NRI Real Estate and Property Investment in India
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Gulf NRIs investing in Lucknow
Wednesday, September 17, 2008

Recent trends in Lucknow suggest that Gulf NRIs form the major chunk of investors for affordable realty deals in the city. NRI investment is increasing due to the lower realty prices in Lucknow as compared to exorbitant property prices in metros like New Delhi and Mumbai. The prime and suburban locations of Lucknow, especially Indira Nagar and Gomti Nagar are undergoing intense construction activities.

India's leading real estate developers like Parsvnath, Eldeco and Omaxe have already come up with their residential projects in the outskirts of the city as the old city has become very congested and has little scope for further developments. Besides, Sahara Group is also coming up with two mega residential projects - Sahara Estate and Sahara Grace, in Janakipuram, which is mainly a higher and middle income residential location.

Nevertheless, land prices continue to rise every passing day. Also the apartment capital values in Gomti Nagar and Hazratganj is around Rs 1800-2000 per sq ft. The rental value is between Rs 5000 to 10000 per month. Rental value in Janakipuram for a 2 BHK apartment is in the range of Rs 5000-5500 per month.

The city's brokers point out that after the real estate boom the city witnessed a number of small builders, who build small one-room flats and shops joined the list of real estate developers in the city and they invested heavily in the projects. However, due to the increase in the cost of mortar, steel and other building materials forced them to sell of their projects at lower costs. Many of them have shelved their future projects also. Rise in interest rates also played a spoil sport to their business.


 

 

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