 "DLF launches residential project in Lucknow")
The project ‘My Pad—City Centre’ spread over 5 acres encompasses developing 500 studio apartments and 100 shops in the next 3-4 years.
This is DLF’s second housing project in Lucknow after it had launched it maiden residential project ‘Gardencity’ last year spread over 248 acres on Rae Bareli road. Shapoorji Pallanji & Co was the construction partner for the project estimated at Rs 450 crore.
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Meanwhile, DLF would launch similar studio apartment projects in over half a dozen cities in India over the next 3-6 months.
“It is imperative to under the dynamics of a city before launching any new project. However, we would be looking at larger cities in UP, such as Kanpur, Ghaziabad, Meerut etc to launch our future projects depending upon consumer demand and the depth of the market,” company vice chairman and managing director Mohit Gujral told Business Standard.
He said there had been no slowdown in the real estate market of Lucknow as people here valued good products and timely completion of projects.
“Besides, not too many big real estate players had come to Lucknow. As such, the aspiration of consumers for a quality product is at a higher level here contributing to good demand,” he informed.
DLF senior vice president Rajeev Singh claimed the local real estate prices jumped by almost 40% after DLF launched its project last year.
Gujral said the realty sector was facing shortage of labour and DLF had been working with its contractors to address the important issue. Due to various government schemes like MNREGS, alternative channels of employment are available for the labour.