing, textiles, power and most of all, real estate and housing, apart from several other sectors. Such vigorous economic and investment activities are definitely causing a spill over effect not only through the emergence of new public amenities and facilities but also on the private standard of living of common people in the city. The large-scale economic activity is also spawning the evolution of a new set of middle class people who would aspire for a high standard of living comparable to the tier I metropolitan cities in the country. However, while looking for luxury and comfort, people are also keeping an eye out for sustainable and green housing projects which would afford them environmentally-friendly and clean living. In that context, the Gomti Nagar area has been a highly-valued and much sought after residential location.”