Lucknow, popularly known as the ‘City of Nawabs’, is the capital of the Indian state of Uttar Pradesh. It is one of the largest cities in the state and is known for its rich cultural heritage, historical landmarks, and traditional crafts. Today, Lucknow is a bustling metropolis and the 12th largest urban agglomeration by population in the country. The city has witnessed significant economic growth driven by a diverse range of industries such as IT and other services, aeronautics, machine tools, chemicals, and handicrafts. It is well-connected regionally through a robust road network and hosts an international airport. To add to this, pro-business government policies such as the Industrial Investment & Employment Promotion Policy 2022, and Uttar Pradesh Start-up Policy 2020, for instance, have created a conducive ecosystem attracting several national and multinational firms to set up their operations in Lucknow.
The economic development has also trickled down in the realty markets fueling commercial, warehousing, retail, and residential market in the city. For instance, Lucknow has SEZ called Lucknow IT City spread across 100 acres, which is home to several companies, including TCS, HCL Technologies, and Tech Mahindra. Apart from the services sector, areas such as Chinhat, Amausi, Talkatora, etc have come up to be prominent industrial and manufacturing hubs in Lucknow. E-commerce companies such as Amazon India have launched two fulfillment centers in the city. In terms of retail, Lucknow is not only home to traditional markets but also several malls and high streets. The city has witnessed significant residential growth as well since the growing economy has attracted working population from not only the neighboring areas but from the overall state.
To put things in perspective, Lucknow ranks only second to Jaipur amongst the major Tier 2 capital cities of India on Housing.com’s IRIS index. This index is a leading indicator of upcoming property demand in 42 key cities of India based on online property search volume activity. For Lucknow, the index reached a historic high of 289 points during the festive season in September 2022. The online search trends indicate that Lucknow homebuyers are looking for residential formats such as independent homes, apartments, and plots. Localities in the eastern region of the city along Amar Shaheed Path, Faizabad Road, Sultanpur Road, and Sitapur Road have witnessed heightened online homebuyer search activity in recent years. The IRIS index for the city has maintained an above-200 mark since August 2022, a trend that signals for the northward momentum to continue in the coming months.
Renuka Kulkarni, a seasoned real estate professional, brings over five years of diverse experience in research, consulting, and architectural design within the urban sector. Her expertise spans public and private projects, showcasing proficiency in real estate research, trend interpretation, and policy analysis. With qualifications in architecture and a master’s degree in Data Science (Business Intelligence & Data Analytics) from IIIT Bengaluru, along with an M. Tech in Urban Development and Management from TERI School of Advanced Studies, New Delhi, Renuka seamlessly blends data analytics with market insights, offering a holistic understanding of the industry in her research pieces.
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