Lucknow is one such city which is quaint and modern at the same time. And, buying a house in a town that has to offer a rich legacy is the dream of every person. Over the period, the real estate market of this city has also witnessed a considerable growth. Do you know the factors that are boosting the prices of properties in this city? Read here.
The latest report by Credit Rating Information Services (CRISIL) stated that the real estate market in Lucknow is currently encountering a phase of transition. With an increase in the number of sales of properties in Lucknow, there are various changes faced by the real estate market in here.
Talking about the factors that have boosted this growth, you are sure to find many of them. And, few of them are listed below. Have a read ahead and find out.
- ·Infrastructural Development:
Throughout the years, Lucknow has witnessed a substantial infrastructural development. When it comes to coping up with the modern age, this city is not lagging behind. The construction of high-rise buildings and apartments is what attracting the smart buyers towards it. Mainly, the real estate market of Lucknow is classified into two sectors: Old Lucknow and New Lucknow. Where Old Lucknow consists of the independent housing; new Lucknow is known for its modern infrastructure.
- ·Metro Projects:
Another reason for the boost is the metro project. The estimation of this entire project is said to be Rs. 15,000 crores and the first phase of this project is likely to be there within this year. The experts believe that the way Delhi Metro helped the real estate sector in the NCR region to grow, similarly, the property in Lucknow will thrive with the beginning of this much-awaited project as well.
Another crucial factor that has helped in boosting the prices of properties in Lucknow is the under-construction bridges. With the completion of this project across Gomti River, it is going to interconnect Lucknow with the nearby cities. Moreover, the Trans Gomti Region is one of the prominent regions of development, which is attracting not only the developers but buyers as well.
- ·Employment Prospects:
In the past decade, the road which is connecting Lucknow to Faizabad has seen some real estate activities. With the development of commercial establishments, residential townships, and educational institutes, this place is providing an array of employment opportunities. On the top of that, the creation of prominent companies, such as Toyota, Nissan, Volkswagen showroom, etc. is helping the boost even more.
- ·Affordable Prices:
Since the city is still in the phase of under-development; thus, it is not difficult to grab properties at a reasonable rate. Whether you are an investor or a buyer, it is easy to find such a property that would come under your budget. However, in the coming future, with the inception of all of the said projects, these prices will rise high very soon.
These were few of the factors that are boosting the prices of properties in Lucknow. Furthermore, the growing per capita income of this state can be added to this list as well. Not just this, but there are various other factors, too. Thus, if you are considering to buy a property here, better do it now.