The Impact of Lucknow's Infrastructure Development on Property Investments
- 02 May 2023
The Impact of Lucknow's Infrastructure Development on Property Investments
Living in the most modern metropolitan city but struggling on the roads? Just moved to a new town but the amenities and opportunities are limited? Both these scenarios account for the lack of what we call- Infrastructure. Infrastructure forms the base of any country, state, city or town. It is the basic physical structure of a place that makes it accessible, progressive, modern and worth living in or investing in.
Lucknow has been famously called the City of Nawabs, being rich in history, culture and heritage. But in recent years, the city has emerged as a gold mine in real estate, owing to the rapid development of world-class infrastructure. From transportation and amenities to socio-economic infrastructure and connectivity, Lucknow has surpassed the bigger metropolitan cities. This evolution has resulted in investors clamouring to grab real estate opportunities here.
Infrastructure & Real Estate in Lucknow
Real estate and infrastructure are two sides of the same coin. The real estate market depends solely on the availability of good roads, public amenities, transport facilities and social structure of a particular place. A special mention must be made of the fast-track progress in Lucknow’s connectivity within the city and with adjacent cities. The construction of highways has led to areas even in the outskirts being touted as prime property areas. The impact of infrastructure development on property in Lucknow has been massive.
The infrastructural development in Lucknow has created a domino effect-
Infrastructure → Influx of investors and buyers → bettering public amenities → Employment opportunities → influx of multinationals → Demand for properties → Property price rise → Expansion of land areas → Affordable housing opportunities
With such progress, Lucknow has been presented with the new-age start-up culture emerging as the nerve centre of a modern, convenient lifestyle. The city now offers seamless connectivity of the city via road, rail and air with all Indian cities. The construction of the three major highways NH25, NH28 and NH56 has made intercity travel smooth and convenient. These highways also connect Lucknow well with adjacent cities such as Allahabad, Varanasi, Agra, Kanpur and even Delhi, making the city more and easily accessible. Government projects like IT City, CG City, and the cricket stadium, are worth mentioning here. This has made access to the fields of manufacturing, IT, electronics and most importantly connectivity, easier, leading to investors being interested in Lucknow.
Property Development in Lucknow: Infrastructure's Role
Lucknow’s rapid infrastructural growth is undoubtedly the knight in shining armour. The breakneck speed at which development is taking place is awestriking. Not just with respect to roads and accessibility, but also with setting up of top-notch social amenities such as top schools, hospitals, malls, multinationals and start-ups, for Lucknow., there is no looking back.
The development of many investment projects has led to Lucknow being touted as the new smart city with ample opportunities in the realm of housing and construction. The fast-paced progress by the Lucknow Development Authority can be seen in projects such as 150 Meters wide ring road, Knowledge Park between the Jail Road and Mohan Road, a 100-kilometer Outer Ring Road, etc. The city’s revolutionization as the hub of realty development and investment is slated to see mammoth growth in the coming years.
The development of the Lucknow Metro, Purvanchal Expressway, the Lucknow-Kanpur Elevated Expressways and Agra-Lucknow Expressway, and other proposed developments such as building 11 airports in Lucknow, the demand for real estate properties has only seen an upward surge.
How Lucknow's Infrastructure Boosts Property
Lucknow Development Authority clubbed with the Uttar Pradesh government’s efforts to boost the real estate market in Lucknow, has led to hoards of buyers and investors thronging the city. The most consequential advantages of infrastructural development have been the rise in the value of properties, stemming from the increase in demand. All of this has contributed to transforming Lucknow into a modern and more liveable city.
The newly developed areas have been able to expand because of this exemplary progress. Smooth connectivity has made most areas in and around the city accessible, leading to a rise in the demand and the prices of properties. The city’s real estate sector has witnessed an increase in demand and become the nerve centre for investors looking for quality life and upscale amenities.
The Challenges
Despite the noteworthy infrastructural development in Lucknow, the city still reels under several challenges, the most significant one being the unavailability of land. The city has a limited vicinity and with such rapid growth, the city is unable to keep up with the demand. Hence, new areas need to be developed to meet the demand. As the city sees amenities and ultra-modernity, this has also led to traffic congestion and clustering, leading many investors to opt out.
Another challenge is the lack of planning and proper regulations. Lucknow is expanding its area, moving to the outer periphery of the city, but a lack of proper planning is an unrefuted requirement to sustain such expansion and progress. This includes the use of quality building materials, proper blueprints of the structures, and planning roads alongside public amenities.