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Real Estate in Kanpur
Kanpur is considered to be one of most populous and one of the industrialized city in the state of Uttar Pradesh in India. Located on the banks of the river Ganges, it is well connected with other cities both within the state and outside the state. The city comes in the National Highway No 2 that runs between Amritsar and Kolkata. Another National Highway that runs through the city is NH No 25 reaching Mumbai through Jhansi. The city is famous for its leather products. The contribution of small and medium scale industries is substantial. All these factors contribute to the growth of Real Estate here.

Real Estate Trends:

As already seen the boom in the real estate market is witnessed because of growth in the retail sector. But like in any other state the traditional movement of appreciation and depreciation in the real estate properties is seen here also. Kanpur is the Tier II and Tier III category of cities that offer more potential for real estate growth in the days to come. Incidentally, the total area earmarked for development under Tier I, II and III among all the cities is 58 million Sqft. Out that about 45% of the area will be contributed by the tier II and Tier III cities. This explains the potential the city offers for real estate growth in the future. The recent development in the real estate market is the decision of Indian Railways to use their 800 hectares land that has been lying unused in various cities. The Railways have decided to develop these lands commercially under Public-Private- Partnership (PPP) scheme. In the list of such cities Kanpur is in the tenth place and this throws a wide possibility of the project materializing in Kanpur in a very short time.

Real Estate Scenario

In Kanpur the real estate prices have appreciated by 15-20% in the commercial areas like the Mall, Chunniganj and GT road. In the case of Residential areas like Shastri Nagar and Aarya Nagar, the appreciation is quit high. An apartment of 1000- 1200 Sqft in this areas cost anywhere between 16.50 to 23 lakhs. In areas like Cantonment, Swarup Nagar independent houses cost Rs 800- 200 per Sqft.

The future outlook of Real estate business in the city holds decent appreciation.
 

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