Locality Watch: Invest in Gomti Nagar in Lucknow

Lucknow is a new and emerging real estate hub with interest from both builders and investors alike. Setting itself apart from other popular localities in Lucknow like Faizabad Road and Shaheed Path is Gomti Nagar.

What sets the area apart? Here are a few reasons:

1. Planned development: Gomti Nagar and Gomti Nagar Extension together rank as the largest planned township in the country. Reminiscent of Gurgaon in the National Capital Region of Delhi, the area has newly developed infrastructure with all the amenities in residential and commercial projects. The government invested enormous amount of money on designing and building the architecture of the area along with roads and other social infrastructure.

2. Landmark address: Gomti Nagar is the address for almost every large company and institution in India. Apart from the Software Technology Park with companies like TCS and Reliance Communications, it also has offices of the Reserve Bank of India, National Bank for Agricultural and Rural Development or NABARD, headquarters of Sony and Reliance Retail, among others. The demand for homes here remains strong with a large section of professionals working in the area. 

3. Affordability: The apartments and houses available in the area and even the under-construction properties are in the range of Rs 30-60 lakh depending on the apartment size. The average cost of a two bedroom apartment is around Rs 35 lakh. Larger 3 BHKs cost anywhere between Rs 62 to 67 lakh. The apartments also offer large living spaces with extra study rooms and balconies.

There are a number of developers offering a large inventory for investors. Some of the noticeable projects are River View Enclave and Greenwood Apartments at Gomti Nagar Extension. Vanasthali Apartments at Gomti Nagar concentrates on large three bedroom apartments. Parijat Apartment at Gomti Nagar offers 2 BHK plus study along 3 BHKs and 4 BHKs.

4. Water body in the neighborhood: The area is close to the river Gomti, offering the possibility of a good view from high rise apartments. It is a haven for those who like nature. 

5. Entertainment: Gomti Nagar area is plush with malls and has four such malls with multiplexes included. Some of them are City Mall, Riverside Mall, Fun Republic Mall and The Wave Mall. More of such developments are expected in fuure, raising the real estate value of projects in the area. Gomti Nagar also boasts of parks and walkways for those who like a stroll.

6. Appreciating value:  Apart from the constructions which are already on, the area is expected to witness a boom in real estate when its extension starts developing. As more companies set shop, influx of working professionals will further enhance demand for homes in the area, escalating the rates of commercial and residential real estate.

(Katya Naidu has been working as a business journalist for the last nine years, and has covered beats across banking, pharma, healthcare, telecom, technology, power, infrastructure, shipping and commodities)