Lucknow also known as the city of nawab is witnessing rapid urbanization. Much of the credit goes to the liberalized policies of the government and the urge of the corporate world. Everywhere some or the other construction works are going on. This is in collaboration with the government and with the real estate industry. IT Parks, SEZ, shopping complexes are being built. To make the people working here shelters were needed. These were met with flats in lucknow .With this open lands were scarce and the immovable properties were sold like hot cakes. To meet this scarcity of open spaces high rise constructions were permitted.
People bought Lucknow Property with the intention of doing business. Educational hubs were getting set up soon. People thronged from far flung cities and villages. The properties were bought with the purpose of putting them at lease or at rent or for resale. Every day the prices were soaring high. Upon seeing this government liberalized FDI regimes and hence the Indians staying overseas were intrigued to enter into the affairs of properties. Thus, tall and gigantic sized buildings were erected for both commercial and residential purposes. To make their availability to the people they were laden with connectivity and accessibility through roads, bridges and highways.
With so many progressive construction works taking place the Real Estate Developers India saw its face turning. However, the city’s real estate industry experienced a steep decline in its growth in the last two years. The reasons were that fresh graduates turned off their faces to some other sectors, there were protests from the farmers and delayed government clearances. Despite these the real estate industry stood next to agriculture in generating revenues and employments. The development authorities of the city Lucknow was doing a great job in making the construction work go progressively.
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