Big cities, big spendings! But can that be true for a small city? A sizeable number of homebuyers in Lucknow have indicated that this could be true. Shedding its image as a Tier- II city, Lucknow has gone in for an image makeover with most local brokers and industry insiders pointing out that investment patterns have changed over the years. How comfortable are buyers putting in their precious savings into a small city?
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Brijesh Pratap, a broker at Shree Ganesh Properties says, “A large number of buyers today have moved away from the traditional inclination of investing in plots. Their pick today is apartments. While Lucknow’s real estate is accommodative when it comes to buyers from different income segments, most buyers are comfortable looking for properties above Rs 40 lakh.”
However, this doesn’t mean that the market herein is devoid of affordable options. Magicbricks data shows that there are plenty of properties available even within Rs 25 lakh. However, this leaning towards spacious houses displays an interesting trend. Ratnesh Rau, a consultant at Easy Address says, “It clearly reflects the aspirations of local buyers. With disposable incomes on the rise, buyers profile has expanded. It is no longer the middle-aged buyer who has saved over the years who looks for homes. The age group has reduced with buyers age group starting from anywhere from late 20’s to mid-40’s.”
Pratap says that of the buyers, almost more than half of them are early on in their career. They are though well-settled and have opted to invest in Lucknow due to relatively lower entry costs or because their family members and relatives are in the same city. Some buy these properties for their parents in Lucknow as opposed to the original buyers themselves who are working in Delhi, Mumbai or Bengaluru and in most cases abroad as well.
What is the future of an investment in Lucknow? Karunesh Gupta of Sai Sant Property says, “Buyers might be either an end-user or an investor. In cities like Lucknow, property prices are still rational and most buyers are end-users. So there is not much to lose unlike say an unpredictable market where prices fluctuate within every six months. Price escalations in Lucknow have been slow but gradual and impressive.”
www.sevagiri.com
Brijesh Pratap, a broker at Shree Ganesh Properties says, “A large number of buyers today have moved away from the traditional inclination of investing in plots. Their pick today is apartments. While Lucknow’s real estate is accommodative when it comes to buyers from different income segments, most buyers are comfortable looking for properties above Rs 40 lakh.”
However, this doesn’t mean that the market herein is devoid of affordable options. Magicbricks data shows that there are plenty of properties available even within Rs 25 lakh. However, this leaning towards spacious houses displays an interesting trend. Ratnesh Rau, a consultant at Easy Address says, “It clearly reflects the aspirations of local buyers. With disposable incomes on the rise, buyers profile has expanded. It is no longer the middle-aged buyer who has saved over the years who looks for homes. The age group has reduced with buyers age group starting from anywhere from late 20’s to mid-40’s.”
Pratap says that of the buyers, almost more than half of them are early on in their career. They are though well-settled and have opted to invest in Lucknow due to relatively lower entry costs or because their family members and relatives are in the same city. Some buy these properties for their parents in Lucknow as opposed to the original buyers themselves who are working in Delhi, Mumbai or Bengaluru and in most cases abroad as well.
What is the future of an investment in Lucknow? Karunesh Gupta of Sai Sant Property says, “Buyers might be either an end-user or an investor. In cities like Lucknow, property prices are still rational and most buyers are end-users. So there is not much to lose unlike say an unpredictable market where prices fluctuate within every six months. Price escalations in Lucknow have been slow but gradual and impressive.”
Source - MB
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