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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.

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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.

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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.

3 BHK v/s 2 BHK Apartment

While buying the first house, a question which one faces all the time is as to whether one should buy a 2 BHK or a 3 BHK apartment. Needless to say that it depends on one’s needs and affordability, but it is not such a simple decision. It is important to understand that the decision being taken now will stick for a long time for one doesn’t change a home easily. The important considerations in this decision are – 1. Current and planned family needs, 2. Available budget and 3. Purpose (self-occupation or investment (renting).

Buying a home is a long term and an emotional decision. Therefore, the decision most of the time can’t be limited by the above 3 considerations very strictly. It is especially true for people buying their first home. There is a certain amount of pride involved in buying a first home on your own – you may have started earning a few years back and now look to invest the surplus money in a way that provides you long term security in the form of a home. First home buying is also an emotional moment in countries like India because of the association of this event with one’s status in society. Therefore, it is important to do consider all the aspects, while buying a home. Let us now look at each of the above-mentioned 3 aspects in detail.

The first thing one needs to do is to understand the family needs currently as well as planned requirements for the future. It is also important from the perspective that the family requirements change at various stages of life and one doesn’t want to keep moving house every time. It is important to consider points like how many kids are there in the household and if the grandparents are going to be staying in the same house. If there is a plan to start a home office for either of the spouses, it is important to put it down as part of the requirement. This needs a detailed thinking process and should not be hurried into.

Another important factor that needs consideration is the budget. One needs to make a personal financial plan to understand the money which can be taken out without affecting other functions of life adversely. Though, housing financing companies offering home loans at attractive rates and terms has helped people stretch beyond their current means. However, it is advisable to take help from a financial planner on this aspect. Housing finance companies also offer help in the form of guiding a prospective home buyer on calculating the loan eligibility and the resulting EMIs.

The purpose for which one is buying a house is also very important. While for self-occupation, it may be advisable to stretch the budget a bit and look for a bigger house, the investments have generally grown faster in the case of smaller units. It is also easy to find a renter or a buyer of a smaller house.

It is, therefore, important to consider all these factors in detail and strike a balance between needs and budget before deciding what size of the home is preferable.

Is Property Investment a Good Investment Right Now?

The world is passing through a phase of great uncertainty. There is a sense of fear in all classes of people and not knowing what is in the store is keeping everyone on edge. There are a few questions people, in general, are grappling with:

  1. How do I keep me and my family safe in Covid times? And –

  2. How do I ensure I remain economically stable during this period of great upheaval?

  3. What lies ahead?

It is really impossible for anyone to come out with a very sound logical reply to all these questions, but something which connects to all 3 questions is – Should I invest in property right now. And to answer the 3 questions, let us look at these questions and attempt to offer some answers basis the overarching question mentioned.

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It is important to understand the importance of prevention in current times. To ensure the prevention of the COVID outbreak, it is important to get immunity levels of everyone in the family high. Also, it is important to ensure that one stays in a neighborhood that is clean and has good sanitation facilities. It in other ways can be seen as a reason to be choosing the area of residence carefully and to select locality inhabited by educated classes. It is no secret that the areas with higher levels of education typically are better in hygiene and sanitation. So if one stays in an area that doesn’t meet these criteria, it is a good time to invest in a property in a better locality.

The second question about economic stability is important. India is a growing economy and Lucknow is a fast-growing town. Home to some of the best companies around the globe, it has a huge population of migratory white-collar workers. Needless to say, there is and will be a continuous demand for good and hygienic apartments by these people. In this context, an investment in a ready to move property can ensure a good and stable rental income. The advantage in this investment strategy is that while one earns a regular income now, he shall earn the benefit of appreciating prices in a couple of years when this pandemic induced threat will be over.

The third question is the toughest to answer. What lies there in the future, is anybody’s guess.  However, one thing is for certain that the uncertainties will be over in the next few months. The economies world over will get into expansion mode and a lot of support money will travel across the world to favorite destinations. India has been and will continue to be one such place that is liked by funds across the world and it is not unreasonable to expect the flow of money to the country in various forms. And once this happens, property prices is one of the first to start driving up. There have been various instances of the same and one who prepares for this situation would reap huge dividends.

It is therefore advisable to invest in properties during these days and reap huge benefits out of this in the years to come.

5 Things to do When Planning to Buy a Property

Families grow and so do the requirements. Modern times have also brought in a lot of gadgets into life. It has also widened the range of expectations that each member of the family has. All this results in aspiring for a property different from the one you are living in. One always wishes to live in a place that can help meet all the expected pleasures of life. However, this is not always possible. The only way one can be successful in this endeavor is by planning in advance.We understand that buying a property is once in a lifetime event and hence, listed here are 6 points everyone should remember to help make the right decision:

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  1. Understand Your Future Requirements – As we discussed earlier, buying a property is generally a once in a lifetime affair. It, therefore, is important to plan the same well in advance. Please sit back with your family and work out a plan of how you see the family growing over next decade. It is also pertinent to know as to what will be the requirements of each member of the family and how will they evolve during this period. This exercise will help you make a list of what is essential in the house that you would buy. Anything more than this is fine but less would trouble you later.

  2. Work out Financial Resources – While the above analysis gives you an understanding of your requirement, the other important variable is the financial resources that you can use to invest while buying the property. It is important to make a future plan of earning basis your employment status. If you are a self employed person, make an intelligent guess as to how your profession will do over the years and therefore what kind of money you will earn year after year for next 10 years. You should also make a list of essential expenditure that you will face over this period of time to ensure you work out the investible surplus.

  3. Check your Credit Rating – In almost all the cases today, one looks to take a housing loan. It helps you to buy a bigger property in gomti nagar extension lucknow than what you can pay for purely from internal accruals. There are also attractive tax breaks and the rate of interest in general is the lowest on a housing loan. Now, it is important to understand that the rate at which you will get a housing loan depends upon your credit rating. So , go ahead, and check this and work to improve it if needed.

  4. Shortlist Localities – It is important to read through the news and make an intelligent guess as to which localities will grow faster in terms of commercial values and neighbourhood facilities. Look at the Master plan of the town created by development authorities for future. Shortlist the localities that you think will grow and provide the kind of lifestyle you are looking for.

  5. Checkout latest Trends – It is important to know what are the latest development happening in building technology worldwide. Move around and see for yourself the latest trends and list down the developers who are using these technologies and integrating the latest amenities in their plans. Remember, something that looks like futuristic today will be a basic requirement in very near future. 

I am sure if you do these 5 things, you can plan your property in lucknow buying well and your experience will be smooth and you will not regret your decision.

Is Gomti Nagar Still the Best Area in Lucknow to Buy a Home?

Lucknow takes the pride of place as the most preferred destination for people to buy a home in Eastern and central Uttar Pradesh. There are multiple reasons for this and it being the most happening and safest place of the region is just one of them. Lucknow has also grown faster than another town and its expansion has been matched by the development of facilities in the town. While Lucknow has grown in all directions, the development has not been equitable, as can be expected basis the modelling one would do basis the development of other large cities in India.

When one looks at the development of Lucknow city over the last 30 years, Gomti Nagar stands out as the best developing residential area. Every time you go to this place, you get surprised by the frantic pace of development here. Although there are other areas like Kanpur road, Sitapur road, Faizabad road, and Raebareilly road, which have also seen rapid progress. But the charm of Gomti Nagar is still as strong as it has been at any time in the last 30 years. There have been claims at times by some real estate developers for other areas to be more futuristic than this area, but none of these claims have proved to be right. In fact, Gomti Nagar extension has continued the same level of development as was associated with Gomti Nagar. The real estate developments here have been good and infrastructure facilities that have sprung up here are better than men what was planned for Gomti nagar.

So whether one talks about Ekana international cricket stadium or Phoenix market place, you see incomparable development of the future. The planning of roads, office spaces, and connectivity to other important parts of town is at a level unrivaled by any other locality in Lucknow. There is no surprise then that all the best international brands are clamoring to set up shop here. We have always seen across the country that the best residential property market growth happens wherever leading commercial projects are launched. Therefore, one should not be surprised by the huge demand for Property in Gomti nagar extension lucknow area.

Another reason which fuels the demand for housing in an area is the lifestyle choices being made available. This could be reflected in the kind of schools and hospitals and sports and leisure facilities. With the best-branded schools and hospitals making this area their home and most of the new sports and leisure projects being announced by government falling in Gomti Nagar extension, for years to come, the area will keep growing. The best real estate developers have also announced their projects in this area with the best of amenities. The building technologies being used here are state of the art and therefore give it an edge. Another strong post is that despite all these advantages the home prices in this area have not seen run-away inflation. Though one can’t say that for the future, with continuously increasing demand and decreasing inventories. No doubt, therefore, that Gomti Nagar remains the best area in Lucknow to buy a home.  For more information please visit:http://paarthinfra.com/

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property in gomti nagar extension lucknow

Why should You Research for Buying your Home During Lockdown?

The world is currently going through a phase inimical to whatever we have seen over the last so many years. Most of it has left us with negative impacts and thoughts. However, one thing which it has contributed positively to almost all of us is the time to reflect back. A time to connect with our current selves and plan for the future. It is needless to say that financial planning is one of the most important aspects one has to look at in these circumstances. Let us understand it more in detail.

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One of the most important things to look at in terms of financial planning is the insurance cover for various types. It is important to calculate what is a good level of insurance cover both in terms of life and health cover that is needed for each member of the family. There are various guides available for the same. You can visit the website of any insurance company in India and can arrive at the broad value of cover that you will need. The other important aspect is to understand how will the Covid-19 impacts the economy and thereby the valuation of assets.

Now to do that, one has to use one’s own analysis and it can’t be left to be guided by a single source. How does one decide where to invest. Should it be in gold or share market or bond market or Fixed deposits? Or should one use the available time to stay in the Real Estate Developer in Lucknow and make an investment there? This is actually a good time to spend time planning this. There is time available to research various sources and discuss with family and friend in peace. A good indicator to deciding this will be the understanding of past such events. There have been no such events in the near past which have destabilized the world so much. However, the middle east oil shock of the 70s and the Lehman crisis of 2008 are the best simulations available.

When one looks at what happened during each of these times, there are a few things stand out. In every single case, the reaction of the market was extreme, resulting in value being lost quickly and the regained in double-quick time. The other lesson is the relatively different effects on different products and countries. While in the short term and during the crisis Gold and bonds did better, in the long term it has been the real estate that has been a clear winner. When looked into from the perspective of a developing country like India, this is even starker. This time, it is expected to be even clearer and faster due to a clear indication of industries moving out of China and setting shop in India. The good news is that the CM of UP has been proactively targetting these industries and the response has been good. If that happens real estate will see a huge upside in the coming years. So use this time to look around what is available of value in real estate and invest.

For more information please Visit our website: http://paarthinfra.com/

Why are People Buying Apartments

There is a clear trend shown by data that more and more people are moving into apartments than an independent house. But why is it so? And is it good for families?

There are many reasons that apartments are getting  popular. The idea of a more community style of living can appeal to people who have small families, or to those who like to make friends and want to have interactions with others. There are more nuclear families now and therefore the need to connect with neighbours is higher. If someone has friends or family who live in an apartments in lucknow complex and enjoy there it could also lead them toward the idea that they want to choose an apartment to live rather than a house.

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Another reason that apartment buildings are becoming even more popular today is due to the idea that not everyone wants to have a house where they have to worry about maintenance. In an apartment complex, maintenance and cleaning needs are limited to the inside of the apartment. That makes it easier for people who may not be able to care for the exteriors easily. Another factor which plays an important role in people choosing apartments is locational advantage. Most of the prime areas have been allocated for high rise apartments as per the master plans of various cities, and therefore, an independent house will typically be far off from the city center. Now with a much smaller budget, one could afford an apartment close to the lace of employment. It would be possible to get an independent house only much far off with the same money.

In earlier days, the biggest disadvantage for apartment in lucknow was considered to be the considerably smaller size than houses. But this is not the case any more. Modern apartments are well designed and offer much better living spaces despite a smaller size. With the modern furniture and advanced fittings and lighting, even smaller spaces can be converted into multi utility areas and made to appear much larger. With this taken care of, a major psychological reason which resulted in people choosing an independent house over an apartment is gone.

Safety and security is another vital reason for people preferring apartments. It is one’s job to ensure all around security for an independent house but with strong peripheral security arrangements managed by association, it is not imperative upon an individual to create any special security arrangements for his housing unit. This also create safe zones for kids to play and secure areas for parking. Well designed designated parking places also ensure no fights between neighbours on the subject. This makes life peaceful and convenient for executives.

In general, it is found that the amenities provided in an apartment complex are much better than available in a locality with independent houses. A much higher concentration of population makes investments in such state of the art facilities sustainable in housing society than standalone houses. In fact, the quality of life certainly improves as one moves into a housing society when compared to an independent house. There is no doubt then that people will keep buying more apartments instead of independent homes in years to come.

5 Tips for Working Well from Home

Humanity is facing its toughest challenge in decades in the form of Corona virus. The pandemic has forced people to avoid travel and stay homes. However, most of the jobs today demand regular engagements and therefore, corporations are finding ways to maintain lockdown norms imposed by different countries and still work. The most workable option has been to work from home. However, most of us are not used to work from home and struggle regularly. Here are the five tips to help you manage yourself and your work better during these times-

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  1. Make a Space – If you find yourself working remotely, especially if for an extended period, the first thing you should do is create a landing spot. That doesn’t mean you always work in the same place, but it does mean that you have somewhere to go when you need to hunker down and get things done. Have a spot where you can feel organized, with all of the tools you need to get work done. 
    By the way, this shouldn’t be your dining table. That doesn’t mean you can’t get good work done there, but it does mean that you should have at least one place that is set apart just for work. Even if you like working in the middle of the chaos of life, there will come a time when you’ll be glad you have a place to go when you’re facing a deadline or need some time to think.

  2. Shut the Door – Speaking of having space, it should be one with a door that you can shut. Just like working in an office, remote working has plenty of interruptions–often from your family. Sometimes that can be great, but it’s a good idea to let everyone know that if the door is shut, it’s work time. That’s especially true if your work requires lots of video meetings or phone calls.

  3. Keep in Touch – When you aren’t working in physical proximity to your team, it takes a little creative thinking and an intentional effort to stay connected. Tools like Zoom, Slack, and MS teams make that relatively easy. The important thing is to make and have the tools in place so that you and your team know how you’re going to communicate.

      
  4. Organize Your Day – One of the challenges of working from home is that you’re far more responsible for managing your own workload. That means creating a plan each day. It helps if you create your plan a day in advance. It ensures you get up in the morning in time and go ahead with a plan rather than wondering what to do.

  5. Turn off the Noise – Finally, when you really have to get work done, it can help to turn off interruptions like notifications. Set your devices to “Do Not Disturb,” and schedule a time to check email and respond to important messages. That will help you stay focused, and not get sidetracked by continuous flow of WhatsApp messages about things that can wait until later.p

Now, a lot of this doesn’t remain possible in most of the houses. However, most of the homes in Paarth Arka and Aadyant residential developments have been designed with these requirements in mind. You can always find spaces that you can use to manage your office remotely.