Lucknow’s infrastructure is rapidly changing. Major real estate players with deep pockets have come to the city and development is taking place at all places. Hi Time Express talked to Sheikh Mohammad Arif, Chairman and Managing Director of Arif Industries Limited, who is constructing the single largest group housing project of Northern India, as reported by CNBC, with 630 apartments, commercial centre, community centre and allied infrastructure. Excerpts from an interview:
Hi Time: Where do you place the real estate infrastructure of Lucknow?
Sheikh Mohammad Arif (SMA): Lucknow is growing with no stoppage. Demand too is rising due to large scale resettlement of people. Recent attempts to give it a metropolitan status and its selection as Jawaharlal Nehru Urban Renewal Progam will further give boost to its development. In entire North India, maximum development is taking place here after the cities surrounding Delhi, viz. Gurgaon, Faridabad, Noida and Greater Noida. Cost of living is cheaper and cost of real estate is very modest, even half of neighbouring Kanpur
Hi Time: What do you have to say of entrance of Delhi-based players with deep pockets?
SMA: Most of them who have come are merely five-year old. True that they have a strategy of mass construction in lot many destinations but are actually promoters and not builders. In our case, whatever we do we are sure what we are doing.
Hi Time: How are conditions different from Delhi?
SMA: In Lucknow, there are several things that count which are not that important in Delhi. For instance, surface transport is of paramount importance here. That is why development on outskirts takes 20 years for appreciation to show its effect. If Eldeco Udyaan could become successful in 15 years, that was because of SGPGI. Even those who had taken plots with UNITECH found difficulty in selling them.
Hi Time: What about malls and multiplexes that are coming up in good number?
SMA: All these are failures of tomorrow because they have not thought of a long-term plan. Government should drastically change the parking norms, which are very weak at present. Out of 100 footfalls, 5 are not customers. An entry fee should be put in order to make malls successful and one who purchases inside should be able to encash this amount. This is how unwanted crowd could be controlled.
As soon as some mall comes in Lucknow which has good parking facilities, all the existing malls including the Sahara mall, Zee mall and Rave, will become deserted.
Hi Time: What about areas that need to be taken care of?
SMA: Slow-moving traffic, encroachments and rapid commercialization without adequate planning are a major roadblock to fast development. All these should be removed. One thing that Lucknow lacks is industrialization. If government succeeds in making LIDA, it would be equated with any city of the country.
Hi Time: Where do you place the real estate infrastructure of Lucknow?
Sheikh Mohammad Arif (SMA): Lucknow is growing with no stoppage. Demand too is rising due to large scale resettlement of people. Recent attempts to give it a metropolitan status and its selection as Jawaharlal Nehru Urban Renewal Progam will further give boost to its development. In entire North India, maximum development is taking place here after the cities surrounding Delhi, viz. Gurgaon, Faridabad, Noida and Greater Noida. Cost of living is cheaper and cost of real estate is very modest, even half of neighbouring Kanpur
Hi Time: What do you have to say of entrance of Delhi-based players with deep pockets?
SMA: Most of them who have come are merely five-year old. True that they have a strategy of mass construction in lot many destinations but are actually promoters and not builders. In our case, whatever we do we are sure what we are doing.
Hi Time: How are conditions different from Delhi?
SMA: In Lucknow, there are several things that count which are not that important in Delhi. For instance, surface transport is of paramount importance here. That is why development on outskirts takes 20 years for appreciation to show its effect. If Eldeco Udyaan could become successful in 15 years, that was because of SGPGI. Even those who had taken plots with UNITECH found difficulty in selling them.
Hi Time: What about malls and multiplexes that are coming up in good number?
SMA: All these are failures of tomorrow because they have not thought of a long-term plan. Government should drastically change the parking norms, which are very weak at present. Out of 100 footfalls, 5 are not customers. An entry fee should be put in order to make malls successful and one who purchases inside should be able to encash this amount. This is how unwanted crowd could be controlled.
As soon as some mall comes in Lucknow which has good parking facilities, all the existing malls including the Sahara mall, Zee mall and Rave, will become deserted.
Hi Time: What about areas that need to be taken care of?
SMA: Slow-moving traffic, encroachments and rapid commercialization without adequate planning are a major roadblock to fast development. All these should be removed. One thing that Lucknow lacks is industrialization. If government succeeds in making LIDA, it would be equated with any city of the country.
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