Shalimar acquires 3-acre Lucknow land parcel for ₹450 crore, highest in tier 2 city
Shalimar Corp has acquired a three-acre land parcel in Lucknow for ₹450 crore. This acquisition marks a significant deal within tier two cities. Developers are actively acquiring land in prime locations due to rising demand. Consumers now seek p...
New Delhi: Lucknow based real estate developers Shalimar Corp has acquired an around 3-acre land parcel for ₹450 crore in the costliest deal of the city and among the costliest in tier 2 cities.
Developers in tier 2 cities, especially in the capital city, are bullish on acquisition at prime locations with demand for premium housing growing.
In total, 111 land deals spanning around 3,000 acres were inked in FY26, of which 520 acres were acquired in tier 2 cities.
"The time has come for India's Tier-2 cities to experience another wave of growth in real estate, aided by improved infrastructure, more industries and businesses, as well as homeowners' ambitions.
Consumers in this market segment are no longer interested only in affordable housing; they now want to live in planned neighbourhoods where they will find quality building, modern amenities, sustainability, and future appreciation," said Khalid Masood, MD of Shalimar Corp.
The firm has acquired the land through government auction and said that it was one of the last land parcels at a prime location in Lucknow.
ED attaches Mumbai flats, Lucknow land parcels in money laundering case against ex-UP minister Gayatri Prajapati
