Lucknow the capital of Uttar Pradesh has emerged as one of the fastestgrowing cities in India. Once a traditional town with many U.P. Government offices, it is now bustling with commercial spaces, universities and popular malls. It is expanding in every direction with Gomti Nagar and other localities on the airport road developing into upscale localities. There has been a considerable increase in demand for optimal infrastructure and modern well-maintained residential and commercial spaces. The upwardly mobile urban population is seeking high quality homes that will make their life more convenient and comfortable. A posh locality surrounded by natural green areas is always a plus point. It is no wonder then, that the property prices of Property in Lucknow have escalated steeply over the years. One has to move a little further out of the prime locations for affordable mid-segment housing.
When one is ready to invest inany Lucknow property, it would be wise to research and read up about the current property trend and data on prices with regard to real estate in Lucknow.This way one can keep track of the real estate market direction. As in,one can figure out a good time to buy or sell property in Lucknow and also,know which areas are commanding a higher premium.
Currently the data gathered shows that the Lucknow real estate prices range from Rs. 25000 to Rs. 23.01 lakhs. It also reflects that out of the many localities of Lucknow, the prices of almost 33 localities are increasing steadily while the prices of only 27 localities are decreasing. We can infer that it is a good time to invest in Lucknow as the city is showing remarkable potential and an upward movement in the price index in general specially in the past six months.
Many sites are available which help the buyers and sellers get accurate and updated information of the Lucknow real estate status. One can get a listing of the prices in Lucknow as wellsuch as a precise data on average per square feet rate.
Howeverit is advised by the experts that the optimal time to invest in property is when the market is correcting itself, though it may not always be possible to know exactly when the lowest prices will be reached for any particular locality. This well-researched data aids buyers and sellers get the maximum benefit of the conditions in the market.
While investing one should also be vary of the fact that there are many fake or illegal projects that are coming up in the outer periphery of the city. They either don’t have the permission from LDA or sell plots or homes without the basic infrastructure in place. This is because, the builders buy farming lands from farmers at rock bottom rates and thensell them as plots, without the required approvals from LDA or insufficient approvals from the Zila Panchayats. As a result these develop more like slum areas without basic infrastructure like drainage system, water-supply, sewerage, ,electricity connections or proper roads.
Be prudent while investing in property in Lucknow!