Residential Projects in Lucknow to Get a Boost in Festive Season 2017

Every year, the beginning of October commences festive celebrations in India. The religious sentiments attached to the festivals influence Indians to plan their important investments and purchases, particularly in real estate, during this festive period. Property developers also wait for this season to launch their projects and make the most of positive sentiments.

Unluckily, festive season in 2016 did not meet the expectations as home buyers largely stayed away from purchasing due to delays in execution, unattractively high prices and uncertain economic scenario. Moreover, demonetization drive also played its part and was responsible for the depressed sentiments not only in realty resale market but also in primary sales. The majority of customers deferred their property purchases, preferring to wait till Real Estate Regulation and Development Act (RERA) kicked in completely. Though, most builders offered attractive discounts and schemes, customers were wary during last year’s season.

Nevertheless, 2017 festive season has actually begun on a more positive note. Although, the introduction of structural reforms such as Goods and Services Tax (GST) and RERA have reinstated buyer sentiment, real estate builders in Lucknow too have progressively conformed their business approach and practices in the era of transparency and accountability brought on by RERA and GST, and are prepared to meet the rising demand of flats in Lucknow for sale.

GST and RERA Address Transparency

The central government has introduced new laws such as RERA, GST and Benami Properties Act. These laws are expected to bring transparency and accountability, especially in real estate market. The RERA is expected to improve transparency between the developers and customers, ensure timely completion of housing projects and protect the interests of buyers. All this would have a positive impact on the functioning of real estate companies and residential projects in Lucknow.

Ample Supply of Ready-To-Move-In Apartments

After the implementation of RERA, real estate developers in Lucknow are trying to complete their under-construction housing projects in time and to offload unsold apartments instead of constructing new projects. Besides, ready-to-move-in units with occupation certificates have been kept out of both GST and RERA, making it easier for developers to market these units. As a result, customers have wide options of ready-to-move-in apartments in Lucknow for sale.

Affordable Housing

The ambitious program of NDA Govt., Affordable Housing For All, was given a boost when the 2017-18 Union Budget allotted it infrastructure status. This would not only help builders raise funds at a low rate but also boost long term funds from pension funds and insurers to invest in affordable housing segment. From a realistic point of view, the time limit for the completion of affordable residential projects has been extended from the earlier 3 years to 5 years so that developers get ample time to complete their projects and quality and durability is maintained. This way, customers will be able to buy quality flats in Lucknow under affordable housing scheme.

This festive season in Lucknow would be different and full of positivity when compared to 2016. For real estate companies, this season can get the ball rolling for the resurrection of residential real estate projects in Lucknow.

About the Author: Rajeev is sales and marketing consultant at Azea Botanica, an upcoming housing property in Lucknow being constructed by Azeagaia Development Pvt. Ltd., promoted by Singapore-based firms through foreign direct investment. Azea Botanica offers 3 & 4 BHK luxury houses in Lucknow at a prime location of Vrindavan Yojna. Rajeev has a hobby of writing articles, blogs and likes driving sports bikes and cars

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Rajeev is an avid writer and regularly writes articles and blogs on Lucknow real estate.