Lucknow Property and Real Estate Market On Rise
With news of Lucknow being included in the Smart City list by Union Ministry of Urban Development, buyers are getting excited about having a share of it before the real estate prices go high.
Earlier, the government had offered various favors to the real estate sector to help it grow and on June 28th the recommendations of 7th pay commission for government employees were also passed by the central government. Buyers are now more interested in investing in new properties in Lucknow before the prices go up during the upcoming festive season.
The segment has also seen rise in cost of basic materials such as sand, cement etc in the recent past along with increase in the jobs in the real estate industry. Such trends point towards an upcoming rise in the rates of real estate properties in the city.
Mr Anand Bharatiya, sales manager at a renowned real estate company in Lucknow says, “The market has been trending upwards recently and we have seen customers making multiple visits to our township development site. This is a good sign as it shows that customers are more interested in buying new flats and apartments in Lucknow now.”
Government Schemes Supporting Real Estate Sector
Many of the new schemes and acts passed by government are acting as a catalyst for the real estate sector. The approval of 100% FDI in retail sector, reduction in repo rates and key interest rates by RBI, consistent growth of GDP etc are some of the factors aiding the realty sector. Further, the smart city program announcement by central government, Real Estate Regulation act (RERA), Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Housing for all by 2022 mission, Model Tenancy Act and approval of Real Estate Investment Trust (REITs) are the government initiatives indicating at a shining future for the real estate industry.
Mrs Suvidha, head of sales at Azea Botanica Luxury Apartment Township says, “The demand for residential flats and apartments in Lucknow has been increasing since the end of first quarter of 2016. Our sales queries have doubled in this time period and we have been able to close twice the number of deals than we expected by now. We are highly excited right now and hope to sell out all the units by the end quarter of this year.”
Buyers who are waiting for the prices to go down in the residential property sector in Lucknow might not be able to hold on much longer. If anything, prices are just going to move higher in the near future and properties will soon go out of their expected budget. Builders have started pondering on the idea of increasing their base prices and withdrawing various perks and freebies by the end of the upcoming festival season. This is the right time to invest in real estate in Lucknow and buyers should not let this opportunity pass.
© 2016 Azea Botanica