Studying The Impact Of Agra-Lucknow Expressway On Real Estate Market
Recently, Uttar Pradesh Chief Minister Akhilesh Yadav inaugurated the 306-km long Agra-Lucknow Expressway that has been built in record time of 23 months. The highway is India's longest expressway, and can be used as landing and take-off strips as well. The state government said in the statement that a dedicated two-km stretch had been built on the road for the jets to land and take off during war-like emergencies.
Since the expressway also connects the state capital with the national capital via Agra through the Yamuna Expressway, the travel time has been reduced to six hours from 10. Being one of the major infrastructure development of 2016, the expressway's impact on real estate can't be ignored.
Why is the Agra-Lucknow Expressway important for real estate?
When linked with the Yamuna Expressway, the 306-km long Agra-Lucknow Expressway will be a shortcut to Noida, one of the major real estate hubs in north India. It is worth mentioning here that real estate markets of Greater Noida, Greater Noida West and Yamuna Expressway boomed when the Jewar airport was announced.
Similarly, the Agra-Lucknow Expressway is expected to play an important role in boosting the real estate prospects of the Yamuna Expressway market. The swift connectivity with state capital Lucknow will be attracting investors from the cities nearby who wished to own a home in a big city, either as an investment or for end-usage.
“Rich, wealthy businessman, government officials, retired defence personals who are based in Lucknow prefer their second investment in nearby cities. With increased connectivity, Noida and nearby areas are being considered proactively by such investors. This trend is being seen from past one year since the time expressway started taking its shape,” says Kantilal Singh, proprietor, SLN Real Estate Advisories.
In fact, the connecting towns of Shikohabad, Firozabad, Etawah, Kannauj, Kanpur, Unnao and Hardoi will bring demand to Noida and Lucknow alike.
“These towns have a huge number of business families and are traditionally rich. The highway will be opening avenues for them to invest and expand their business to new cities,” added Singh.
The urge of living in a big city which has a lifestyle to offer and that can also fulfil as a weekend destination in an urban landscape is making areas close to national capital a favourite investment hub. Although Lucknow has seen the massive urbanisation in last three years, owning a property in the national capital region is more like a desire than a need for investors from small cities. Being the only Tier-I city in close proximity, Noida and its real estate are expected to profit the most.
Also read: 11 Features Of The Agra-Lucknow Expressway