Smart City Project and its Impact on Real Estate Projects in Lucknow
The capital of Uttar Pradesh, Lucknow, is a major metropolis of India. The City of Nawabs, which has always been recognized for its glorious past and rich culture, is the second biggest city in central and north India after Delhi. The city flourished during the Nawabi regime in 18th and 19th centuries and continues to be a major centre of education, pharmaceuticals, finance, aerospace, technology, tourism, medical, BPO and real estate.
With Lucknow been included in the central government’s Smart Cities Mission, the overall infrastructure and development would get a massive boost in the city. While the state and centre would pay Rs. 500 crore each, the remaining Rs. 1,000 crore will be arranged by the local authorities through public private partnership, innovative funding and loans. The Lucknow Smart City Project will focus on enhancing infrastructure such as roads, flyovers, underpasses, public transport, water supply, solid waste management, use of solar and renewable energy, energy efficiency, affordable housing, non-motorized transport, etc. Taking all this into perspective and making the most of the forthcoming opportunities, property developers have already started launching real estate projects in Lucknow, especially in new or upcoming areas to meet the growing demand of flats in Lucknow.
According to Govt. of India’s regulations, Lucknow Municipal Corporation (LMC) has formed a Special Purpose Vehicle (SPV) for implementation of various projects under Smart City Mission. The SPV will look into execution, vendor selection and operationalization of different projects. Moreover, for smoother implementation process, eleven MoU’s have already been signed with different departments such as UPSRTC, PWD, LDA, UP Tourism, Directorate of Traffic Police, Irrigation Department, etc.
The Smart City Project will refurbish the existing infrastructure, particularly in old areas of the city, while upcoming localities would get new roads, flyovers, water supply, public transport, electricity supply, etc. New areas such as Gomtinagar, Gomtinagar Extension, Vrindavan Yojna, Jankipuram, Vikasnagar, to name a few, will also get a shot in the arm with the help of smart cities mission. As these areas get developed, realty companies will soon bank on the potential of increased demand for residential projects in Lucknow. It must be noted that once Lucknow gets the complete Smart City tag, market value of apartments in Lucknow will increase.
With recent governmental development projects, vibrant economy and top class infrastructure, the future of Lucknow looks bright, particularly in real estate. So, if you are planning to buy property in Lucknow, it is the right time to move ahead with your plan as your investment will yield high return in the years to come.