Lucknow, the capital of Uttar Pradesh, is gaining importance in the real estate sector due to the rapidly developing infrastructure and connectivity. The city is witnessing a growth in commercial and residential spaces, attracting investors and home buyers across the country. In this article, we will explore the factors influencing property rates in Lucknow, residential property rates, commercial property rates trends, upcoming infrastructure projects, and a buying guide for property in Lucknow.
Navigating Lucknow's real estate market has become more convenient with Bajaj Housing Finance, offering convenient home loan solutions. With substantial loan amounts, flexible repayment plans, and a streamlined application process, purchasing residential property in this region is now more feasible.
Factors influencing property rates in Lucknow
The property rates in Lucknow are dependent on various factors such as location, infrastructure, connectivity, amenities, and demand. Here are a few factors that influence property rates in Lucknow:
- Location: The property rates vary depending on the location of the property. For example, properties in prime locations such as Hazratganj, Gomti Nagar, and Aliganj attracts a higher premium than the ones located on the outskirts.
- Connectivity: The connectivity of the property with major landmarks like the airport, railway station, and important commercial areas can affect the property prices.
- Infrastructure: The development of infrastructure like flyovers, metro, commercial hubs, and IT parks can uplift the property rates in the surrounding areas.
- Amenities: The amenities like shopping malls, schools, hospitals, and parks around the property can influence the prices.
- Demand: The demand for residential or commercial space in a particular location can affect the property prices.
Residential property rates trends in Lucknow
Residential properties in Lucknow are available in a wide range of options, including apartments, flats, independent houses, and villas. The average price range for apartments and flats in Lucknow are between Rs. 20-80 lakh, depending on the location and amenities. Here are the key trends in residential property rates in Lucknow:
Gomti Nagar is one of the prime locations in Lucknow, where the property prices are skyrocketing. As per the latest trends, the average price per square feet for a property in Gomti Nagar is around Rs. 5,500-12,000.
The other areas that are witnessing significant growth in residential property rates are Alambagh, Faizabad Road, and Indira Nagar.
The residential demand for independent houses and villas is also increasing. The average price for a villa in Lucknow is around Rs. 75 lakh to Rs. 3 crore.
Commercial property rates trends in Lucknow
Lucknow is emerging as a major commercial hub in Uttar Pradesh. The city offers a range of commercial property options such as office space, retail space, and warehouses. Here are the key trends in commercial property rates in Lucknow:
Gomti Nagar, Hazratganj, Aliganj, and Faizabad Road are the most expensive locations for commercial properties in Lucknow.
The average price for commercial office space in Lucknow is around Rs. 60-150 per square feet, depending on the location and amenities.
The demand for retail space in Lucknow is also on the rise. The average price for retail space in prime locations is around Rs. 80-300 per square feet.
Upcoming infrastructure projects impacting property rates in Lucknow
The Uttar Pradesh government is investing in the development of infrastructure in Lucknow, which will impact the property rates positively. Here are the upcoming infrastructure projects that will impact property rates in Lucknow:
- Extension of Lucknow Metro: The expansion of Lucknow Metro to important areas of the city like airport and old city will improve the connectivity and uplift the property rates.
- Development of IT Parks: The government is developing IT parks like Lucknow Cyber Park and Prasad Institute of Technology, which will create employment opportunities and fuel the demand for residential and commercial spaces.
- Connectivity improvements: The development of new airports like the Jewar airport and the Agra-Lucknow expressway will improve the overall connectivity of the region.
Buying guide for property in Lucknow
If you are planning to buy property in Lucknow, here is a quick buying guide that you can follow:
- Research: Research the property rates, location, and infrastructure developments of the area that you are interested in.
- Budget: Calculate your budget and look for properties that align with your financial limit.
- Legal compliance: Ensure that the property has all legal compliance and documentation like property registration, occupancy certificate, and clear land title.
Lucknow is on the rise as a major real estate destination in North India due to its rapid urbanisation and infrastructure developments, and as this real estate boom grows in Lucknow, one financial product that has gained prominence is the loan against property. Bajaj Finance offers this product, providing a support to those in need of substantial funds.
With substantial funds of up to Rs. 10.50 crore* you can meet your financial needs. The competitive interest rates and long repayment tenures of up to 15 years* make repayment hassle-free.
The online application process is simple, and the loan amount can be disbursed to your bank account within 72 hours* of approval.
Apply for a loan against property today.
