Things to consider before investing in Real Estate in Lucknow

Figurines on a stack of coins, miniature house in background

We all know that the real estate market in India is in great demand across all cities. Lucknow the capital of Uttar Pradesh is once such city which is showing a great development in Real Estate investment. The development of this area has started and one can now find flyovers, wide roads, malls etc. which has piqued the interest of buyers and developers. Many luxurious apartments are now on offer by local as well as top developers of the country. These apartments come in various sizes like 1bhk, 2bhk, 3bhk and they include amenities like jogging tracks, gymnasiums, swimming pools, car parking and tight security services. Some new developers have come up with ultra modern facilities like Jacuzzi and Stream and Sauna Bath! Not just residential property but even commercial properties come at enviable prices.

If you plan on investing in real estate in Lucknow, here is some good news. Lucknow now makes it in the list of ‘Top 20 Promising Cities to Invest in Real Estate’ in India. Be it a residential or a commercial property that you intend to buy, now is a good time to invest in real estate Lucknow. But investing in real estate can be tricky. So before taking the plunge, sit back and consider the following…

MONEY

First and foremost, be clear on the maximum amount you are willing to shell out for your real estate investment. Based on your income and saving, calculate the amount of money you are willing to risk, and weigh the pros and cons carefully. Once money matters are clear, it’s time to move ahead.

KIND OF PROPERTY

It important to decide on the kind of property you want to invest in- Like residential or commercial. Are you open to properties that are under construction or are you looking for ready apartments and houses? Make sure they align with your long- term personal as well as financial goals.

LOCATION

Once you decided on the kind of property, it’s time to find the ideal location, so that your investment can reap the best results. Be aware of investing in places which are far away from the main city and that do not even have basic infrastructure in place. Lucknow is currently on its way to major development. The Government has allocated major funds to the Lucknow Development Authority to build bridges, roads and for other overall development. Make sure the place you chose has good connectivity overall and is also close to schools, hospitals, markets etc. if you’re investing in a residential property. Areas such as Raebareli Road, Sultanpur Road, Gomti Nagar have very good residential and commercial projects. If it’s a commercial property, make sure the area is developed and check for its connectivity with rural areas and towns nearby.

THOROUGH CHECK

Before giving away your money, it’s essential to to check the credibility of the builder, land owner, broker, real estate agent or anyone involved in the transaction. If it sounds too good a deal, be on your guard and dig deeper. Unfortunately, the real estate market in Lucknow and everywhere else in general, is filled with fraudsters waiting to dupe people of their money. So, do a thorough background check, to avoid your dream from turning into a nightmare.

LEGALITIES

Make sure the seller has a clear title deed and verify it with your lawyer. Hire a lawyer who will help you out with all the legalities. It’s best to consult an expert, to avoid irreversible financial blunders.

Hope these pointers help you in making an informed decision, while buying real estate in Lucknow.

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