After the development of Greater Noida, Noida, and the Yamuna Expressway, it is time for the capital of Uttar Pradesh Lucknow to show growth in real estate. Compared to Tier I cities, real estate is growing in Tier II cities such as Kanpur, Lucknow etc. as more numbers of companies are shifting to these cities for exploring the low-cost operations. A lot of developers who work in the NCR region are showing interest in the peripheral city such as LUCKNOW. In terms of supply and demand in the real estate sector, Lucknow is quite promising. The capital value of apartments has noted a median escalation of roughly 10 to 15 percent within the city and the values continue to appreciate.
The expanding demand for flats in the housing system has already led to an expansion of suburban areas such as KANPUR ROAD as newer corridors of growth. The rapid growth of the IT sector, and MSMEs or micro, small and medium enterprises, cost-effective property values and infrastructural development are some of the important attributes which fuel the real estate sector. Prominent developers such as PSS BUILDERS have launched their housing projects in Lucknow already. For now, the company is involved in the development of a township in Lucknow called DEFENCE ENCLAVE A lot of the upcoming projects are meant for high-middle and middle-class people. Moreover, to meet the housing demand in the city, the LDA or Lucknow Development Authority has started numerous affordable residential schemes. The newer segment is showing good transactions. Not only is there housing demand from Lucknow, but also northern cities. The HNIs and NRIs are showing interest too in the forthcoming luxury segment in the city. There has been a rise of almost 20 percent in the actual number of transactions in the last 6 months.