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Should I BUY a property in Lucknow or RENT it?

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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:-

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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.

Your own house in Lucknow: Now a reality

Lucknow, the capital of Uttar Pradesh, has now become a major metropolitan city of India. It is the second biggest city in the north and central India after Delhi, and with the upcoming growth opportunities, the city has become buyers favoured place to invest. Lucknow is identified as a multicultural city that prospered as a North Indian cultural and creative hub. It remains to be an essential centre of education, pharmaceuticals, culture, government, aerospace, commerce, technology, finance, tourism, design, music, and poetry.

Improvements in the structure like metro development, golden quadrilateral road development and so forth have made a positive impact on the development of the city. Subsequently, numerous new opportunities in both the government and business sector have grown. This has increased the number of people in the city, leading to growth in the real estate sector. In addition, many NRIs and notable entrepreneurs have furthermore started to put their resources into various markets in the city.

The leading industries in Lucknow include machine tools, distillery chemicals, furniture, aeronautics, and chikan embroidery. Lucknow is also a pre-eminent hub for research & development (R&D) and learning. Some notable R&D centers built in Lucknow include the National Dairy Development Board, the Central Drug Research Institute (CDRI), Industrial Toxicology Research Centre (ITRC), Central Institute of Medical and Aromatic Plants (CIMAP), National Handloom Development Corporation (NHDC) Ltd., Research Design and Standards Organization (RDSO), National Botanical Research Centre Institute (NBRI), and Pradeshik Cooperative Dairy Federation Ltd (PCDF).

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The real estate developers in Lucknow has seen significant growth. The changing aspiration of the common populace, the sharp increase in the economic sector, great compensation hikes, and expanded business openings have driven the development of the property sector in Lucknow.

This exceptional growth in the real estate company in Lucknow can be recognized due to the acceleration in construction activities, most of which is being done by the private sector. Real estate developers of Lucknow are building various townships on the edges of Lucknow. The Paarth Infrabuild, the reputed builders in town, has constructed several projects that match ideally with the needs of the buyers.

The apartments built by the Paarth Infrabuild have all the amenities from primary to leisure. To promote a luxurious lifestyle, Paarth Infrabuild has constructed its projects using suitable components like quality construction material, fresh green environment, modern comforts, excellent architecture, and much more.

Conclusion:

Investing your wealth in Lucknow is a wise choice with Paarth Infrabuild. Enjoy a luxurious stay with the availability of all necessary amenities under one roof. For more details about the project please visit: https://www.paarthinfra.com/