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Expected Market Scenario of Residential Projects in Lucknow in 2018

Author: Rajeev Kapoor
by Rajeev Kapoor
Posted: Nov 22, 2017

The year 2017 has witnessed quite a few ups and downs especially in Indian real estate sector. However, the recent reforms introduced by the central government such as Real Estate Regulation and Development Act, Benami Transactions Prohibition Amendment Act, Real Estate Investment Trust (REIT) and the reduced home loan interest rates by Reserve Bank of India (RBI) would all help real estate industry in India to grow and regain position of strength. Market analysts and trade pundits are also forecasting further upliftment of realty market in India.

As 2017 is about to end, the differences can be easily noticed in Lucknow as well. It has been observed that the overall buyer mood has positively changed and the property market is moving in a slightly upward direction in the City of Nawabs. With booming economy and the rise in income levels of middleclass and service class people, Lucknow real estate can expect positive developments and the present market trends are demonstrating the picture of prosperous and bright future for residential projects in Lucknow.

Here are the property trends which are expected to change the scenario of housing projects in Lucknow in the year 2018:

Buyers Giving More Importance to Location

Today, property buying decisions of the customers are getting influenced by location rather than by price and other pertinent factors. The proximity or connectivity of the house to basic amenities and conveniences of the city such as school, hospital, shopping centre, bank and offices goes a long way in influencing the decision of the buyer. According to a recent survey, 64 percent of potential customers preferred location as their main criteria for buying residential property in Lucknow City, 23 percent preferred the price while the rest considered the area of the house as the main factor for property purchase.

Majority of Mid-Segment and Affordable Residential Properties in Lucknow

The maximum number of customers is expected to opt for affordable properties in Lucknow area i.e. 35-45 lakhs property. The recent survey suggests that 49 percent buyers would invest money in affordable housing properties, 28 percent customers would choose mid-segment properties (45-65 lakhs), 16 percent will choose high-end properties (1 crore) and 7 percent would go for a luxury property (more than 2 crores). Apartment or flat is the preferred choice of the customers among all these alternatives. This is because of the scarcity of land and higher prices that have made it hard for buyers to buy a bungalow or villa in metropolitan city or tier-II cities. Furthermore, apartments include several amenities such as swimming pool, gym, themed garden, outdoor party/public lawn, kids playground, 24x7 gated security, CCTV camera surveillance, etc. This is also one of the reasons why people want to invest their money in flats in Lucknow, which could give them high returns in the future also.

End-User Holding the Key

According to the latest property trends, real estate market in Lucknow is in the steady hands of end-users. For long, the market was driven by investors and speculators that caused continuous ups and downs. Nowadays, customers are keen to buy a flat in a new or upcoming housing property in Lucknow for long-term investment and permanent residential needs. This trend is likely to continue, which in turn, would lead to more stability and increased property demand in the city.

These future predictions are the aspirations, desires of the buyers and property market. While the central govt. will develop 100 tier-II cities under the Smart Cities Mission, the spectrum of realty market and residential real estate projects in Lucknow looks optimistic.

About the Author: Rajeev is sales and marketing consultant at Azea Botanica, an upcoming residential real estate project in Lucknow being developed by Azeagaia Development Pvt. Ltd., promoted by Singapore-based firms through foreign direct investment. Azea Botanica offers luxurious 3 & 4 BHK flats in Lucknow for sale at a prime location of Vrindavan Yojna, Raebareli Road. Rajeev has a hobby of writing articles, blogs and likes driving sports bikes and cars.

About the Author

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

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Author: Rajeev Kapoor

Rajeev Kapoor

Member since: Nov 15, 2016
Published articles: 24

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