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The residential real estate scene
in Luc-know has undergone marked change in the recent years with frenetic developments
in city and suburban areas like Mall Avenue, Civil Lines, Hazratganj, New Hyderabad,
Janakipuram, Indira Nagar and Gomti Nagar. From group housing to bungalows,
villas, condominiums, penthouses, high end luxury apartments and townships,
Luc-know is vitnessing a new trend in lifestyle living. Along with leading local
developers like Eldeco, Sahara, Halwasiya, Rohtas and Arif Industries, supported
by government agencies like UPHDB and LDA, big time national developers like
Ansals, Parsvnath, Omaxe, Unitech, M Tech, Uppal Chaddha Group etc are engaged
in changing the face of Lucknow's residential real estate. According to industry
estimates, as many as 10,000 housing units are under development in Lucknow
Arif Industries were the first to come up with group housing flats in Lucknow
in 1984. Today Amrapali Group and Ansal Housing & Construction Limited are developing
group housing projects in the city Arif also brought in the concept of duplex
apartments. Today the apartment culture has become an integral part of city's
residential real estate. Says Shawez Arif, MD, Arif Industries, which is developing
Rs 300 crore Metro City project along with Arif King & Arif Hyderabad Apartments,
"People are shifting from villas to flats due to convenient maintenance and
sound security". But then like metro cities, luxury living has caught up Lucknow
in a big way. In fact all leading national developers now active in Lucknow
are busy developing luxury apartments including penthouses.
Sahara Infrastructure & Housing which has already developed Sahara States Township
is coming up with Sahara Grace, a luxury residential complex in Janakipuram.
Omaxe group is developing Omaxe Heights, a multi-storied luxury apartments complex,
while Parsvnath group is coming up with Parsvnath Planet, an air conditioned
Opulent Condominium. Uppal Chadha Group, which has developed Eastend Mall, is
now developing a Rs 500 crore ultra-modern luxury apartment project-Plumeria
in Vibhuti Khand, Gomti Nagar. Eldeco,s which is largely into affordable housing,
is also engaged in developing premium housing. Developers aver that there's
good demand for high-end residential developments from businessmen, professionals,
bureaucrats and even NRIs.
Besides apartments, the integrated township concept has also ushered in a big
way in Lucknow with many big players busy developing mega townships. Eldeco,
which has done abut two dozen projects in Lucknow claims that half of their
projects, are residential townships. Omaxe group is developing 150-acre Omaxe
City, offering independent floors, villas and plots. Sahara group that had first
launched Sahara State Homes is now developing Sahara City Homes over 200 acres
as part of its plan to set up similar township in 217 cities.
Delhi based M Tech group is also developing a mega township in Gomti nagar.
But the mother of all townships is planned by Ansal API. It is coming up with
Sushant Golf & Hi Tech city over 5000 acres at the cost of Rs 22500 crores.
The integrated city will offer opulent lifestyle in the form of luxury residences
with 18- hole championship golf course, tennis academy, three 5-star hotels,
a medicity, a university, state-of-the art hospital, commercial complexes and
IT Park.
"Today there is a good demand for quality housing in Lucknow which boasts of
excellent infrastructure, international standard and yet affordable residential
developments. As such all developers are clocking good sales. Apart from apartments,
there is a lot of hunger for residential plots which offer a good investment
opportunity", says SS Halwasiya.
Commercial scenario
In view of the growing demand for good quality commercial space by the banks,
insurance and telecom companies , financial institutions and corporates, the
commercial real estate scene in Luc-know is revving up. The commercial developments
are now spreading out to new growth corridors like Gomti Nagar, Malviya Nagar,
Park Road, Mahanagar etc. and not just that, more and more A grade office buildings
like Shalimar Tower and Corporate Chamber by Eldeco are being developed. Ansal
API is developing a massive 120 acres of area in its upcoming 5000-acre Golfing
Hi Tech City for office buildings and IT and biotech companies. Ansals are positioning
themselves to meet the demand of IT/ITes in near future, particularly as IT
biggies like TCS and Wipro are setting up shop in Lucknow and a STPI has also
been planned for the city. Says R Mahendra, a leading real estate consultant
specialising in corporate leasing, "For commercial office properties, the demand
far exceeds supply as good legally sound properties are difficult to get".
He blames lopsided policies of the government agencies, which have been neglecting good commercial office developments at the cost of massive residential development. The retail scene in Lucknow that has been largely unorgaised and confined to locations like Hazratganj, Janpath, Aminabad and Kaporthala has undergone a transfonnation with the emergence of mall culture leading to organized retailing. While Hazratganj continues to be a top high street of Lucknow, places like Gomti Nagar and Saharaganj have emerged as the new hotspots for shopping malls. It was Sahara Group that heralded the mall culture in the true sense with the launch of a 4.25 lath sqft mall with a 4-screen multiplex.
Today two more malls -cum- multiplex,
including Fun Republic of Zee group and Eastend Mall of Chadha Group, are functional
in the city. Riverside Mall is in the final stages of completions while Eldeco
Group and Halwasiya Group have each planned malls over 2 lath sqft area. At
least three more shopping malls are likely to come up in the city. S K Garg
of Eldeco says that it remains to be seen if so many malls will be sustainable.
However Amit Jha, COO, M Tech Developers is upbeat about the prospects of shopping
malls. "The success of existing malls has proved that there is a huge scope
for retail development with major brands expected to take a plunge", he says.
Government's initiative
The two premier government agencies-Uttar Pradesh Housing Development
Board (UPHDB) find Lucknow Development Authority (LDA) are contributing significantly
to the growth of real estate and infrastructure in Lucknow. UPHDB which has
developed close to 60,000 dwelling units in its earlier housing schemes of Indira
Nagar, Rajaji Puram, Vikas Nagar is now engaged in the development of massive
Vrindavan Housing Scheme, developing around 7725 hectars of land in four phases.
In the first phase 156.6 hectares of land is developed and dwelling units have
been occupied. In 310 hectares Phase II, where plots, group-housing, independent
houses, institutional land, commercial offices and shopping is being developed,
there is already 25 percent occupancy. The external development work is going
on for phase III and IV.
While UPHDB is undertaking commercial development at Vibhuti Khand, two new
schemes of 616 hectares and 248 hectares respectively are coming up on Sultanpur
and Faizabad Road. The development of Indira Nagar 2 is also being undertaken.
LDA-like UPHDB has also been engaged in providing housing units besides playing
a significant role in improving the infrastructure of the city, crucial to support
the real estate development. According to Knight Frank, LDA has taken active
initiative in all round development of the city by way of auctioning land banks
at specified locations to bring about a planned development of the city.
To give a further impetus to real estate development, UPHDB has come up with
an ambitious Integrated Housing Scheme. Under this scheme private developers
will be permitted to develop hi-tech townships on 25-100 acres of land. The
registration of private developers is on to carry out assembly of land, development
of related infrastructure and provision of housing, UPHDB will facilitate private
developers for the same through two models- Bulk Land Allotment Model and Development
Licence Model. "The rapid pace of urbanization is creating heavy pressure on
housing and infrastructure facilities. And keeping in view our constraints,
it is imperative to promote private investment for creation of new housing stock",
says M A A Khan, Commissioner of UPHDB. S K Garg of Eldeco says that both UPHDB
and LDA are giving boost to private sector with an open mind and this new scheme
of Integrated Housing will further help increase the participation of the private
sector.
Future outlook
Lucknow has traditionally been an end user driven healthy real estate market
with realistic pricing and realistic appreciation. Shawaz Arif, MD, Arif Industries
believes that there is positive outlook and prices will hold ground. SS Halwasiya
says that though with slow down, the spiraling rise in property prices has been
arrested, yet the prices will not go down as the market is not overheated. Endorses
S K Garg, of Eldeco, "Today with stationary demand and investors withdrawing
slowly, I see a moderate 10-15 percent product-related price hike". Kushagra
Ansal, foresees positive outlook for Lucknow realty. "In the immediate future,
the prices of residential townshipswill go up. Commercial and group housing,
prices will however increase gradually. "A Trammel Crow Meghraj study forecasts
yield returns of 5.5% to 6.5% in residential, 8% to 9% in commercial office
and 10% to 11.5% in retail real estate.
Amit Jha of M-Tech forsees huge potential for the city's real estate as the
growing commercial and manpower requirement has led to influx of people from
satellite towns of Lucknow which would translate into ever growing demand for
housing and infrastructure. Global property consultancy Knight Frank predicts
that with the government development bodies like UPHDB and LDA playing pro-active
role in terms of proper planning of city's infrastructure, Lucknow offers a
substantial potential for the future growth of real estate.
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