On Tuesday, anxiety swept through real estate experts in the Noida region. The construction of gigantic projects, including a Formula 1 motor racing track, was made possible due to significant political support during the rule of the Bahujan Samaj Party (BSP). Conversely, local farmers, who found themselves embroiled in the contentious land acquisition dispute in that very area, are celebrating in light of the recent UP election results.
Under the leadership of Mayawati as UP chief minister, Noida and Greater Noida gained considerable prominence. Now, commentators speculate that Lucknow might experience a similar boost as a result of the recently announced results from the five state elections.
As the political landscape shifts, Lucknow appears poised to ascend as the new hub of real estate in Uttar Pradesh, taking over the spotlight from Noida amid the Samajwadi Party’s governance in the state.
Sanjay Sharma from Qubrex referenced the close ties between industrialist Subrata Roy and the Samajwadi Party. He noted, "They (Sahara) would gain. Sahara has Sahara City Homes in Lucknow and various places in Uttar Pradesh." He further mentioned that they have successfully acquired a substantial amount of land across UP.
Consequently, this redirected focus is expected to provide an advantage even for smaller developers in Lucknow, as the real estate landscape adapts to the changing political climate.