Kanpur’s Real Estate: An Unfolding Renaissance: Growth and Opportunities Infinite
Kanpur is a tier-2 city enjoying a welcomed growth spurt. It is growing in all the possible directions. Sky scrapers, blooming businesses, new opportunities, planned development, stronger infrastructure and many more reasons why I see Kanpur as the “it” city to consider.
Kanpur: A Powerhouse of Mind-blowing Price Hike and Growth
According to the government, revised and approved circle rates till September 2024, residential property rates have increased 10%-15% and commercial property rates have hiked by a whooping 15%-20%. These values are surpassing Delhi and Lucknow growth rates in the past year. With lower investment, Kanpur is witnessing a higher growth rate.
Booming Infrastructure Leading to a Huge Real Estate Growth
There are many major infrastructure projects that are redefining Kanpur’s Skyline and connectivity.
Lucknow-Kanpur Expressway (NE6)
A huge project such as Lucknow-Kanpur Expressway is under construction. Which means a 63 kms long and a 6 lane wide highway will soon be connecting 2 major cities of Uttar Pradesh. Built along Ganga corridor, this project is believed to attract development and support development along its corridor.
Outer Ring Road
A Ring Road encircling the city, is under making. This will give controlled access into the city by road. As a result there will be a massive scope of development around the highway and its peripheral area.
Kanpur Metro
Kanpur metro work has been in full swing for many years now. The city is better connected and has shrunk all thanks to better connectivity. With 14 stations already in use, Kanpur metro is expected to see a surge in the number of stops in the coming months.
Ganga Expressway and Agri-industrial Corridor
Ganga Industrial corridor is an ongoing project. Kanpur is on this corridor. This is attracting many pharma companies, Textile companies and IT parks along its expressway stretch.
Aero City and Knowledge City
Aero city is a huge project with a great budget by KDA. This is to be developed by KDA near the Chakeri Airport. Near IIT Kanpur, KDA has approved another mega project. This is to develop a knowledge city. Resulting in Kanpur becoming an educational hub. These two projects are expected to create thousands of job opportunities.
Emerging Hotspots on Map
Naubasta- Hamirpur Highway corridor and OuterRing Road Belt
Areas around these belts are seeing a rapid growth in plotted and apartment developments.
Central city and Prime areas within the city
Many areas in the city such as Tilak Nagar, Swaroop Nagar, Shyam Nagar etc are attracting mid-ranged and high-end builders. These builders are building iconic residential projects.
Premium Integrated Townships
There are many new and upcoming townships on the outskirts of the city and near Lucknow-Kanpur highway offering top notch amenities. This is attracting buyers looking for lifestyle- focused investment.
Market Catalysts and Policy Boosters
Kanpur is on a rooster and has got the Smart-City status. This has lead to better governance, efficient water waste management system and improved energy solutions. All this is resulting in a better quality of life in the city.
Attractive Home Loan Financing: Home loan schemes are asking for a little as 10% down payment. 90% financing for new plots, has made land purchase a whole lot easier.
Government Boost: The new and investor friendly schemes are making Kanpur approachable for many new businesses. It is also helping the existing businesses to work more efficiently. Sectors such as defense, leather and pharma etc. are creating job opportunities.
Kanpur vs. Tier 1 cities
Kanpur is more affordable as compared to tier-1 cities. Along with affordability, there is growing infrastructure. Kanpur’s market is projected to grow 8%-12 percent year after year. And is expected to maintain this status for many years to come. This is hence a less risk investment city.
Final Verdict
Kanpur is delving into a profound real estate transformation. Boosted by massive infrastructural growth, smart city tag and government incentives. Kanpur is the hub for novice and seasoned investors. Kanpur offers value-led growth with appreciation year after year, has many new hotspots because of industrial corridors and highways, and even has an investor friendly cohabitation for residents and investors alike.
For people looking to invest in a mid-sized city, a piece of heaven in Jyoti Greens, Naubasta in Kanpur stands out. It is expected to see its height and to bloom into an outstanding place to live or invest.
