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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.

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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.

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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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/