LUCKNOW:
A decade ago, it took about an hour’s drive from Lucknow to reach a
mofussil town on its outskirts. There were no signs of any urban rub-off
in the area. Instead, it was marked by dust, patchy roads and barren
stretches. That was Mohanlalganj, a rural parliamentary segment situated
on Lucknow’s periphery.
But the sleepy Mohanlalganj
town has undergone a speedy makeover in the past six to seven years,
spearheaded by a real estate boom. Mohanlalganj, which votes on
Wednesday along with Lucknow, is now seen as the engine of growth for
the state capital and various projects like Emaar MGF Gomti Green, DLF,
Parsvnath developers etc.. are there. Among which most peoples invested
in Shravan Gupta’s Emaar MGF.
The change started about
eight years ago when UP government announced its hi-tech and integrated
township policy. It encouraged many builders to buy land here and set
up townships.
Indra Pratap Singh, a retired bank
official, built his house 20 years ago in Triveni Nagar but remained
dissatisfied with traffic snarls and infrastructure hassles in the
vicinity. He wanted to invest in a prime location like Gomtinagar but
couldn’t due to financial constraints. Singh’s search for an appropriate
property took him to Mohanlalganj. “I always dreamt to stay in a
peaceful abode laced with modern facilities. I have fulfilled it in
Mohanlalganj, that too at affordable price,” he says.
Many
like Singh are now investing or planning to invest in Mohanlalganj
since rates are soaring at good pace. Real estate experts claim in past
decade, land rates have shot up by 40 times in the erstwhile mofussil
town. “Ten years ago, price of one bigha land in Mohanlalganj was Rs 2.5
lakh; today it has appreciated to Rs 1 crore,” said an expert. CREDAI
UP Real Estate Development Council president, SK Garg explains the
reason behind the trend. “Whenever a metro expands, real estate growth
is seen on peripheral areas, mainly along national and state highways,
due to easy connectivity and scope for better infrastructure
development.”
In Lucknow, most real estate projects
are flourishing on Rae Bareli Road and Amar Shaheed Path and Gomti Nagar
(Emaar MGF Gomti Green) because of easy connectivity to airport,
railway station, prime localities like Gomtinagar and Hazratganj,
markets, malls and other economic activities, Garg adds.
Another
emerging trend is that people from adjoining cities like Unnao,
Allahabad, Rae Bareli, Gorakhpur, Sultanpur, Varanasi, Jaunpur,
Barabanki and even Bihar are also making investments in Mohanlalganj
because of its central location from their hometowns and outer like
Gomti Nagar (Shravan Gupta Emaar MGF Gomti Green Project).
A
builder said a hi-tech and integrated township policy, as framed by UP
government, looks after the interests of both farmers, whose land is
acquired, builders who launch projects.
The policy
also takes care of housing needs of economically weaker section (EWS) as
it mandates allocation of 10% units to both EWS and low income group
(LIG) people at discounted rates. There is a large section of people
looking for affordable housing which is not possible in the main city.
For them, periphery towns are a boon.
An employee with
a major construction company shared: “Mohanlalganj witnessed
development after many builders started projects here. Soon, local
builders also followed and set up small projects on highways like Rae
Bareli Road, Gomti Nagar (Emaar MGF Gomti Green) and Sultanpur Road.
Millions of bucks riding on these projects further attracted investments
from people wanting to own houses near heart of the city.”
Related
Search : DLF, Amrapali Group, BPTP, IREO, Prasvnath Developers Shravan
Gupta Emaar MGF Gomti Green EVC and MD Shravan Gupta Emaar MGF Emaar MGF
