Lucknow is the second largest city in North and Central India after Delhi and has an urban population of more than 5 million. To provide an efficient mass transport system, the UP government proposed the Lucknow Metro Rail Project in 2008. The project received final approval by the government authorities and in-principle approval by the central government in 2013. The construction work on first phase of the project officially started in September 2014 and is expected to be finished by 2016.
About Lucknow Metro
Lucknow Metro is most expensive transit system in Uttar Pradesh. It is planned to be developed in two corridors- East-West and North-South. The East-West corridor will connect Lucknow railway Station to Vasant Kunj and the North-South corridor will connect Amausi Airport to Munshipulia. A Bus Rapid Transit System, that would serve as a feeder service to the metro, is also being planned.
Impact on Real Estate
With the coming of metro rail, the scenario of real estate in Lucknow is going to witness a paradigm shift. The areas around the periphery of Lucknow-Kanpur Highway will be the ones getting the highest benefit. The area being developed between Charbagh Railway station and Transport Nagar will cover 8 km. The construction is likely to finish by December, 2016. The localities around the metro routes are expected to get good demand for real estate. A number of developers would come forward to grab the opportunity and launch their projects in these pockets. It is estimated that a total area of 2,000 acres will be available for development along the peripheries of metro route.
The development of a mass transport has always brought positive results for the real estate sector. The rather neglected areas of Lucknow-Kanpur region will get a considerable push with the coming of Lucknow Metro. Investors have already started showing interest in these locations and are looking forward to the subsequent project launches. It is estimated that the property prices around the areas will witness a hike of about 20 percent.
Lucknow metro would give way to a better infrastructure as well as to a flourishing real estate industry.