Lucknow’s Property Market Witnesses 15% YOY Growth in Property Prices
29th February 2024 | Geetanjali Homestate, a leading real estate consultancy, has released its comprehensive industry report on property pricing in Lucknow for the fourth quarter of 2023. The report highlights significant growth trends across various localities in the city, indicating a robust and dynamic real estate market.
According to the report, the average property price in Lucknow for Q4 2023 stood at Rs 6,400 per sqft, marking a notable year-on-year growth of 15% from Q4 2022. Quarter-on-quarter, there was a 3.1% increase from Q3 2023, demonstrating the city’s resilience and attractiveness to investors and homebuyers alike.
Sunil Sisodiya, Founder of Geetanjali Homestate, said, “The steady growth observed across various localities in Lucknow reflects the city’s resilience and growing prominence in the real estate landscape. Despite external challenges, Lucknow continues to attract investors and homebuyers, offering promising opportunities for long-term investment.”
In Gomti Nagar, the average property price in Q4 2023 reached Rs 7,200 per sqft, showcasing a robust year-on-year growth of 17.3% from Q4 2022, which recorded an average price of Rs 6,050 per sqft. Quarter-on-quarter growth was observed at 6.4% from Q3 2023, where the average price was Rs 6,750 per sqft.
The average property price in Sushant Golf City for Q4 2023 was Rs 5,700 per sqft, indicating a year-on-year growth of 15% from Q4 2022, which registered an average price of Rs 4,900 per sqft. Quarter-on-quarter growth stood at 1.7% from Q3 2023, where the average price was Rs 5,600 per sqft.
Amar Shaheed witnessed significant growth, with the average property price reaching Rs 6,650 per sqft in Q4 2023, marking a substantial year-on-year growth of 26.3% from Q4 2022, where the average price was Rs 5,100 per sqft. Quarter-on-quarter growth was observed at 2.2% from Q3 2023, which recorded an average price of Rs 6,500 per sqft.
On IIM Road, the average property price in Q4 2023 was Rs 5,850 per sqft, demonstrating a year-on-year growth of 15.6% from Q4 2022, where the average price was Rs 5,000 per sqft. Quarter-on-quarter growth was noted at 6.1% from Q3 2023, where the average price stood at Rs 5,500 per sqft.
In Mahanagar, the average property price soared to Rs 14,950 per sqft in Q4 2023, indicating a substantial year-on-year growth of 23% from Q4 2022, where the average price was Rs 11,850 per sqft. Quarter-on-quarter growth stood at 3% from Q3 2023, where the average price was Rs 14,500 per sqft.
Sultanpur Road experienced a significant year-on-year growth of 20%, with the average property price reaching Rs 5,600 per sqft in Q4 2023 from Rs 4,550 per sqft in Q4 2022. Quarter-on-quarter growth was observed at 2.7% from Q3 2023, where the average price was Rs 5,450 per sqft.
In Vibhuti Khand, the average property price in Q4 2023 was Rs 7,800 per sqft, showcasing a year-on-year growth of 8.6% from Q4 2022, where the average price was Rs 7,150 per sqft. Quarter-on-quarter growth stood at 0.6% from Q3 2023, where the average price was Rs 7,750 per sqft.
Vrindavan Colony experienced modest year-on-year growth of 2.5%, with the average property price reaching Rs 5,850 per sqft in Q4 2023 from Rs 5,700 per sqft in Q4 2022. Quarter-on-quarter growth was noted at 0.8% from Q3 2023, where the average price was Rs 5,800 per sqft.
Raibareli Road witnessed a substantial year-on-year growth of 26.7%, with the average property price reaching Rs 5,300 per sqft in Q4 2023 from Rs 4,050 per sqft in Q4 2022. Quarter-on-quarter growth stood at 1.9% from Q3 2023, where the average price was Rs 5,200 per sqft.
Faizabad Road experienced a year-on-year growth of 10.4%, with the average property price reaching Rs 5,050 per sqft in Q4 2023 from Rs 4,550 per sqft in Q4 2022. Quarter-on-quarter growth was observed at 5% from Q3 2023, where the average price was Rs 4,800 per sqft.
On Kursi Road, the average property price in Q4 2023 was Rs 4,700 per sqft, demonstrating a year-on-year growth of 7.7% from Q4 2022, where the average price was Rs 4,350 per sqft. Quarter-on-quarter growth stood at 6.5% from Q3 2023, where the average price was Rs 4,400 per sqft.
In New Hyderabad, the average property price in Q4 2023 was Rs 6,050 per sqft, indicating a year-on-year growth of 6.8% from Q4 2022, where the average price was Rs 5,650 per sqft. Quarter-on-quarter growth was observed at 5% from Q3 2023, where the average price was Rs 5,750 per sqft.
Aliganj witnessed a slight year-on-year growth of 1.9%, with the average property price remaining stable at Rs 5,200 per sqft in both Q4 2023 and Q4 2022. Quarter-on-quarter growth was observed at 0% from Q3 2023, where the average price also remained at Rs 5,200 per sqft.
“We anticipate continued momentum in Lucknow’s real estate market, driven by factors such as infrastructure development, urbanization, and increasing demand for residential and commercial properties,” added Sisodiya.
| Avg price Q4 2023
(In Rs per Sqft) |
Avg price Q4 2022
(In Rs per Sqft) |
Avg price Q3 2023
(In Rs per Sqft) |
YOY growth
in % |
QoQ growth in % | |
| Gomti Nagar | 7200 | 6050 | 6750 | 17.3% | 6.4% |
| Sushant Golf City | 5700 | 4900 | 5600 | 15% | 1.7% |
| Amar Shaheed | 6650 | 5100 | 6500 | 26.3% | 2.2% |
| IIM Road | 5850 | 5000 | 5500 | 15.6% | 6.1% |
| Mahanagar | 14950 | 11850 | 14500 | 23% | 3% |
| Sultanpur Road | 5600 | 4550 | 5450 | 20% | 2.7% |
| Vibhuti Khand | 7800 | 7150 | 7750 | 8.6% | 0.6% |
| Vrindavan Colony | 5850 | 5700 | 5800 | 2.5% | 0.8% |
| Raibareli Road | 5300 | 4050 | 5200 | 26.7% | 1.9% |
| New Hyderabad | 6050 | 5650 | 5750 | 6.8% | 5% |
| Chinhat | 3750 | 3500 | 3600 | 6.8% | 4% |
| Faizabad Road | 5050 | 4550 | 4800 | 10.4% | 5% |
| Kursi Road | 4700 | 4350 | 4400 | 7.7% | 6.5% |
| Aliganj | 5200 | 5100 | 5200 | 1.9% | 0% |
| Overall | 6400 | 5500 | 6200 | 15% | 3.1% |
Real Estate Market Insights by Geetanjali Homestate (Data includes the pricing of Apartments/Flats in Lucknow)