Lucknow, the capital of Uttar Pradesh, is a city with a rich cultural heritage and a rapidly growing real estate market. One of the most important factors to consider when buying property in Lucknow is the plot rate, or the price per square feet of land. In this article, we will explore the current plot rates in Lucknow and what factors are affecting them.
As of 2021, the average plot rate in Lucknow is around Rs 1,500 per square feet. However, this can vary widely depending on the location and type of property. For example, plot rates in prime locations such as Gomti Nagar, Hazratganj, and Mahanagar can be as high as Rs 2,500 to Rs 3,000 per square feet. In contrast, plot rates in the outskirts of the city or in less developed areas may be as low as Rs 1,000 per square feet.
Factors Affecting Plot Rates in Lucknow
1. Location
One of the main factors affecting plot rates in Lucknow is the location of the property. Properties in prime locations, such as those close to major transportation hubs, shopping centers, and schools, tend to have higher plot rates than properties in more remote areas. Additionally, properties with good views or situated in gated communities may also command higher plot rates.
2. Type of Property
Another factor that can affect plot rates in Lucknow is the type of property. Residential plots are typically less expensive than commercial plots, as they are intended for personal use rather than for business or investment purposes. However, commercial plots in prime locations can command very high prices, as they are in high demand from businesses and investors.
3. Demand & Supply
The current state of the real estate market in Lucknow is also affecting plot rates. In recent years, there has been a significant increase in demand for properties in Lucknow, driven by the city’s growing population and economic development. As a result, plot rates have risen in many areas of the city. However, the market is also subject to fluctuations, and plot rates can drop if there is a downturn in the economy or a decrease in demand for properties.
Finally, the availability of infrastructure and amenities in an area also plays a role in determining plot rates. Areas with good roads, water supply, and other basic infrastructure tend to have higher plot rates than areas without such amenities. Similarly, areas with good schools, hospitals, and other public facilities tend to have higher plot rates than areas without them.
In conclusion, the rate of LDA plots in Lucknow can vary widely depending on a number of factors, including location, type of property, and the state of the real estate market. However, on average, the plot rate in Lucknow is around Rs 1,500 per square feet. As with any real estate purchase, it is important to do your research and consider all the factors that may affect the value of a property before making a decision.