The real estate market is always changing, and new hot spots appear every day. One city that has been creating quite a stir in the North Indian real estate landscape is Lucknow, the capital of the state of Uttar Pradesh. Though it is a second-tier city, it has undergone a radical transformation that has made it an attractive choice for investors and homebuyers.
Eager enough to know why the City of Nawabs is crafting a way for real estate investments? Let’s find out.
Allure of Lucknow
Lucknow’s magic is more than mere math and figures. The city has an enriched cultural heritage, historical sites, and an exciting urban life.
It’s time to understand why Lucknow can be your top priority when purchasing a home.
- Cultural Gem: Blessed with profound ethnic heritage, Lucknow’s pride is visible in its traditional Chikan embroidery, tempting Awadhi cuisine, and fascinating monuments like the Bara Imambara and the Rumi Darwaza.
- Foodie Paradise: The taste of Awadhi cuisine is multi-sensory, which consists of melt-in-the-mouth kebabs, scented biryanis, and savoury curries. Lucknow is a paradise for foodies as the area boasts a wide selection of delicacies.
- Educational Hub: The city of Lucknow boasts some renowned educational institutions, such as the Indian Institute of Management Lucknow (IIM Lucknow), Lucknow University, and the King George’s Medical University (KGMU). These institutions bring youthfulness and freshness to the city.
- Improved Infrastructure: The city has had tremendous infrastructural improvement, with road connectivity through expressways, better transportation services, and the Lucknow Metro Rail. This is a crucial factor as it upgrades the standard of living and enhances accessibility.
Why does Lucknow serve as a destination for real estate investments?
Multiple elements are giving impetus to Lucknow’s growing reputation in the real estate segment, such as:
- Soaring Population: Lucknow is bursting with IT parks, corporate offices, and upgraded social infrastructure. The increased population of professionals drives the demand for residential properties in the area, giving the right time to invest in regional real estate.
- High Rental Yields: Lucknow’s rapidly growing infrastructure pushes the demand for rental apartments. If you invest in upcoming new flats in Lucknow, you are assured of high returns on investment because of the city’s high rental income.
- Appreciating Property Values: The Lucknow city area, which includes Sultanpur, Faizabad Road, and Raebareli Road, has registered considerable growth over time. Such regions have witnessed rocketing real estate prices as the state becomes more attractive for investments.
- Affordable Options: Lucknow provides up-to-date facilities and a comfortable living environment, and its living costs are lower than those of most developed cities. This paves the way for medium-income groups and first-time buyers looking for a sound investment in prime locations.
- Emerging Investment Hubs: While well-established areas like Gomti Nagar and Hazratganj are still considered prime real estate areas by investors, investment is gradually shifting towards new development zones. Also, surrounding areas like Faizabad Road, Amar Shaheed Path, Rae Bareli Road, and Sultanpur Road generate high returns at low investment. These are areas that have a large number of currently available properties at different price points and designs meant to satisfy the needs of every individual.
While Lucknow offers a variety of options, Rishita Mulberry Heights apartments stand out for their enticing features. Consider this project your next investment opportunity.
Here’s why:
- Prime Location: This project is developed in Lucknow’s prime location, providing all the city facilities with easy access and commuting.
- RERA-Registered: This RERA-registered project makes the process transparent and protects buyers against possible fraud.
- Superior Construction: It features a well-built quality project with top-notch materials and quality construction standards, meaning that they deliver long-term durability and security of the home.
- Reputable Developer: These 3 BHK flats in Sushant Golf City, Lucknow, are developed by a well-known group, Rishita Developers, guaranteeing excellent and timely construction.
Think about a place where you can be at peace after a tough day. Rishita Mulberry Heights is exactly what you need. Think of houses where you get natural sunlight and fresh air, with houses next to landscaped gardens and open spaces.
This residential project has the best combination of modern living and a connection with nature, and quite frankly, that’s what being comfortable and rich is all about.
What factors should you keep in mind while investing in Lucknow real estate?
Here are the top factors you should look at while making your first investment in Lucknow real estate:
1. Budget is Paramount
This is the key principle! Your budget will determine whether you can purchase a property of a certain type and location.
- Assess your financial standing: Do a monthly cost balance sheet and state your earnings and financial obligations. By establishing this range, it will make it easier for the borrower to afford the given loan EMI.
- Estimate EMIs: Use an online EMI calculator to estimate your monthly loan repayments. It will provide you with different loan amounts and interest rates.
2. Property Type:
Whether you have a tight budget or a handful of family members to look after, there is an ideal property type for you. Consider these factors:
- Family size: If you are a small family unit, for example, a family of 2 or 3, then a 2BHK flat would be enough room. Besides, a 1BHK flat may just be enough for single individuals, but a growing family might need a spacious 3BHK flat.
- Lifestyle needs: Do you want a study space, an extra room, or a balcony with a view? Consider these factors when buying a flat in Lucknow.
3. Location:
Picking the best area is the primary concern for an excellent lifestyle and comfort. Here are some aspects to consider:
- Proximity: It would be ideal if you don’t live far from your workplace. Your children’s schools and important amenities such as hospitals and markets must be near you.
- Connectivity: Provide the best public transport, major roads, and highway accessibility for the most comfortable traffic flow existing in the city.
- Future Development: Think of a location which is experiencing infrastructure growth. It would be best for investment.
4. RERA – Your Safety Net:
The Real Estate Regulation Act of 2016 (RERA) provides certainty to all parties associated with a property transaction, benefiting both and lessening instances of malpractice and corruption. RERA also builds a grievance redressal mechanism for buyers, where consumers are protected and can have a peaceful mindset during the procurement process.
The Final Thoughts
Lucknow’s real estate market is growing by leaps and bounds, with new possibilities emerging every day. The population growth, quality infrastructure, and diverse, affordable options make Lucknow a town to consider for your next property investment. You have a range of properties for your pocket size and style, whether you would like to consider 1 BHK or 3 BHK flats.
Also, ensure you partner with a trustworthy developer and a project registered with RERA. This will assure you that your investment is safe and the transaction process is transparent.
So, are you ready to enjoy Lucknow’s charisma and investigate its potential property market? With attention to detail and some research, you can find the City of Nawabs as your next investment prospect.
