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Speaking about commercial projects, Sandeep Goel, MD, MSX Developers Pvt Ltd, says: "In view of the growing demand for good quality commercial space by the banks, insurance and telecom companies, financial institutions and corporate houses, the commercial real estate scene in Lucknow is revving up. The commercial developments are now spreading out to new growth corridors like Gomti Nagar, Malviya Nagar,

However, R Mahendra, a leading real estate consultant specializing in corporate leasing blames lopsided policies of government agencies, which have been neglecting good commercial office developments at the cost of massive residential development. "For commercial office properties, the demand far exceeds supply, as good, legally sound properties are difficult to get," he says.

 Retail 

The retail scene in Lucknow that has been largely unorganized and confined to locations like Hazratganj, Janpath, Aminabad and Kaporthala has undergone a transformation with the emergence of mall-culture, leading to organized retailing. While Hazratganj continues to be a top high-street of Lucknow , places like Gomti Nagar and Saharaganj have emerged as the new hotspots for shopping malls.

 Avneesh Sood, director, Eros Group is upbeat about the prospects of shopping malls. "The success of existing malls has proved that there is a huge scope for retail development with major brands expected to take a plunge," he says.

 The two premier government agencies - Uttar Pradesh Housing Development Board (UPHDB) and Lucknow Development Authority (LDA) are contributing significantly to the growth of real estate and infrastructure in Lucknow . Lucknow has traditionally been an end-user driven healthy real estate market with realistic pricing and realistic appreciation.

Suryavir Singh believes that the future has a positive outlook and prices will hold ground: "Though, with slow down, the spiraling rise in property prices has been arrested, yet the prices will not go down as the market is not overheated. Today, with stationary demand and investors withdrawing slowly, I see a moderate 10-15% product-related price hike."

                                                                                                Courtesy ET Friday 14-03-08