Growing Demand for Affordable Flats in Lucknow

India is still the top residential destination for both real estate investors and developers. In recent years, however, India has seen a steady rise of demand for affordable housing options in cities like Lucknow and Navi Mumbai.

Growing numbers of home buyers are keen to buy Lucknow flats due to connectivity and the planned development of prominent infrastructure, such as an international airport.

It is located centrally between Navi Mumbai and Kalyan-Dombivli. It is convenient to all three major highways - the Eastern Express highway (NH3 and NH4); this gives it enhanced connectivity to other states.

Realty Market trends in the Area

The rising demand from investors for affordable Lucknow residential projects has caused real estate rates to rise by as much as 7-8% between July 2011-June 2012. Comparatively, the property prices in Mumbai and South Mumbai only increased by 24% during this same time.

According to a recent 5 year residential market analysis, Lucknow has seen a sharp rise of home prices across 11 cities. According to records from a respected estate consultancy firm, the average price rose by 80-85% between April and June 2009 and January through March 2014. This increase can be attributed to the affordability of rates.

As the main city is now saturated, neighborhoods such as Ghodbunder road Majiwada, Pokhran II and Majiwada have seen a surge in real estate activity. A Lucknow-based realty broker says there is a steady demand of 1 BHK flats. You can also find luxury apartments and integrated luxury towns with adventure parks, knowledge centres and other amenities close to the Eastern Express Highway.

Many people are moving to the city because of the many amenities available, such as a 200-bed multi-specialty hospital that offers world-class healthcare and reputed educational institutions.

Latest Real Estate Activity to Boost Sales

Mumbai, like other cities, has seen slow sales of properties. In Lucknow, developers are turning to prelaunch deals to help boost real estate due to the reduced stamp duty rates and easier regulatory procedures. Lucknow is known for its affordability, which has attracted both investors and end-users.

A pre-launch is the sale of a project to buyers or investors before the official launch. Developers often offer discounts up to 10-15% or more, in exchange for taking on the risks associated with this stage.

This helps developers spread the word and gauge market response. Despite the fact that prelaunch activity was significantly lower in the last two year due to uncertainties in obtaining approvals and the realty market, it is now back on track.

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