Lucknow, a new destination for real estate investors

Planning to buy a flat in 2012 and looking for the best returns on your investment? Lucknow could be your best bet. According to a Crisil report on real estate outlook beyond the top 10 cities, Lucknow is the place where prices of the flats are likely to rise the most in days to come. Other cities that the report covers include Bhopal, Bhubaneswar, Coimbatore, Indore, Jaipur, Nagpur, Surat, Vadodara and Vishakhapatnam. The report goes on to add that prices of flats will increase the most in Lucknow; five of the 10 areas across the cities, where prices are likely to rise the most, belong to Lucknow. During the last 18 months, it was Bhubaneswar where prices of the flats have appreciated the most. No wonder people are flocking to Lucknow from all corners to invest in the real estate. Ms Neelima Saxena, Additional VP (Sales & Marketing) , Ansal API says “Real estate scenario in Lucknow looks very promising.  Government policies have been instrumental behind growth of this sector in the state. We have a huge range of products from plots to luxury villas that suits the varied requirements of end user as well as investors. Thus, it we have been able to achieve this success”. Real estate sector in Lucknow has seen an unprecedented growth in last few years. Most of the leading developers of north India have started their townships in and around the city and many of them are moving beyond the basic amenities to come up with townships that offer ultra luxury lifestyle. The report is based on the inputs provided by 550 builders and six categories of people including government, developers, housing finance companies, real estate consultants, brokers and IT/ITeS companies across 10 cities. It sees the estimated sales of new residential apartments in these emerging markets at Rs 180 billion in 2012. In addition to this, 368 million sq ft of residential space is planned across the cities. Price appreciation is not the sole determinant of long-term attractiveness for investment. Potential for demand growth, price stability, quality of infrastructure and state government focus on development are the other key determinants. source: http://english.samaylive.com/business-news/676497893/lucknow-a-new-destination-for-real-estate-investors.html