"Real estate in Uttar Pradesh, the fifth largest state in India, is booming. The state is fast becoming a gold mine for investors in both residential and commercial properties, says,” Tarun Yadav, Marketing Executive, Sethi Group. Meerut, Agra, Mathura, and Vrindavan are some of the major areas in Uttar Pradesh which are experiencing a flurry of construction activity. Meerut, the fourth largest town in India in terms of population, has a multitude of commercial and residential projects on the anvil. Likewise, Agra holds one of the major tourist destinations in India, has seen great growth in terms of infrastructure facilities and industry.
Another city that offers an amazing potential for tourist, commerce, and industry is Lucknow. But the city suffers from the lack of political and government vision; consequently, business investment flow is low and development is limited to the business houses and the entrepreneurs. Real estate in Lucknow is therefore moving at snail’s pace compared to other Tier II cities. However, it may boost up in the wake of current real estate projects.
Upcoming residential developments
“There are around 40-50 residential projects coming up in Uttar Pradesh in the next few months. Most of these projects are concentrated between Ghaziabad and Noida,” states Yadav. Residential complexes are being built with the aid of modern technology, innovative style and grace and world class amenities. The properties are in the form of flats or apartments, independent houses to high-end luxury homes like bungalows, villas, condominiums and penthouses. Further, due to steep competition, top developers are coming up with innovative projects with an array of lifestyle facilities. Some of these upcoming properties include:
Southcity Gardens: This project by Unitech Ltd on 2.3 acre in Lucknow comprises 52 three-bedroom, 32 two bedroom units and eight penthouses. It is likely to complete by 2010-end.
Utopia: This residential complex by Eldeco Infrastructure & Properties Ltd comprises 10 to ers of G+9 and G+23 floors having 650 apartments of 2-5 BHK. It offers amenities like swimming pool, clubhouse, gym etc. It is likely to complete by May 2012.
Amrapali Leisure Park: Spread over 25 acre, Amrapali Leisure Park by the Amrapali Group offers 2 and 3 bedroom apartments varying in sizes from 815 sq ft and 1,650 sq ft.
Upcoming commercial developments
The commercial market in Uttar Pradesh is also making rapid strides. Hazratganj in Lucknow maintains centre stage garnering a large quantum of business. Kapurthala commercial complex in Mahanagar is also attracting new office establishments. Similarly Gomti Nagar, Janakipuram and Indiranagar are also emerging as the new commercial enclaves in Uttar Pradesh. Some of the major upcoming projects in the state include:
The Opulent: This 200,000 sq ft shopping mall by the SVP Group in Ghaziabad will have 145,000 sq ft of retail space, a multiplex and a food court. It is being developed with an investment of Rs 160 crore.
Wave 1st Silver Tower: This project by the Chadha Group in Noida comprises a tower of G+13 floors having 230 units for offices and showroom at the groundfloor with all the amenities.