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Should I BUY a property in Lucknow or RENT it?

Real Estate Developers in Lucknow,Real estate Developers in Gomti Nagar Exetension Lucknow,
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Buying a house is the one of the most coveted dreams. The joy of living in your own house is truly unparalleled. The real estate market in India is also booming. It is expected to reach 3.7 million square feet in 2019, with addition of 200 million square feet during the year. The demand for real estate has been extremely robust in the past few years. Increase in urbanisation and high household incomes have been the primary growth factors. In fact, India is among the top 10 price appreciating housing markets internationally. So it is abundantly clear why people are choosing to buy a house in the current real estate market. The story in Lucknow:- The story is no different when it comes to Lucknow. The City of Nawabs, famous for its chikankari and biriyani, is now a smart city. Over the next few years, it is expected that an investment of INR 4.68 trillion investments will be received from public and private sector companies. India’s largest start-up incubator will be Property in Kanpur Road Lucknow. Lucknow has become a top real estate destination not just for people in Uttar Pradesh but also other cities from NCR. Anyone who is looking to upgrade their standards of living and live life king size is now flocking to Lucknow.

A question that often bothers many home buyers is a common one: whether they should buy a property or simply move into a rental? When you are looking at a long term horizon, this question demands some serious thought. That’s why we have put together a neat little list, giving you the reasons to buy your property in Lucknow instead of simply renting it.

Rent Hike vs. Purchasing Amount:-

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While on the surface, renting may look like a cheaper option, over a period of time, buying the property is more economical. To illustrate, the average rent of a 3BHK flats in Gomti Nagar in Lucknow is INR 16, 85, 71. Take into account the standard escalation of 10% every year. On the other hand, the average price per sq foot in Gomti Nagar is INR 26,455.31. In the long run, it will be easier to pay off the EMI of your apartment as opposed to paying the escalated rent. This is the primary reason why it is advisable to buy a house as opposed to simply renting it.

Reduced Home Loan Rates:-

home loan

At present, banks and NBFCs are offering extremely cheap home loan rates. In fact, SBI offers the lowest home loan interest rate starting at 8.40%. Borrowing a home loan is easier than before and it makes perfect sense to make the investment.

Tax Reliefs:-

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With each year, the taxation slabs are taking a huge toll on the middle class Indian household. But despite the rising rates, there’s some relief provided in case of home loans. In the budget for financial year 2019-20, the finance minister announced that in case the tax payer has a home loan, an additional deduction of INR 1.5 Lakh can be availed for the interest paid on the home loan (in case of a residential property).This benefit is over and above the deduction of INR 2 lakh per year for a self occupied property. Therefore, a tax payer will be able to save up to INR 3.5 lakh a year. According to the finance minister this will mean a benefit of approximately INR 7 lakh over the loan tenure of 15 years.

On the contrary, no income tax reliefs are available in case of a rental property. At the maximum, you can claim Housing Rent Allowance but not all companies provide this. Therefore, you are bound to make more savings if you buy a house and not rent it.

Investment Vehicle:-

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A house is always a great asset. This is a buyer’s market and there is a boom in the demand for residential houses in Lucknow. This means that you can even sell the house should you need additional liquidity.

The Development of Social Infrastructure:-

Lucknow is progressing at a rapid pace. A number of new initiatives have been introduced by the government. The development of Lucknow metro and the Agra-Lucknow expressway has added to infrastructure capital of the city. A high quality of life with ease of access and transportation is guaranteed when you stay in Lucknow.

Get Eco-friendly & Budget friendly flats on Kanpur Road

In the same way as other different urban areas in India, Lucknow has a developing economy and has grown as the latest investment hub for all the real estate buyers. Especially on the grounds that the places around Lucknow like Delhi, Kanpur, Faridabad, and Ghaziabad have a fabulous offering for housing and commercial investment. This is the reason why Green Homes in Lucknow have turned into the most demanding apartment after the manufacturers have started offering the modern & luxurious idea of living.

eco friendly flats

In the process to advance the living standards of customers & maintaining environmental measures, Paarth Infrabuild has excelled in everything. Paarth Infrabuild, the leading Best Real Estate Company in Lucknow, is an ideal representation of the lifestyle that you wish to give to your family.

Paarth Republic, a project by Paarth Infrabuild, is an excellent option for homeowners who are intending to buy a spacious yet luxurious apartment located at Kanpur Road, Lucknow.

The townships under Paarth Republic have a unique structural, infrastructural support & urban planning and designing. The property is developed, over an area of 80 acres, with projected green garden landscapes. The developer has built an eco-friendly project, and all the necessary steps are taken to preserve the mother earth. Paarth Republic provides 2 & 3 BHK apartments to all the buyers depending on their needs & preferences. The size of the apartment ranges from 1090 to 1662 sq. ft., with state-of-the-art facilities to benefit the buyers. All the apartments in the project are spacious and have everything a consumer would desire to have in their home.

Some of the distinguishing features of Paarth Republic are stated below:

1) One of the largest eco-friendly project in Lucknow

2) First Integrated project on Lucknow Kanpur Road

3) Vastu-complaint and feng shui ready homes

4) 50 Storey Iconic tower

5) Located near major commercial properties

6) Six Screen Multiplex

7) Open Roof Cafeteria

8) Multi-level car parking

9) State-of-the-art architecture

10) Harbhajan Singh Cricket Academy

Paarth Republic, along with the above distinguisher, also offers world-class amenities such as Table Tennis, Lawn Tennis Court, Jacuzzi, Swimming Pool, Pool Table, Sauna, Multipurpose Court, and Multipurpose Hall.

Conclusion:

Get Eco-friendly & budget friendly flats on Kanpur RoadBe it world-class facilities, gracious and spacious livelihood spaces, green surroundings or excellent remodeling facilities, the project offers a luxurious life for you and your family. Paarth Republic in Lucknow is an excellent example of style and simplicity wherein you find everything in close proximity. For more details visit: https://www.paarthinfra.com