How Flats in Lucknow Fared in 2017?

As we bid adieu to 2017, there were quite a number of landmark reforms introduced by the central government intended to improve the country’s overall economy. Demonetization made a big impact on various industries and sectors, including real estate. The demonetization drive brought transparency and accountability in property transactions that helped to strengthen trust and reliability between the builders and homebuyers. It also increased the fund inflows in banks across the country which forced Reserve Bank of India (RBI) to reduce rates twice that led to reduction in the interest rate of home loans. This also prompted customers, who were looking to buy property in Lucknow City, to move ahead with their plans.

As India adapted to demonetization, the central govt. also provided relief to affordable housing by allotting infrastructure status to this sector. By giving infrastructure status to affordable housing, the government made its intention clear to provide housing for all by the year 2022. The status grant is expected to have a positive effect on new or upcoming housing projects in Lucknow as well. Moreover, the grant also comes with various benefits to builders like quick access to funds, faster approvals of licenses/permits and easy availability of land parcels, thus incentivizing developers to build affordable residential projects. The government also eased the foreign direct investment (FDI) rules for foreign investors and NRIs to buy properties in India, facilitate the growth of foreign exchange and strengthen the country’s economy. Liberalized FDI rules have already prompted quite a few international real estate firms to invest money in real estate projects in Lucknow.

The introduction of Real Estate Regulation Act (RERA) brought transparency and infused accountability in realty sector. Initially, there was obscurity about RERA and its registration processes but it brought clarity in the sector as time passed by. RERA is expected not only to protect the interests of homebuyers but also ensure speedy redressal of property disputes, which would help gain confidence and trust among the customers, who will be more inclined to invest their money in apartments or flats in Lucknow. The act includes registration processes for developers to comply and monetary fines to ensure that customers feel secure and satisfied about their investments, which in turn, would facilitate the growth of housing projects in Lucknow and increase residential sales.

The Indian real estate market has been benefited from the effect of these latest reforms that will also help impel the growth of apartments for sale in Lucknow. The positive effects of these policies can be easily noticed by the rise in foreign and domestic investor’s sentiments with India’s rank increasing by 30 spots to attain a place in the top 100 nations on World Bank’s list of ease of doing business.

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 3 & 4 BHK luxury apartments in Lucknow at a prime location of Vrindavan Yojna, Raebareli Road. Rajeev has a hobby of writing articles, blogs and likes driving sports bikes and cars.

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