Lucknow Residential Real Estate Overview July 2012 - ICICI Home ...

TRANS-GOMTI REGION - ZONE 1
Major Locations: Gomti Nagar Phase I, II and Extension, Indira Nagar, Chinhat, Faizabad Road, Rabindra Palli.
Key Highlights:
• Gomti Nagar belt has emerged as a prime location in the city, with a fair mix of commercial, residential and retail
developments. Segregated into various phases and sectors, the landscape is dotted with the presence of
independent houses and premium apartments. Many reputed developers are foraying into this location. The
commercial/retail catchments, good social infrastructure and close proximity to CBD has enabled property price
appreciation to the tune of 6-10% over the last one year.
• Faizabad Road, a road that connects Lucknow to Faizabad, has demonstrated active growth and is expected to
grow further in the near future. The micro-market witnesses the presence of many educational institutions, residential
townships and commercial/retail establishments (Nissan, Volkswagen, Toyota showrooms, Metro Cash & Carry
to name a few). Recently Spencer's retail store started operations on this road. The market players anticipate
more consolidation activities (small players exiting to big players) to take place at this location. The residential
properties along this road fall in the price band of INR 2,000 - 2,500/sft.
• Chinhat, Deva Road: This is in close proximity to the Islamic shrine 'Deva Shareef'. The Tata automobile factory
located in this area is the main growth driver for residential real estate here. The capital values are in the price
band of INR 2,000 - 2,500/sft.
• Organized retail developments include the Zee mall, East End mall and Riverside mall in Gomti Nagar. The
famous Taj Group's hotel is also located in the Gomtinagar region.
Growth Stimulators:
• Many financial institutions, public/private sector companies and corporates like the Reserve Bank of India, Passport
office, LDA office, Tata Consultancy Services, NTPC, Hindustan Times are located in Gomtinagar. The new
premises of U.P. High Court-Lucknow Bench are also under construction in this area. Moreover, the entire region
is in close proximity to the CBD. Maximum operational malls in the city are located in this region.
• Good road connectivity owing to existing and upcoming wide roads, highways, bridges and flyovers. Shaheed
Path touches Gomtinagar extension.
• Well-developed social infrastructure in terms of hospitals (eg. Sahara, Ram Manohar Lohiya Hospital), reputed
educational institutions (eg. Jagran School-Dainik Jagran's initiative, Jaipuria school and Institute of Management,
Homeopathic Medical College) and other social amenities like shopping arcades, malls and multiplexes.
Price Trends in Trans-Gomti Locations of Lucknow*
200
Gomti Nagar Indira Nagar Faizabad Road
180
160
Index
140
120
100
80
Q1 2008
Q1 2009
Q1 2010
Q1 2011
Q1 2012
*Assuming 100 as the base for Q1-2008
Source: ICICI Property Services Group
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