The real estate
market in India is going through an interesting phase. While on one hand, the
reducing home loan interest rates and stable prices are attracting new home
seekers, the current home owners are looking to upgrade on the other. The mid
income segment housing space is heating up and the data suggests that there is
a fast increasing trend in enquiries.
The data for
different towns and projects in India shows, that over the years 2 BHK homes were most
preferred by new buyers everywhere. This also resulted in a skewed planning by
developers, which favoured a higher percentage of homes to be constructed as 2
BHK and very few as 3 BHKs. However, with improving income levels and
increasing lifestyle demands, a certain shift towards 3 BHK apartments is being
observed. These 3 BHKs are also offered in some cases as 2BHK+study
configuration, making these more affordable, while providing that extra room that
can be used as needed.
If we look at
the evolution of this demand, we can find a few strands of it in the way the
society is growing. As the nuclear families have become more common and a
typical family has 4 members, including 2 kids, the requirements of 3 rooms
beyond the living room is a basic requirement for a typical middle class family
in cities. It is no more an acceptable trend to accommodate guests in the main
bed room or in some temporary sleeping area. The kids rooms are also designed
in a way that they can’t be used for guests, therefore the need for a third
bedroom is felt by most mid-income families.
why this trend for 3
BHKs is increasing is the affordability. The incomes have increased, while
the prices have not moved up for homes over last 3-4 years. With interests on
home loans at the lowest ever levels, suddenly the same EMI can help buy a
bigger apartment. There are instances across India, where a builder has also
helped the existing buyers waiting for possession, upgraded to a larger unit
without changing the financial impact to the customer, using a decrease in interest
cost of nearly 2-2.5%, to cover for the additional unit cost. That has also
been welcomed by buyers.
A huge jump in 3 BHK homes in
non-metro towns, like Lucknow is also observed due to the offered price point.
A 3 BHK home in
Lucknow can be bought for 60-80 lac, a sweet price point for most families. The
other reason which has apparently pushed more people towards a larger unit is
the impact of work from home employees. With pandemic starting a new preference
both for employees and employers, where work from home is quite acceptable, the
need for larger homes is felt more than ever. The extra room which can be used
as a temporary office setup, can also be used as a guest room, when needed.
Paarth Infrabuild offers beautiful and well-designed
3 BHK homes in
different projects in Lucknow at prices which are attractive for md-income
Every home, even if constructed with the same
design, feel different. This difference comes in due to the ways one decorates
or maintains his home. No wonder, the home reflects the owner’s personality in
more ways than one. The design of your home can be an expression of yourself and you build a
story through the colours and styles that you choose. Your home is your haven,
so when it comes down to it, it should reflect the people who live in them.
There are many ways it happens. Let’s look at these, which can bring you closer
to the vibes of your home.
If you are someone who likes to be organized in life, then the chances are that your house will be clean and spacious, and there won’t be a pile of clutter in sight. Homes with lots of storage and simple designs reflect those who are logical and calm, and like to have things planned out.
who love the outdoors, homes will be full of plants and flowers, with a garden
bursting at the seams. It is important to make sure your home reflects your lifestyle,
as how you feel in your day to day life should be the same when you’re in your
There are many different ways that
personality can be reflected through the accessories around your home. You may
be a fairly quiet person, but the yellow cushions on your sofa or the floral
tablecloth you choose in your kitchen could reflect your positive outlook in
The pictures you have on your walls or the
designs you choose for your curtains could also reflect your love of animals,
without actually taking over the house. It’s nice to inject your personality
into all the different accessories around your home and garden.
A great way to find out about someone is to learn about his or her experiences, and often these can be seen around the home. Homeowners that spend a lot of time traveling often bring home keepsakes and trinkets that can be found in various rooms, showing the experiences that they have had in life.
The experiences you have tell a story and are
reflected in who you are and how you feel, and this is then reflected in your
home decorations. It’s great for someone to be able to walk into your home and
really feel that it represents you.
The way you decorate your home can definitely
affect the dynamics of any relationships you have in the house. Think about all
the different people who live with you and how their personality could also be
reflected in the way your home is decorated.
If you have kids your home may have some
smaller pieces of furniture or rooms with brighter walls. If you live with your
other half, you may choose colours that reflect love and romance, turning your
house into a warm and cosy home to share together.
Paarth Infrabuild offers homes, which one can customize to a great extent basis his personality and lifestyle choices. There are homes of different sizes and designed differently, creating communities around these choices the customers make.
Your home is one of your biggest purchase. A proper
budget has to be planned to know how much money will be left each month to meet
your expenses, after accounting for home loan EMIs. It is therefore, very
important to look at your past savings for the purpose and estimate how your
future earnings are expected to move. It may be simpler for a salaried person,
though may involve some serious work for a business owner or a self employed
professional. One should also account for any future expenses that can be
accounted for now, like children’s educational expense etc.
Step 2 : Assess Family
Remember, you are buying a home
to ensure that your family enjoys living in it. Different members in the family
can have different interests and expectations from new home. It is critical to
understand their requirements before you set out on home search. Your family
size will help you determine the number of rooms that you need. You may need
extra room, in case, a family member is a professional or work from home
executive. Older parents, similarly may need easily accessible open space as
well as medical facilities nearby. All these along with future needs should be
considered while planning to buy your dream home.
Step 3 : Location
It is essential to decide on a few areas where you want
to buy a home. It can depend on location of kid’s school or your office. There
may be other specific considerations for the family with reference to location
and all of these should be brought in, before filtering the preferred
locations. Take a good look at the location and the locality by visiting
shortlisted areas at different times of the day. It is preferable to choose a
developing area, adjacent to the prime business district of your city so that
the price is not that high. Location will also have a large impact on the
resale value of your home. Choose wisely to ensure your home is a wealth
creator for you in future.
Step 4 : Rental rates in the area
The rental rates in an area are a good proxy to
understand how people in general perceive an area for living. Since these rates
are decided by people based on the amenities in the locality, and the general
advantages the locality offers, compared to other locations, it can be a good
comparison for several shortlisted locations. Typically a project with higher
rentals will be closer to work areas and required amenities like schools and
Step 5 : Resale Value
Resale Value is an important thing to consider before you
plan to invest or buy a property. Property buyers generally don’t consider this
point, when they buy. They make the mistake of focusing solely on a prime
locality or the budget of the property. If you choose the wrong property or
location, it is possible that your future sales price will always be less than
the other homes around it. It is important to look at your home also as a
wealth multiplier over a period of time, as at some point of time, you may plan
to sell it and buy a new house.
Step 6 : Loan eligibility
Home loan eligibility depends upon the repayment
capacity, income, existing loans or debts and age of the loan applicant. The
lending company or banks provide online services such as home loan eligibility
calculator or pre-approval of loan. These will help calculate loan eligibility
of the home loan borrower and therefore help in deciding the budget for your
purchase. The maximum loan that can be sanctioned varies with the banks and the
eligibility criteria may vary according to the bank or RBI regulations. It is
also worthwhile to check the documents that will be needed for availing a home
loan and the interest rates offered by different banks. Although, now most of
the prominent developers have a facilitation cell for home loans.
Step 7 : Stamp Duty & Registration Fee
This is an important expense or tax, much like the sales
tax and income tax that are collected by the Government. When planning your
budget for property buying and deciding to buy a property, you need to know the
rate and charges applicable in your city. If you want to know the market value
of your property and the stamp duty amount on it, you need to contact the Ready
Reckoner to locate your valuation zone and sub-zone. These details are
available online as well as the builder team can guide you on it.
Step 8 : Additional Costs
Even if this isn’t your first time home buying, you
will want to get help from a team of professionals. Fees or service charge by
real estate agents, lenders or mortgage brokers, home inspector, land surveyor,
lawyer or notary etc should be considered. Find out how much is the maintenance
charge. Will car parking be provided and do you have to pay extra for it. If
your previous owner did not have a vehicle, speak to the secretary of the
society and ask for a parking lot. Also, you should consider getting your home
insured, which will also have a cost.
Step 9 : Developer credentials
Different developers have varying
motivation behind a project development. There are some developers, who have
multiple projects in the city or elsewhere and therefore, they want to give a
lasting value to the customers, expecting to earn a goodwill. At the same time,
there are some whose only interest is in making quick money. It is, therefore,
important to do a thorough check on the developer before you sign on the dotted
Step 10 : Approvals
There have been multiple
instances when developers launched a project without getting all the approvals.
Though, with RERA, the instances of the same have reduced but there are still
some people who try to play on customer’s ignorance. It is important to check
all the necessary approvals – like RERA approval. You may visit RERA website to
get complete details as shared by a developer with the authorities and then
cross check the details given by developer representative with these.
If you take care of these steps,
your home buying experience will be smooth and you will enjoy long term
happiness. The process may take some time, but when making an important
investment decisions, it is worthwhile to spend this time.
Modern life is busy and full of stress.
With the advent of web and mobile telephony, it has become extremely difficult
to keep our personal and office time completely separate. The increasing globalization
in every job is also overlapping time zones and is bringing a new dimension of
stress. Thankfully the town planning has kept pace and ensured that there are
separate zones of actions for different kind of activities. Paarth Republic
township on Lucknow Kanpur highway has used these concepts of planning to make
life for its residents peaceful and enjoyable. This is also the largest
township on this side of town, which brings its own unique advantages.
Let’s first understand as to what is meant
by a planned township. A planned township is any community that was carefully
planned from its inception and is typically constructed on previously
undeveloped land. This contrasts with settlements that evolve in a more ad
hoc and organic fashion. We have all seen the chaotic life in unplanned and
organically developed residential clusters of Lucknow. Places like Alambagh or
Krishnanagar are an example of this life – with no plans and regulation, one
can see a commercial development next to a residential one without any concern
for privacy of residents. A planned township is an antithesis to this. There
are separate zones for residential,
commercial and recreational
activities. This ensures providing all the facilities without compromising
The concept of town panning is as old as
civilization. However, most parts of Indian cities emerged from expansion of
old villages or towns. This resulted in haphazard development. However, some of
the cities like Chandigarh, Lutyens’ delhi, Noida have been planned
developments with clearly marked zones for different type of activities and a
planned infrastructure. However, cities like Lucknow have been deprived of
these advantages. Some developments of this kind have come up near Gomti nagar,
however on Kanpur road, Paarth
Republic is the only development that uses the modern concepts of town
planning to ensure it is a premier most township not only of this area but in
But what are the advantages of a planned township
living. A township living ensures that all the basic requirements of a peaceful
and happy life are made available in a fashion that protects individual choices
of all residents while offering them advantages of community living. The
residents, therefore, don’t have to worry about basic requirements of living.
There are markets inside the township to meet everyday requirements of
provisions and medical facilities to take care of any eventuality. A clear
demarcation of each residential unit and written rules about what modification
are possible, make sure that there are no unnecessary disputes among
neighbours. Clearly planned and marked parking areas ensure that there is
sufficient space for parking and avoids any disputes which is a huge trouble in
city areas now a days. The areas of recreation facilities and clubs etc are
created a bit off from the main residential areas ensuring no disturbance to
sleep of people living here. All this goes on to make life happy and
Indians have been flocking to buy houses in
large planned townships, especially in post pandemic era. Paarth Republic is
seeing a continued traction for its offering and has limited units left to be
Lucknow has been growing fast over last
decade and has been a leading non-metro town when it comes to new developments.
While infrastructural developments are happening across the city, the progress
in Lucknow-Kanpur road area is quite rapid. And it is quite appropriate
considering that this road connects the two most important cities of UP and it
has the fastest growing airport east of Delhi airport. The metro connectivity to
other parts of city from here ensures a quick and efficient transport system.
Till a few years back, Kanpur road area was
not considered to be appropriate for luxury residences. The city was
gravitating towards Gomti Nagar and further towards Raebareli road. Amausi
airport had not received any expansion for years and connectivity from this
area to rest of the places in the city could at best be described as patchy.
The ongoing metro work was a nuisance and it was not easy to visualize the
advantages of this network in future. But as Lucknow started growing and
airfares in India started coming down, people took to air travel in droves. The
airport was expanded and international flights were started. Just to understand
it, let’s look at some of the statistics. The footfall at Amausi airport
increased from 23 lacs in 2013-14 to 47 lacs in 2017-18. Also, as the metro
started operations, people realized the efficient mode of transport it provided
and suddenly this whole area near the airport was in focus. There is an ongoing
project of an elevated road connecting Shaheed path to airport.
As the metro network keeps getting
expanded, new infrastructure developments started taking place in the area. A
new integrated terminal building at the airport was started with an outlay of
roughly 1400 cr. And is progressing fast. The Lucknow- Kanpur highway was also
upgraded and is now a congestion free road, further paving way for making
driving smooth here. Another big infrastructure project that has been announced
in this area in Sep’2020 is the setting up of India’s largest start-up
incubator center opposite Amausi airport. This is planned to be a 2.5 lac sq ft
facility which will be set up by Uttar Pradesh electronics corporation and
probably be built and operated by Software Technology parks of India (STPI), a
central government agency.
As expected, this area is witnessing a rush
of private projects also as government projects are reaching their completion.
There are new industries being set up and a number of residential projects are
being launched. As Amausi airport expands and new integrated terminal starts
operation, this area will also become a large transit center for travelers from
across Uttar Pradesh. Considering that, a host of new hospitality projects are
being developed in the area, which will improve the traction even further.
Though most of the residential
projects in the area are very small in their scope and are not well
planned, the Paarth
republic township is sure to meet the expectations of new age investors and
renters. As a result, the prices are moving up in this community as rental
yields are also expected to move north.
In India, owning a
home is a dream most people savour through their life. There is only a small
percentage of people who get to own their home. Most of us save our lifetime
income for buying a home of our dreams. But before buying property lots of questions arise in buyer’s mind. Are we investing in the right location? Will the builder deliver what is promised? Is this builder an honest builder? What clauses should
be there in a house buying agreement? To solve this problem the government has
introduced RERA for home buyers. Let’s understand in detail as to what is RERA
and what does it entail.
Before this regulatory
act, some unscrupulous builders and developers of India had their own rules and
regulations. The buyers were given almost no choice by such developers. While
the buyer was paying for the property and this would be the biggest asset most
of them ever invested in their lifetime, a lot of builders avoided sharing the
important details with the customer. That is why Real Estate Regulatory Act
(RERA) was introduced, to protect buyers’ rights on one side
and builders’ payments on the other.
What is RERA
The Real Estate
Regulatory Authority (RERA) is an act introduced by the Indian government in
2016. The main objective of this Act is to protect property buyers’ right and help them reach out to a regulatory body in case of any issue
with the builder. The act also ensures that property buyers understand their
responsibilities of payments and they protect a developer’s rights to ensure
there are minimal disputes.
RERA has put forward
clear guidelines regarding constructing and developing the real estate. This has
brought a lot of transparency between buyers and developers and established a
way forward in case of a dispute. As there are uniform rules created, it
becomes easy for a buyer to compare different projects and understand detailed
cost structure without the bomb of hidden charges exploding on him later on.
Importance of RERA
Indian real estate
needed a regulation like RERA to add confidence in India’s Real estate sector. RE is a leading part
of the economy and contributes to almost 15% of GDP. The act ever since
initiated, has resulted in several changes in construction sector by bringing
in transparency at every step and forcing all parties to fulfil their duties.
The act has brought
clarity between property buyers and property developers thereby building the
necessary trust between sellers and buyers. It has established state
authorities in every state and has tried to do away with anomalies or
malpractices in the sector.
Now RERA is helping
home buyers in timely delivery of their real estate project. That is a great
relief for homebuyers across India. It also is a great news for developers like
Paarth Infrabuild, who have always
kept the interests of customers at the center.
RERA has become a
rule playbook for both seller and buyer of real estate that include the
intermediaries also. The few provisions of act have made the following
beneficial changes to RE selling:
Uniform size definition
There is no denying
the importance of the size of a unit when buying a property. Before RERA, every
builder had his own way of defining unit size and was difficult for a buyer to
understand the implication of various components shown for a unit size.
However, with RERA, a standardised way of defining unit size has been
propounded making the process transparent and trustworthy.
2. Penal interest
In RERA regime, in case of
default in payment by the buyer or default in completion of the project by the
builder, the rate of interest to be paid shall be the same for both parties.
Earlier it was very
different. In case the builder used to delay the possession of property – the
interest paid by builder to the home buyer was less whereas in case the buyer
defaulted – the interest to be paid by the buyer to builder was much higher.
The RERA Act has now clearly
specified that the interest rate shall be the same for both the parties, making
the process fair.
3. Fiscal discipline for
A developer usually has
several projects which are being constructed simultaneously. Earlier there was
no restriction on builder to use funds from a project in the same project. All
that has undergone a change now. This would now not be possible as after the
introduction of RERA, the builder is liable to deposit 70% of the revenue
collected for a particular project in an escrow account. He can withdraw from
such account only on the basis of completion of project, which shall be
certified by a civil engineer, architect and a chartered accountant in
As the funds can now not be
diverted to other projects and used for other purposes – this will ensure that
the funds are used for the purpose only for which they are raised.
Pre-RERA, there have been certain
cases wherein some rogue builders raised the funds from home buyers for
constructing their homes but used the funds for buying land for the next
project leaving this project in limbo. They later became starved of funds and
were not able to complete the construction of the property.
As the funds can only be
used for the purpose for which they have been raised – this will ensure that
the funds are not diverted elsewhere and that the money is used for the purpose
for which it is raised, thereby ensuring timely completion of the property.
4. Right to information
This has been another big
change in RE sector. Retail customer often was not provided all the information
and he had no way to force the builder to share the requisite information.
However, RERA has clearly stated various information which should be provided
in writing to buyer in the agreement as well as in the advertisement.
5. Grievance redressal
Grievance redressal was
another area where buyer used to run from pillar to post to get himself heard
without a positive outcome. Now RERA has ensured the establishment of an
authority for grievance redressal in every state making life easier for a
The biggest advantage of
RERA lies in discipling a few errant builders and thereby making a level
playing field for all developers. Institutional developers like Paarth Infrabuild,
who has all its projects approved by RERA, and who have always been transparent
to customers are major beneficiary of this act along with the end customer.
are on a long road to recovery from the initial disruption created by the
pandemic. It, however, is sure that not everything will go back to how it was
pre-Covid. Somethings would have, perhaps, changed their character forever.
lockdown brought a huge change to the workplace. Work from home (WFH) became
the norm rather than exception. As per estimates from industry experts more
than 90% of 4.3 million IT workforce worked from home during lockdown. And it
seemed to have worked well, contrary to the early skepticism. The best part is
that both the employee and the employer seem to be happier with this
arrangement. While increased productivity warmed the hearts of employers,
employees enjoyed flexible working hours and savings in commute time.
from IT industry’s early moves, other industries also started to figure
out ways of getting a portion of workforce WFH without disrupting the work
ethics. Employers also saw it as an opportunity to reduce infrastructure and
administrative costs. Conferences and meetings went online, helping save
critical and expensive commute and helping organisations take swift decisions.
Also, employees could be close to families during these uncertain times,
especially when kids were home due to school closure. And there has been a vast
acceptance of these methods. Even the courts in the country, started using
video conferencing as a viable medium to do hearing.
also helped companies to tap into a pool of talent, which was not available
earlier. There were instances when employees were not willing to move places,
resulting in shortage of talent of a particular type. But with WFH becoming a
norm, this has no more remained a challenge. Also, people who left their homes,
leaving ageing parents behind, for a better life, could now shift back and be
next to their parents without affecting the work. This means very special for
women, who had to sacrifice their careers for commitments at home, suddenly
finding new opportunities.
defining aspect of the pandemic induced work innovations has been a realization
by employers in industries other than IT, that remote work for a large
proportion of people in every industry is possible. As organizations tried it
under compulsion and found it working, it is expected to become a regular
feature going forward. This should result in continuation of these measures as
it works well for both the employees and employers. There was an announcement
by Deutsche bank with a plan to have almost 40% of its workforce working
from home permanently.
there has been a flip side to WFH also. It is yet to be ascertained as to the
impact it will have on employee morale and loyalty over a longer period of
time. The lack of physical contact will affect the ability to group work,
ideate and solve complex challenges. This feeling of isolation could also
affect the mental well-being and may play havoc with self-confidence of
sensitive employees. As non-verbal part of the communication is not possible,
the exchange in certain situation could turn unhealthy. We can already hear
employees complaining about unstructured and long hours of work affecting their
life in multiple ways.
problem, in fact, extends beyond the mental well-being. The bedrooms and living
rooms are being converted to make-shift offices, which is an interference of
work life into personal space. Most of the houses in India are cramped and don’t have
appropriate office furniture, which may lead to health issues. As personal life
is intruded into, a lot of employees and their families may find this
experience awful. The ambient noise, at times, create embarrassing situations
for individuals and trying to hide from it could result in employees not being
at their normal self. Also, a large set of people have an extremely casual
approach to work, when in a relaxed setting, which may be off-putting for
colleagues in the work group.
then is the future of WFH in India? Basis the cost reduction it offers to
employers, there will be an increased traction to continue and enhance Work
from home. A large proportion of employees on other hand are already feeling
weariness of this change and may like to resume the normal office functioning
at the earliest possible opportunity. Multitude of work in offices, including
the IT corporations, require more than one teams and employees to work together
on a problem. Their synchronization has been critical for organizational
success. Keeping this and other factors in mind, most of the organizations may
be forced to resume operations like pre-covid times, once the scare is over.
However, a good solution can be blended office – working from home on specific
days and working at office on other days. This could be a winning solution if
proper planning with thorough understanding of each role.
new way of thinking will also result in paradigm shift in other industries. Real
Estate industry is the one that is expected to feel this change the most.
The market for office sales and rentals may face upheaval in short term. On the
other hand, residential developments in emerging and new locations may see an
uptick in demand. Challenges of working and managing office work from cramped
spaces will force people out of their homes in busy localities to look for new
and larger homes increasing the transactions. The noisy buildings located next
to a street as standalone building, will lose charm and large complexes away
from main road offering less noisy surroundings will gain prominence. It will
not be a surprise to see larger homes or apartments with an extra room
getting into favor, when compared with smaller homes. The locations with good
IT infrastructure will also find more buyers. Also, with travel and other
expenses down, the ability of an employee to pay the EMI amount would increase
substantially, giving him the confidence to invest in a bigger apartment.
the impact of WFH becomes clearer, we will know the way it impacts various
industries. One thing, however, is sure, that the housing real estate
industry is sure to see its best days. The focus will also shift from purely affordable
housing to apartment complexes located away from hustle bustle of
busy market areas. The large township projects will be in vogue and
certainly score over small city centric developments.
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.
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.
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.
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.