Purely in terms of population alone, UP would be the 5th largest country in the world. Its capital, Lucknow, has been witnessing a huge push in infrastructure and real estate projects in the last few decades as the governments after governments have taken on multiple projects to provide impetus to the Real Estate in Lucknow. While the city has seen many new developments of residential projects, there also are huge developments taking place in terms of roads, bridges, metro rail, Gomti river beautification etc. Almost all the major builders operating out of North Indian market are active in the Lucknow Real Estate Market.
While the real estate market has taken a bit of a beating in the last few years on account of some bad projects, the real estate investment still seems to be the best asset class going by the buyers’ feedback on the sector. Track2realty, a firm that conducts consumer surveys, has carried out a survey to find out the best investment option through a survey done with Urban consumers in India. The company carried out this survey in 20 cities in India to figure out their choices and preferences for carrying out an investment decision. Track2Realty’s pan-India survey to assess the investment aspiration and concerns of urban India was conducted in 20 cities – Bengaluru, Chennai, Hyderabad, Coimbatore, Kochi, Mumbai, Nagpur, Nasik, Pune, Ahmedabad, Jaipur, Bhopal, Delhi, Noida, Ghaziabad, Gurgaon, Chandigarh, Kolkata, Lucknow and Patna.
Some of the findings are unique as unlike a popular perception that the buyers are wary of investment in real estate segment, the survey shows that 88% of the urban Indians feel that real estate is the best investment class to invest in. Other interesting findings include that 72% feel that the pre-launch or early stage construction is a good time to buy a property; and 78% think that the upcoming areas and towns are a better bet than the existing ones. At the same time, there is major resentment among the ones who have already bought properties as 84% of the buyers are repenting their decisions of investing in real estate and 46% are not happy with their builders. These findings show that while the consumers stay upbeat about the sector, there are sector specific issues on account of lax laws that have worked against the buyers.
With the many new reforms on real estate being initiated to take care of the buyers’ interests and other government schemes like “housing for all”, the real estate market is expected to buck the tide and rebound back with a new gusto. While Lucknow has been one of the bright spots among all the tier-2 cities for real estate investments inspite of all the sectoral problems that have plagued the industry, there is no better time than now for buying a Property in Lucknow. One just needs to evaluate and research well on the project that one is planning to invest in.