Lucknow: The Lucknow Metro Rail, a flagship project of Uttar Pradesh Chief Minister Akhilesh Yadav, is all set to boost the local realty space. After a long delay, the Metro Rail project has gathered steam with actual groundwork, taking off near Lucknow Airport. While the metro project would impact realty sector in the city, the immediate benefits would be felt in the periphery of metro stations which are being planned on Lucknow-Kanpur highway.
“The project has its influence zone spanning the metro route and the connecting stations. It would give a special push to real estate on the Lucknow-Kanpur highway and the adjoining areas,” Paarth Infrabuild Promoter-Director Pradeep Misra told Business Standard.
His company is also launching a housing project over 80 acres, he informed.
It is estimated that projects spanning almost 2,000 acres could be launched near metro routes, in the next five years, to cater to the rising demand for residential and commercial properties. Misra noted the project would spur local realty prices by almost 20 per cent depending upon the distance from metro stations and route. “Areas near metro stations would see tremendous demand and price hike both in terms of residential as well as commercial projects,” said Alok Chandra, director, Chandra Modern Builders.
Lucknow has been a preferred destination for real estate investors and developers due to good connectivity, infrastructure, industry, education and health care.
Chandra opined metro project amply showed Lucknow had arrived on the national map and, hence, the increase in interest for people living outside to invest in the city. Lucknow Metro is proposed in two North-South (NS) and East-West corridors. The 23-km NS corridor would be been undertaken in the first phase and is estimated to cost over Rs 7,000 crore.
Lucknow Metro Rail Corporation (LMRC) is targeting to complete the corridor’s railroad section, covering about 8 km between Transport Nagar and Charbagh railway station by December 2016.
Since, Assembly polls are due before May 2017, the ruling Samajwadi Party wants the metro project on track to showcase it as a success story.
The hitherto neglected Lucknow-Kanpur region is waiting in wings to soar on the realty boom on the back of Lucknow Metro and other infrastructure projects.