Real Estate Situation in Kanpur and Lucknow

Kanpur and Lucknow – the two major cities of Uttar Pradesh

Kanpur and Lucknow are the two most important cities of Uttar Pradesh, one of the largest states of India. Lucknow, the capital of Uttar Pradesh, is an ancient city that bears the remnants of Mughal and Sultani era. It exhibits a perfect blend of antiquity and modernity.

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Kanpiur (Image: Wikipedia)

On the one hand, the city boasts of its ancient culture and heritage and on the other hand, it shows the progress and development of science and technology, commerce and industry. It houses IIM, the well known Sanjay Gandhi Post Graduate Institute of Medical Sciences (SGPGIMS) and other renowned schools and colleges.

Similarly, Kanpur, an industrial town is known for its rich history since the first revolt of Sepoy Mutiny broke out in Kanpur. The city is also famous all around the globe for its IIT, agricultural college, tannery industry and cantonment.

With the passage of time both the cities Lucknow and Kanpur are showing steady growth and development. New industry, educational institutions, hospitals are emerging in these cities with promises of immense opportunities.

Both the cities possess an improved transport system and infrastructure that have facilitated growth further. Moreover, these cities are known for their hospitality and cosy and comfortable life. As a result, people from different parts of India are flocking over Kanpur and Lucknow in search of jobs, as well as for business and education. Since more and more people are shifting their base in these two cities, the real estate business here is expanding rapidly.

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Lucknow (Image: Wikipedia)

Real Estate Business in Kanpur and Lucknow

Real estate business deals with the buying and selling of lands and houses. By real estate property we mean the buildings on a land along with its adjacent farm land, water body, flora and fauna.

Since, Kanpur and Lucknow are riding on the ladder of growth and development, new houses and apartments are coming up in plenty over here. People are investing money in real estate, even the NRIs are not lagging behind. Simultaneously, those who are new to these cities are also looking for buying houses and properties here.

Things to Remember before Investing in Property in Kanpur and Lucknow

  • An investment in real estate means the involvement of a huge amount of money. So people need to be wary of the pros and cons of such investment. Generally, the real estate developers furnish advertisements in the newspapers, magazines, roadside hoardings and their websites about their upcoming projects. The interested people can get information about the house for sale in Kanpur or a property in Lucknow from these advertisements. Before investing in a property in Lucknow and Kanpur, they must verify the credential of the builders or the landowners. Simultaneously, they must keep certainother things in mind.Here we have attempted to provide you with some guidance in this regard.
  • Before looking for a house for sale in Kanpur or a property in Lucknow, the buyers must set their budget. The budget will help them to choose the right house and property from myriad options.It is to be mentioned here that the buyers can get idea about the prices of the house and property from the advertisements in newspapers, magazines and websites of the builders.
  • Along with fixing the budget, the prospective buyers must zero in on their requirement of rooms. Usually, the house for sale in Kanpur and property in Lucknow are available in the form of 1BHK, 2BHK, and 3BHK etc. If the buyers look for a property for their family, 2BHK or 3BHK house or flat will suffice their need, but if they are alone in the city a 1BHK flat or house is enough for their establishment.
  • The buyers must keep in mind that the prices of the houses or property depend on the area it covers and the location where it is situated. So, they must possess an idea of the rate per sqft area of the house or property.
  • Before finalising the deal for a house or property, the buyer must check the construction of the house. They must verify if the house has earthquake resistance capacity and water conservation arrangements.
  • Moreover, the buyers must check the walls, bathroom fittings, electric wiring, water supply, and drainage system of the house or flat. If there is any leakage or any other fault, they must bring it to the knowledge of the builder or the landlord/landowner.
  • Often the house or flats for sale are fitted with furniture. The buyers must decide whether they require a fully furnished or semi furnished flat or house. Since the house or flat fitted with furniture will cause extra pinch upon their pockets.
  • If the house or flat is situated within a complex or society, the buyers must adhere to the rules of the society or complex. In this case, they must know the rules and norms of the complex or society beforehand.
  • If the buyers want to avail the EMI facilities, they must know the rules for that too and verify that with the respective bank.
  • After selecting a house or property, the buyers must go through the legal papers attached with the property. They must be very sure that the house or property is free from any dispute and there is no discrepancy or hidden clause in the deed. If they have any doubt, they must clear it with the developer or landlord/ landowner.
  • In Kanpur the 2BHK individual houses are priced between Rs. 24 lakhs and Rs. 35 lakhs, while the price of 3BHK individual houses starts from Rs. 40 lakhs. Whereas in Lucknow, the rate of land in sqft starts from Rs. 3000. Therefore, the price of a 1000 sqft property will be approximately Rs. 30 lakhs.

Purchasing a house or property is, therefore, an elaborate process. It requires cautious steps from the part of the buyers. Hence, the buyers must not take any decision in a hurry. They may seek help of the broking houses available in Kanpur and Lucknow. These broking houses provide all sorts of assistance to their clients right from selecting the house to finalising the deed. They also take care to provide the legal assistance if necessary. Thus, the prospective buyers can make their house hunting venture a memorable one with the help of the broking houses.

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Interesting related article: “What is an Investment?