Lucknow metro is the key to change the face of real estate in Lucknow

The arrival of Lucknow metro has created a remarkable influence on the city’s realty market. After the 1^st tier city like Kolkata, Chennai, Delhi, Bengaluru and Mumbai, Lucknow under come the top position in 2^nd tier cities to provide the largest metro rail network services in India. Lucknow metro is connecting the four major parts of the city, first two major parts is north-south corridor from Chaudhary Charan Singh International Airport to Munshipulia covering a distance of 22.878 kilometres and second two major parts is east-west corridor from Charbagh railway station to Vasantkunj covering a distance of 11.098 kilometers. Lucknow is emerging a hot destination for property investors, buyers, developers and renters owing to factors such as better transport infrastructure, improved connectivity, 24 hours unbound electricity and the potential development that may be brought Metro rail network.

Enhance in demand for Real Estate Property

Lucknow metro is proving to be a boon for the working individuals and emerging the top level global outsourcing cities; Lucknow is also acknowledged for its growth in the IT sector, automobile, real estate and various other industries. People are searching for communities nearby metro line as it has reduced the commute time. 

Prior to metro, the journey from Amausi to Munshipulia took almost an hour and 20 minutes by means of public transport and 30-40 minutes by private vehicles. This time is considerably reduced to 20-25 minutes by metro, and hence more people are moving to locations that are nearby metro.

The Real Estate developers line up

Keeping pace with the demands in the housing and commercial sector, Lucknow is attracting place of real estate development due to the scarcity of land in the city, multi-story residential or commercial projects are the best options for the developers.

The government has passed the provision for unlimited FAR (Floor Area Ratio) for buildings that are nearby the metro line due to this, the developers are rushing to lay their hands on these lands. With the healthy demand from home buyers, Lucknow is becoming a premiere investment place. Furthermore, the realty market of Lucknow is drawing attention from foreign investors due to growing various industries and metro rail development.

Hike in Land Prices

The circle rates of lands have shot up in Lucknow as a result of the metro. The capital values have accelerated too much high in Faizabad road, Sitapur road, Raebarli road and nearby the localities respectively.

Moreover, in Alambagh, Krishnanagar and nearby Raebareli road, a 2/3/4BHK apartment spread over 1200-2000 sq ft., is priced in the range of Rs 30 lakh to more than Rs 1 crore. The price rise is not limited to just property buying. From the start of the construction of the metro, the rental market has shown upsurge. According to a real estate company Bhumitech developers Pvt. Ltd. adjacent to the area like  Transportnagar, Krishnanagar, Telibagh,  Alambagh and other neighbouring regions have shown a tremendous hike in rental amount owing to the adjacent metro line.

What Future Realtors says 

The Phase 1 of metro, which will connect the outskirts to the main city, is expected to be operational by 2016. It will further boost the real estate growth in Lucknow. The peripheries along the Phase 1, including Chaudhary Charan Singh International Airport, Amausi, Indira nagar, Krishna nagar, Munshipulia, Mahanagar, VasantKunj and Shrinagar are busy with different construction activities to become an active residential real estate hub. It is predicted that the future of the real estate market in Lucknow will take an upswing after the completion of Phase 1 metro.

According to the real estate consultant from Bhumitech Developers Pvt. Ltd., the real estate market will flourish more and more in the future. With the Phase 1 metro, Lucknow has become one of the major cities with largest functional metro. And the upcoming Phase 1 metro will lead to escalating property prices and the rise of more residential, industrial and commercial real estate projects.