What Does 2018 Hold for Real Estate Projects in Lucknow?

The real estate industry in India will be benefitting from the reform-driven environment, which is improving buyer confidence, while transforming the sector into a more transparent and organized one. Market analysts are expecting the investment flows to continue in realty sector whereas past incidents of healthy investment returns encourage stakeholders and customers for an optimistic future outlook.

Real Estate Developers in Lucknow Positive About Real Estate Regulation Act (RERA)

According to a leading property consulting firm, 80 percent builders in Lucknow believe that RERA would bring transparency and accountability in property dealings and will increase the demand of homes and buyers trust. RERA will ensure that only professional and reliable developers who adapt and are willing to change remain in the business, which could lead to a positive impact on upcoming housing projects in Lucknow and improved chances for acquiring private investments.

RERA – The Main Force Behind Bringing Back Customers’ Trust

Retrieving buyers’ confidence back that got tainted by litigations, non-deliveries and project delays would depend on the efficacy of reforms such as RERA, Affordable Housing and Goods & Services Tax (GST) to help boost homebuyers’ confidence in realty sector. As per the latest property survey, 55 percent real estate companies in Lucknow believe that RERA would be the key player in bringing back customers’ confidence and sentiment, whereas 45 percent think that affordable housing will assist in regaining customer confidence and help facilitate the growth of real estate projects in Lucknow.

Boost for Foreign Direct Investment (FDI) in Lucknow Real Estate Post RERA

Though, the Indian property market has been experiencing a slowdown for the past few years, latest government measures like Benami Transactions Act, Smart Cities Mission, Housing For All By 2022 and RERA have been instrumental in attracting a number of overseas investors to Indian market. Many real estate firms in the City of Nawabs have an opinion that RERA will bring a substantial increase in FDI in upcoming real estate projects in Lucknow because of robust organizational set-up and transparency.

Real Estate Prices Picking Up Post Regulatory Reforms

Lucknow real estate market is becoming more stable, organized and slowly heading towards transparency. Considering the present market situation, yearly return rate of 10-15% is regarded relatively healthy. It must be kept in mind that investors and customers continue to remain optimistic about high returns on investment. Moreover, the market price trends have been stable in last two financial quarters and did not witness abrupt price fall due to end user market, thus developers expect property market and prices to appreciate after RERA, drawing investments and restoring trust among the homebuyers, who will be more inclined to invest their money in new or upcoming residential property in Lucknow.

Realty Prospects Look Brighter in 2018

With the implementation of RERA, builders are not allowed to market their projects without proper registration with official regulatory authority and registrations getting cancelled in case of norm violations. Current property trends indicate that a number of real estate builders in Lucknow are planning to invest in a residential township in the next six months with many developers eager to launch a new project with complete registration formalities and guidelines in the forthcoming 6 months.

About the Author: Rajeev is sales and marketing consultant at Azea Botanica, an upcoming housing property in Lucknow being developed by Azeagaia Development Pvt. Ltd., the top real estate development company in Lucknow, promoted by Singapore-based firms through foreign direct investment. Azea Botanica offers 3 & 4 BHK luxury flats in Lucknow at a prime location of Vrindavan Yojna. 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.