Lucknow is the capital city of the state of Uttar Pradesh, India. Located in what was historically known as Awadh, Lucknow has always been a multicultural city.

Lucknow, the state capital of Uttar Pradesh is a city of historical and cultural significance. Amongst the few cities which can boast of rich architectural heritage, it is fast evolving as a modern real estate destination. Increase in economic activity, changing aspirations of the resident population and potential for real estate growth has led to massive changes within the city.

Economy

Biotechnology and IT are the two focus areas to promote economic development in and around the city. Ministry of Science and Technology (India) is setting up a Biotech park in the city. Lucknow is one of the selected cities of the Smart City project of, under which IT is being used to promote economic development.Chikan, sometimes anglicised to 'chicken' is an embroidery handicraft which has traditionally been associated with Lucknow, and 'Lakhnawi Zardozi'. IT is being introduced to the Chikan industry to increase productivity with the help of World Bank funded projects. Chikan and Zardozi industry are the major small scale industries in the city.

During the period of the nawabs, kite making reached a high level of artistry, and is still a major small-scale industry. Sugarcane plantations and sugar industries are major industries in Uttar Pradesh; this attracted Mohan Meakin Brewery to set up a brewery based on molasses in the city. The city has only few manufacturing units, like, Scooters India Limited and Tata Motors. It also houses the headquarters of Small Industries Development Banks of India (SIDBI).

Real Estate Development

Lucknow, the state capital of Uttar Pradesh is a city of historical and cultural significance. Amongst the few cities which can boast of rich architectural heritage, it is fast evolving as a modern real estate destination. Increase in economic activity, changing aspirations of the resident population and potential for real estate growth has led to massive changes within the city according to leading global property Consulant

he erstwhile old city comprising locations like Aminabad and Chowk have given way to new centres of growth like Gomti Nagar, Mahanagar, Janakipuram and Indiranagar in the suburbs. Though Hazaratganj remains to be the CBD of the city, these emerging growth pockets have led to an increase in commercial activities in the suburbs. Development is now not only limited to the main city and the suburbs but is also active along the highways connecting Lucknow to other destinations. These include Sitapur Road, Faizabad Road, Sultanpur Road, Raebareilli Road, Kanpur Road and Hardoi Road. Major township projects by developers like Ansal, Sahara, Omaxe, Rohtas, Eldeco etc. have been proposed on these roads.

Current Scenario

Commercial activity in Lucknow, including retail and office sector, is mainly concentrated in and around Hazratganj. Some other destinations like Kapurthala Commercial Complex in Mahanagar have also emerged as alternate business centres. Offices in Hazratganj comprise those of banks, financial institutions, telecom service providers, government agencies as well as those of some well known developers likes Parsvnath, Halwasia, Rohtas, Eldeco, etc. Most of the developments in these locations are on the commercial complex format and have been developed by local developers.

IT/ITES sector is yet to pick up in Lucknow and as such there is a lack of specific IT/ITES catering developments. Also, anticipating the future demand, the STPI at Gomti Nagar is being revived. TCS and Wipro are two IT companies going ahead with their plans in the city. Some quality office developments like Shalimar Corporate Park and Pinnacle Towers are coming up in Gomti Nagar.

Till some time back, retail activity in Lucknow was largely unorganised in nature and concentrated in locations like Hazratganj, Aminabad, Kaiser Bagh and to some extent in Mahanagar. Over the last few years, with the Eastern Mall (250,000 sq.ft.) in Gomti Nagar and Sahara Ganj (400,000 sq.ft.) on Shah Najaf Road becoming operational, organised retail has picked up in the city. However, MG Road in Hazratganj is still the most significant retail highstreet of the city and has all major apparel, accessories and food and beverage brands. Fun Republic Mall in Gomti Nagar is the latest addition to the city mall list and at least 8 more malls are in various stages of planning and development around the city.

The residential sector in Lucknow has witnessed a sea change in the recent times. Main city locations like Chowk, Alambagh, Aminabad, Kaiserbagh are very congested and do not offer any new space for further development. Some development in the form of rebuilding the old, demolished houses has however been done in these locations. Hazratganj, Civil Lines and the Mall Avenue are the high-end residential locations of Lucknow and have mainly bungalow style developments. A few premium residential apartments have also come up on Mall Avenue.

Indiranagar and Gomti Nagar are the suburban locations which are witnessing hectic residential development. Both these locations have individual bungalows and as well as new apartment style developments. Omaxe, Eldeco, Parsvnath and UP Township in collaboration with the Uppal Group and the Chadha Group are developing apartment projects in Gomti Nagar.

Naya Haiderabad, Mahanagar and Janakipuram are chiefly higher and middle-income residential locations. Sahara has developed two projects - Sahara State Homes and Sahara Grace in Janakipuram. Arif Industries Metro City apartment project is being developed in Paper Mill Colony near New Haiderabad.

On the outskirts of Lucknow, Sahara is coming up with a 175-acre township called the Sahara City Homes on Hardoi Road. Not very far from there, Eldeco is developing a 200-acre Eldeco Town on Sitapur Road. Towards south of Lucknow, on Raebareilli Road, Rohtas is building 2/3 bedroom apartments Rohtas Icon near Vrindavan Yojna. Also, Eldeco has its plotted row house and bungalow scheme near South City.

Just off Raebareilli Road is the 250-acre Omaxe City Township project. This development will have apartments and villas together with office and retail blocks. The township is expected to be operational by early 2008. Besides these, townships by Ansals and Sahara on Sultanpur Road and by Lucknow Development Authority on Kanpur Road have also been announced.

Outlook

Lucknow real estate market has gained momentum over the last 2-3 years. The city offers substantial potential for future growth and this is being supplemented by proactive policies of the state government. Lucknow Development Authority (LDA) has taken active initiative in all round development of Lucknow. Land banks are being auctioned in specified locations to bring about a planned development of the city. Proper planning of the city's infrastructure and of amenities and utilities is being done to support future growth and development in the city.

The entry of a number of national level developers and retail brands in the city points towards the positive outlook for the city. With the backing of quality manpower availability, supportive policies and increasing purchasing power, Lucknow will emerge as a key IT/ITES as well as retail destination of North India.

Real Estate projects in Lucknow by Builders and Developers

• Omaxe City, Lucknow
• Omaxe heights, Lucknow
• Omaxe City Centre, Lucknow
• Parsavnath Plannet, Lucknow
• Sushant golf city, Lucknow
• Ansal Plaza, Lucknow
• Unitech - Legency
• Unitech – Heritage
• Unitech - South City
• Unitech – South City Gardens
• Greens Apartments, Lucknow
• Udyan (Suraksha Enclave), Lucknow
• Greenwoods, Lucknow
• Park View Apartments, Lucknow
• Eden Park Estate, Lucknow
• Eldeco Towne, Lucknow
• Eldeco Elegance, Lucknow
• Eldeco Empereur, Lucknow
• Sanskriti Enclave, Lucknow