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Lucknow housing market – Opportunity for investors and end-users

Lucknow is capital city of Uttar Pradesh, the most populous state of India. Lucknow is always known as the cultural hub of north India and is also fast emerging as the biggest commercial hub of North India outside of Delhi NCR region. The infrastructural facilities in the city rival the best in the country in all aspects. It is the safest town in Uttar Pradesh with state-of-the-art policing protecting its residents. The medical facilities available in the City both in public as well as in private sector promise to protect people of the city from any eventuality. Lucknow city weaves a magic encapsulating traditional ambience with Rapid and ambitious futuristic growth. This unique blend of culture with social infrastructure defines the charm of the city and entices large swathes of population to make it their home every year.

Lucknow housing market – Opportunity for investors and end-users

While Lucknow has always been known for its culture, it has witnessed some of the best developments in last one decade. The ubiquitous metro rail covering the serpentine lanes below has a place of pride and convenience. The expanded airport connecting its citizenry to destinations across the world has opened the gateway to commercial centers of the world, while the newly constructed expressway connects this airpot to the pockets of commercial excellence within the city. The modern highway to Agra, connecting further to Delhi gives wings to the ambitions of ever-so-eager entrepreneurs from the city. The health infrastructure here stands shoulder to shoulder with any city in the world, what with Sanjay gandhi post graduate institute leading the medical facilities in this part of the world. The private investment has reposed its faith in these initiatives and contributed to creation of job opportunities in different sphere. The swanky complexes of IT companies stand a testimony to these efforts. While Lucknow has never been a manufacturing hub with that title belonging to its twin city Kanpur, the new age industries are finding an elevation to their pitch here.
Lucknow of yore was dotted with flea markets, but the new buzzing Lucknow challenges the hegemony of traditional retail centers with the giant shopping complexes that balance the nawabi charm and the poetic humdrum with the hustle and bustle of modern busy life, ever so delicately. The Atal bihari Vajpayee international cricket stadium has added to the charm and utility, occasionally acting as a magnet to the city. Quality education is another pillar that has supported the residents of this boom-town in achieving their dreams. From foundation schools to a world class university bringing out the best in its students, the city embraces students from all nationalities and faith and gives them the values that highlight their achievements years later.

The thriving economy and an ambitious middle class population has resulted in this city growing. No wonder then, that it has reported to have one of the highest growth in disposable income in the country in a decade. Exposure to modern life style and a high disposable income has upped the propensity to invest for a better way of life. Residents of adjoining towns and cities and also from rest of Uttar Pradesh always invested in Lucknow city. The state being an agrarian rich region, has seen the incomes going up in small towns and cities, resulting in citizens looking for better life-style and therefore heading to Lucknow. A home in Lucknow is a matter of pride for anybody living in any part of of eastern Uttar Pradesh. It has become more so in recent times as both the business as per the job opportunities give fast in this city. Earlier Kanpur used to be the business hub with Lucknow the Cultural Centre, but now Lucknow holds both these titles.

Lucknow has also seen significant political stability for almost A decade now. It has helped the infrastructure projects to complete in time and the town to grow in a planned manner. Private developers of national and international repute have also launched various residential and commercial projects in the city with world class amenities and architecture. This has also enticed old residents of the city living in crowded and less developed localities to buy a home and live in modern housing societies. Therefore, while most of the urban centers in India have struggled to maintain the speed of sales of houses and the prices, Lucknow real estate market has seen a consistent growth, both in terms of price appreciation and number of units sold. Localities like Gomti Nagar and Kanpur Road have seen significant traction from buyers. A lot of these projects which were launched a few years back have been completed and residents have shifted in. This has further boosted the confidence of end-users to invest in new properties. This, in turn, has offered incremental returns on investments for investors and therefore they keep flocking to various projects.

Other factors which have influenced this trend are – availability of land within a reasonable distance from City Centre, relatively low cost of construction and availability of comparatively cheap labour. This has enabled the developers to offer excellent propositions to buyers within their budget. Buying a property in Delhi NCR have continued to be unaffordable for a middle class buyer and the same customer finds excellent choices at affordable price points of between 40 and 70 lacs here. Lucknow city has seen multiple large investments in the real estate housing sector and it is expected to continue to see the same going forward as people across the cities restart their life after the pause due to covid-19.

Lucknow housing market is expected to see hectic activity, as people are looking to stay near the places where educational and medical facilities offered meet the word standard. The availability of ever increasing employment opportunities makes Lucknow even more attractive. The administrative reforms initiated by the present government in last two years have started yielding results making the Civic infrastructure in Lucknow reach newly developing localities. Lucknow reality market is slowly turning into the proverbial gold pot for the investors and the best place to live in for the end user.

Urbanisation – Opportunity for smart growth

Countries like India are witnessing a very fast migration of population from rural areas to urban areas. It is also showing in the reducing weightage of agriculture in the GDP. This has been a phenomena observed worldwide – today’s developed world had seen it in the middle of last century coinciding with the industrial revolution. There are lessons to be learnt from those examples and plan for it in advance. Communities across country will be compelled to adopt technologies and processes keeping this reality in perspective.

With more and more of population living in cities, urbanization is bringing in significant changes to social and economic structure of these. It’s also exerting significant pressure on infrastructure and resources and potentially opening the door to urban catastrophe if prior planning is not done. At the same moment, it gives local governments an opportunity to plan and correct the infrastructural and social disparities of past.
If cities don’t work for entrepreneurs, employers, and citizens in the same breath, then the related flows of trade, technology, infrastructure and employment will be squeezed. Creating a master plan of fast growing cities, taking into account also the rural areas that it is likely to swallow, is just the first step. If administrations can harness data-driven intelligence to identify appropriate opportunities and priorities and create a smart plan it will ensure an equitable and futuristic development. Another opportunity which this phenomena offers is to get the data of all the various departments to talk to each other through smart algorithms and use it to create a seamless urban perspective. It will help in deploying predictive services ensuring right services to the right population group, at the right time.

Latching on to this idea, a number of cities, ably pushed by central government, have started working to create smart cities, though with varying understanding. Some look at it as use of technology to optimize the urban infrastructure and traffic flow. Others look at it as a push towards initiating smart governance, where policy making is more driven by data and logic and oriented towards its citizens. Some technologically advanced administrators are planning to use Internet of Things (IoT) platforms to monitor city infrastructures, which means managing everything from traffic flows and parking to water and air quality through centrally controlled and data driven approach. Data generated thus, can be used to further enhance environmental sustainability and creation of renewable energy resources.

Most urban centers in India are struggling with a creaking infrastructure and legacy planning issues. Therefore, this opportunity to reorient and plan for fast urbanisation opens new roads to set it right. A data based smart planning will help orient cities around a couple of central themes and can deliver a citizen-centric development. The planning for employment opportunities, future patterns of flow of people and more equitable social development will set these cities on a growth path. If we miss this opportunity now, our cities will end up being chaotic masses which will be a social and economic disaster. The choice between a smart growth and an urban mess is to be made now.

What should developers do in a challenging market

The real estate market heading into the current crisis has sometimes been described as the real test of character of developers. The deepening economic impact of the coronavirus pandemic is felt worldwide. It is not only the immediate economic challenges which are worrying developers, but also the imminent social and behaviour changes in buyers. It will push us to learn to cope with and embrace a new professional paradigm.

Despite the chaos that’s taking hold in the broader market, real estate developers can apply brave but smart strategies to keep their projects going and assets producing. There have been instances of existing businesses cutting down on their manpower or reducing salaries across the board, which will leave lesser money in the hands of consumers, resulting in problems with existing customers who may be on an instalment plan. Also the prospective buyers will be squeezed for funds and there is real danger of reducing per unit price. Some of the investors who had been holding on to their investments in the hope of better returns, may come out to sell in desperation, forcing the prices further down.

What then, a real estate developer can do to survive and come out stronger on the other side of this crisis. There are opportunities which will need to be tapped with a suitable plan. In the space of customer inquiries, it will be prudent to increase spends on creating brand in digital world. With people spending more time indoors and working long hours on their computers, it is quite intelligent to create a connect with customers online. Also, customers try to interact with brands in various ways as online search and research is very intuitive. The developers who could create a simulacrum of the customer buying cycle and fill all the gaps that might exist in digital brand positioning, will walk away with bulk of online enquiries. It would be worth presenting to customers the options understanding the current state of customers.

Another opportunity that presents itself to the developers is in terms of canvassing for upgradation. There is a sizeable chunk of people, who have paid off the housing loans they had taken for their first homes. It is time to give them compelling reason to upgrade or buy another property. Historically low interest rates and availability of good options at considerably stable prices will drive in bargain hunting investors with surplus funds. Can a developer reorient its product proposition to suit their requirements.

The onset of long term social and behavioural changes should also be considered in redrawing the product design as much as possible. In days ahead, functionality of design will win over luxury. It will be smart to reorient designs keeping the new social habits people will form. A great outdoors within the precincts of project may become more attractive than a high end club house. Large open though covered spaces for small group conversations would be inviting for more people than a large banquet hall. Provision of health care facilities and good house keeping services will trump a restaurant or a coffee shop. A developer sensitising and orienting the design and construction team to these realities will be a winner compared to the ones who don’t do this.

Every challenge hides an opportunity in its lap. It needs effort to recognise the same and work to capitalise to come out on top once the challenging situation is over. Time will tell us how manages the crisis period proactively and wins and who gets crushed under the weight of inaction.

Vertical expansion – Answer to urban land scarcity

India is witnessing an unprecedented growth in urbanization. Better health care facilities and educational and job opportunities are driving people from rural areas to urban centers and resulting in huge population growth. This brings the challenges of land planning and environmental control to town planners. Expanding cities horizontally to make room for all these people will end up destroying more natural resources and therefore vertical growth of cities is being considered as a viable option. Building upward instead of outward enables us to host large number of people in a small area, conserving land and natural resources. The remaining and available land, therefore, could be used to create civic infrastructure for the population living in the locality.

Vertical expansion – Answer to urban land scarcity

The advent of high-rise buildings have also coincided with provision of world class amenities in housing projects. A vertical growth also offers people living on higher floors a panoramic view of the city around and makes life beautiful. A high floor living also avoids noise pollution and other challenges which affect quality of life in low rise developments. Various amenities including car parking etc can be managed in the basement and lower floors to ensure a smooth passageway to walkers. With fast lifts fitted in these buildings there is no challenge in moving between floors. In fact, all the premium buildings in mega cities like Mumbai and Delhi NCR are vertical developments.

Vertical buildings could also offer other environmental benefits. Having numerous services and amenities in the same tower would reduce the need for moving around. This can also save fuel and energy.

These buildings also create social connectivity by making it easier for individuals to socialize in common areas and visit friends. More like minded people in one place also offers opportunities to create micro-communities based on interest in these housing societies, reducing the need to go out and socialize. As more families live in a small foot-print, it is easy to develop social and civic infrastructure in that area as the users are already there.

Earlier people were concerned about multiple inconveniences related to high-rise living. However, with advent of better technology in almost every aspect, these are no more the real challenges. The modern building design and construction technologies ensure that we can keep building higher without worrying about structural safety. In fact, these building designs are more resilient than the traditional low floor construction. Most Indian cities have now 24*7 power supply, resulting in no downtime for various equipments including elevators in these buildings. The building safety norms are in place and following these is mandatory, making these buildings safer. Also, a behavioural factor weighs in, as high rise developments are done only by large developers with help from reputed construction companies, they offer better construction quality than the houses built by part time developers.

Vertical expansion of cities, without a doubt is viable solution to urban land scarcity. For the people who live there, also taste the luxuries of life which are not easily available in low height developments. It is not uncommon to see a prestige associated with this living.

Home buyers’ expectations in post Covid era

Corona virus pandemic has affected every aspect of our life. We are forced to spend more time indoors than outdoors. A lot of people have to manage their offices from home while children attend their online classes from the next room. This has created unique situations and new requirements. Homes becoming the center of all activities have resulted in being seen as alternative locations for doing many more things which were not considered earlier. Homeowners are now looking at shifting to a new and bigger home or buying another small home in the same project/ floor depending on how have they been affected during this time.

The pandemic forced people to make changes to their lifestyle and to their home designs as much as possible. However, everyone has realised that buying a home with an extra room is a better decision than to cut a size. This has also been aided by historically low interest rates and low housing prices. Homeowners looking out to buy houses are looking more for 3 BHK or spacious 2BHK houses than the smaller 2BHK ones which were the best selling earlier. It can be expected that buyers will look for buying homes with spacious designs and larger room sizes. Independent floors, villas and penthouses are expected to be back in vogue. A number of home-owners may also look for buying a second home within the same project, which can be used as a makeshift office under similar situations.

Buyers are also expected to look to buy homes which make living in them more relaxing. Larger balconies and outwardly facing home designs rather than apartments looking into each other will be more in demand even, if these will be a bit costlier. As everyone settles down and adjust to these new realities where even leisure activities will be inside one’s home, buyers will be willing to pay extra for well designed units with good circulation plans.
The preference for amenities is also expected to change fast. If a buyer has to choose between a Jacuzzi and an air-conditioned gym vs. open air sports and gym facilities, buyers are expected to prefer latter over former. Buyers are also likely to select a project basis the kind of amenities available. A simple and functional format where there are shops meeting daily requirements will be preferred over provision of a café or restaurants. A large green with multiple sitting and exercise options will top the list of a prospective home buyer.

Location of the project will also be scrutinised more than ever. A project location that avoids areas which are congested will be preferred even if it is a bit away from city center. The areas with good health care facilities and sanitation infrastructure will command a premium. As customers will be more concerned about their well being, they will prefer housing societies with good housekeeping facilities, even if it means paying a higher maintenance charge.

As all of us get more aware of our health, home buyers will be keen to ensure they understand each related aspect with respect to shortlisted projects before they buy a home. It may mean some extra cost, which will not be a constraint. Functionality of amenities rather than style will be in demand.

Luxury affordable homes – Mid income home buyers’ choice

Last few years have been tough for Indian real estate market. RERA and GST took a huge toll on the real estate market of India from 2018 onwards and it took a couple of years for developers and buyers to understand the implications and reorganise themselves. The tension in this market was palpable after the liquidation of the Non-banking Financial Companies. The NBFCs had been the main stay of growth in Indian real estate sector for last many years, as they helped bridge the cash flow gaps between the customers and real estate developers. This resulted in customers looking out for houses that can offer modern lifestyle but are available at an affordable price. This gave birth to a new phenomena in Indian housing sector – Luxury affordable homes.

Luxury affordable homes have been a paradigm shift in Indian housing market. While earlier, one had to choose between a house with all modern amenities at a steep price, or a home deprived of any amenity and located in a poor location available at a discounted price. Hitting a middle ground between cheap housing and international amenities, luxury affordable homes are meeting the expectations of new age consumers without charging a premium. It also brings a great hope for mid-income buyers. These are the buyers who could not afford a luxury home with all amenities and wanted a balance between price and facilities offered in a decent location. These customers are well travelled and expected the world standards to be followed in construction as well as surroundings and finishing of their homes. This new segment has met the expectations of these mid income families and customers have supported such projects with enthusiasm. The design and planning elements like infrastructure, amenities, nearby convenience and availability of transport have become important considerations for a contented life and affordable luxury homes have met the requirement of customers well.

Let’s understand some of the attributes of these houses. These housing projects are generally a part of large housing complexes and economies of scale allows builders to offer houses with modern specifications at a price that is steep. Development teams also spend considerable time in choosing a location for such projects which are in a well connected area but has not seen land prices appreciating absurdly over last few years. Typically such projects will have excellent surroundings and good infrastructure development inside. They have landscaped gardens and other essential amenities like swimming pool and  gym. However, these are not ostentatious and are more functional, catering to higher number of residents, with ease and with lower cost of maintenance. Another hallmark of such projects is the detailed planning and use of latest construction technologies to bring down the time and cost required to build these projects ground up.

Innovation in architectural design, space management, sustainable solutions and much more are now essentials for any new development compared to how it was earlier. Consumers are attracted with the offers of affordable yet modern looking housing options. Newer methods of construction and architectural designs are making maximum possible use of sustainable development, to which a big value is attached by today’s discerning customers. The provision of solar power, rain water harvesting etc. make these projects much sought after. The mid income customer finds this as a great proposition as he can get what he wanted at a price which he can afford.

Good time for NRIs to capitalise Indian RE market

Indian diaspora is one of the largest in the world and has contributed immensely to the Indian economy over the years. People migrate from India for better opportunities in education, employment and business. Indians are the richest group of foreign origin residents in most of the developed world. A well-trained IT manpower and their requirement in these countries have accelerated this process of migration in the past few years. These non-residents have always invested back in their country of origin and several factors have contributed to NRIs investment come strength to strength in the Indian housing market over the years. Till a sometime back, they had small investments in Indian real estate, but now the expatriate community accounts for a big chunk of Indian housing demand. Some analysts expect this investment from NRIs in Indian housing market to grow in 2020-21 by more than 5% to account for more than US$13billion. That is a sizeable amount, which has grown to double already in last 6 years.

Indians abroad have been crucial growth drivers for the Indian real estate consistently. A lot of them were also fooled by some unscrupulous developers and a loss of trust was evident. However, with passing of RERA act and all the states tightening the noose on errant builders and brokers, the confidence seems to be growing back. Traditionally, major sources of NRI investments include the USA, Canada, Middle-east, UK, Singapore, Hongkong etc. Not surprisingly, Middle-east is the biggest source of NRI investments, accounting for more than 40% of the total NRI investment inflow in Indian real estate sector. Probably this also originates from the fact that these countries don’t a give a permanent residence to people of foreign origin and therefore those working there certainly plan for their return to homeland and live here. Another interesting observation on analysing the investment pattern emerges that a good percentage of NRIs are maintain a portfolio of properties and are entering the market primarily for investment purpose.

The interest in Indian housing sector by NRIs is also helped by the emerging importance of India in global attention. Internal stability, infrastructure improvements, improved foreign relations and low inflation rates are also contributing factors to this investment pattern. Traditionally, Indians abroad invested in various financial products like fixed deposits, equity, mutual funds etc., but with declining interest rates and a fluctuating stock market, real estate sector offered an opportunity to multiply their investments much faster. In addition to this, the emotional security and prestige that one derives by owning property in the motherland, is incomparable. Revision in certain legalities and government support for schemes like “housing for all” has further fueled the interest in this sector  and it is on an ascent currently.

The opportunity to invest in the sector is also being supported by a strong dollar. Due to current situation world-wide, the dollar is appreciating, resulting in better value per dollar for NRIs. Also, with the sector in a perilous state in India, developers are sitting with inventories, which they are ready to offer with substantial discounts. Prices in India are not touching the peaks they witnessed a couple of years back. However, after being stable for sometime, the housing prices in new projects in India are finding an upward trajectory. Which means that this window of opportunity is limited and the NRIs who will enter the market now, are expected to reap rich dividends in future.

Good time for NRIs to capitalise Indian RE market

Let us also look at some of the government regulations in the area. It is critical for a non-resident investor to understand and comply to these norms set by government to ensure safety of their investments.

Categories of permitted real estate purchase for NRIs: An NRI/ OCI is allowed to invest in any immovable property in India as per the prevailing laws. This however, does not include the agricultural land, plantation related property or a farmhouse. New housing projects, however, launched by reputed builders are all in the investible category and a number of developers have special support cells for NRIs. It will therefore be important to choose wisely the correct category and take help from an attorney or developer team while completing the deal.

How to invest: Investment in real estate can be made in different ways. One can purchase the real estate in the allowed category directly. It can also be obtained as a gift from a person who is resident of India or a gift from a NRI relative. As per foreign exchange regulation act, a relative is defined as a spouse, brother or sister or any lineage ascendant or descendant of the person receiving the gift.

Real estate may also be received by way of inheritance from a person living in India or from a person living outside India, who would have acquired the said property in accordance with the foreign exchange law in force at the time of acquisition.

Payment for purchase: Investment in real estate has to be be made through regular banking channel transactions. The purchase could also be by way of debit to the Non-resident account held by the NRI purchaser in India. Payments can not be made by using foreign currency and/or traveller’s cheque.

It is important that the person buying the property ensures a personal inspection of the property before buying instead of depending on feedback from others. It is also critical to buy only from one of the reputed developers to ensure complete transparency. It is important to make all the payments through official channels to ensure complete safety of investment. It will be worthwhile to check the past record of the developer and visit some of the completed projects before signing the cheque and closing the deal. While references in India may be a way to get information, verifying each detail yourself or through an attorney avoids troubles in future. There is no doubt that this is the best time to buy property in India for investment purpose by a NRIs, and if done with some caution this could prove to be a big right decision.

What Changes we can see in Property Sales Amidst Coronavirus?

Real estate is a big economic activity in India. In fact, real estate activity is a good measure of economic growth of any geography and therefore India being an economic growth engine, has a fast growing Real Estate sector. There have been a few years when Real Estate contributed to as high as 14-15% of India’s GDP. Though in last few years the industry has faced clear head-winds and is currently contributing only about 6-7% of GDP. Even at this level it is big and has an important place in life of many a people.

The Real Estate Industry has evolved in India over a period of a few years and with regulations like RERA in place, there is a method to how this business can be done. The sales efforts have been more transparent in recent years, which has made the selling more customer friendly. Also, entry of a few corporate and stock exchange listed players in the field has meant that a system driven approach to sales and marketing is being given preference to highly arbitrary practices earlier.  Also, the slowdown over last few years meant that there were fewer new launches and developers started selling products which were constructed and therefore customer could check these before buying. Also, the advent of newer technologies have meant that even when the customer is away from the construction site, he could understand how it would look like.

These changes had been coming at a slow pace, especially in smaller towns. However, with Covid-19, one could expect this to change very rapidly. On one hand, there will be concerns about repeated visits by a prospective customer to a construction site and hence, customer would like to short-list properties sitting at home. This would force companies to switch to latest available technologies of visualization. While earlier having a few videos of sample flat were considered to be par for course, it will change to developers developing interactive 3D models for buildings and units within this. The scale models, which were a very effective sales tool earlier, may lose the significance as customer is expected to visit a sales office only in the final stage. Also, the ability of a developer to be able to make a customer feel committed to buying, will depend less on sales talk and more on ability to convince him with specific details. This will happen because a customer surfing the internet about various projects will do a more thorough research as he will have the ability to keep flipping till he shortlists certain properties.

In summary, therefore, it is only fair to expect higher level of transparency in the sales calls and property related literature. The company website will be a very important tool to get customers connect and this will hopefully propel marketing teams to spend good time to inspect every single detail that is being put on website. The times of web-calls and effective objection handling on telesales are here as the time for site visits may be limited.

What Changes we can see in Property Sales Amidst Coronavirus?

Real estate is a big economic activity in India. In fact, real estate activity is a good measure of economic growth of any geography and therefore India being an economic growth engine, has a fast growing Real Estate sector. There have been a few years when Real Estate contributed to as high as 14-15% of India’s GDP. Though in last few years the industry has faced clear head-winds and is currently contributing only about 6-7% of GDP. Even at this level it is big and has an important place in life of many a people.

The Real Estate Industry has evolved in India over a period of a few years and with regulations like RERA in place, there is a method to how this business can be done. The sales efforts have been more transparent in recent years, which has made the selling more customer friendly. Also, entry of a few corporate and stock exchange listed players in the field has meant that a system driven approach to sales and marketing is being given preference to highly arbitrary practices earlier.  Also, the slowdown over last few years meant that there were fewer new launches and developers started selling products which were constructed and therefore customer could check these before buying. Also, the advent of newer technologies have meant that even when the customer is away from the construction site, he could understand how it would look like.

property in lucknow,property in gomti nagar extension lucknow

These changes had been coming at a slow pace, especially in smaller towns. However, with Covid-19, one could expect this to change very rapidly. On one hand, there will be concerns about repeated visits by a prospective customer to a construction site and hence, customer would like to short-list properties sitting at home. This would force companies to switch to latest available technologies of visualization. While earlier having a few videos of sample flat were considered to be par for course, it will change to developers developing interactive 3D models for buildings and units within this. The scale models, which were a very effective sales tool earlier, may lose the significance as customer is expected to visit a sales office only in the final stage. Also, the ability of a developer to be able to make a customer feel committed to buying, will depend less on sales talk and more on ability to convince him with specific details. This will happen because a customer surfing the internet about various projects will do a more thorough research as he will have the ability to keep flipping till he shortlists certain properties.

In summary, therefore, it is only fair to expect higher level of transparency in the sales calls and property related literature. The company website will be a very important tool to get customers connect and this will hopefully propel marketing teams to spend good time to inspect every single detail that is being put on website. The times of web-calls and effective objection handling on telesales are here as the time for site visits may be limited.

Future of Real Estate Industry in Lucknow

Lucknow has been one of the fastest growing towns in India. The real estate market which has struggled across India has been able to keep the momentum going in this city, especially in certain localities, due to various factors. A positive government, which is great at execution, a city that is known for being peaceful and the presence of excellent infrastructure created by successive governments, make this an ideal place to live and earn a living. There is no doubt that lower GDP growth affected the price appreciation here too. However, if there is one town which will start looking up quickly and it is Lucknow.

The reasons for this optimism are not hard to come by. For migratory laborers, who fled from large industrial towns in west and south during the early days of Covid-19, are closer to Lucknow than any other developed city. Therefore, the supply of labor will not be a constraint here. Similarly, the town also has huge investments coming in from rural areas of Eastern UP. The rural economy is doing well and the recession in the consumption of other items will result in people with a substantial agricultural income to have a higher surplus income. This will find its way into the Lucknow housing market as people will look for towns with good health infrastructure. Lucknow will be the first choice in this entire region for people.

One thing which is important to be kept in mind during this time is that it is foolhardy to assume that all the localities in Lucknow will see good appreciation. There will be areas that will be preferred over others. And the factors which will decide this are simple – Availability of apartments with world-class facilities, safe and well-sanitized areas, and social and medical infrastructure suitable to fight repeated outbreaks of pandemics. If one scans through Lucknow city a few areas stand out in this test. Areas in Gomti Nagar and Gomti Nagar Extension around Shaheed Path and near Airport can be expected to appreciate much faster than other residential areas. These areas are located near some of the best social and medical infrastructure. These localities also boast of some of the best housing developments with excellent amenities and are considered to be the safest and most hygienic parts of the town.

Real estate in lucknow,Real estate developer in lucknow

The growth of the housing market in Lucknow city is getting on track gradually and is certainly waiting for an opportunity to start its march up. It is of course difficult to precisely predict as to who will this start happening but for any keen eye, it is not difficult to find this opportunity. And this opportunity is being looked at by people across the state and nation, which makes the outlook even brighter. The current state government is ranked high on various parameters of governance and industry is showing a higher level of trust in the state than shown ever in the near past. These factors will weigh on what looks a logical flow of money and it is, therefore, easy to conclude that the future of the housing market in Lucknow is one of the brightest spots one can locate right now.