Are you an NRI (Non-resident Indian) living away from your country? Well, you can invest in the Indian real estate sector with ease. With India becoming an economic power and because you’re emotionally attached to the motherland, having a home back here is a win-win situation for you.
Lucknow, the capital city of Uttar Pradesh, has emerged as a real estate hubspot. The city’s real estate development has skyrocketed, making it a preferred location for NRIs for investment purposes. Now, you might be wondering why Lucknow is the ideal location for investment. Here are the reasons.
Top reasons why Lucknow has become a real estate destination for NRIs
Urban development and smart city initiatives
In the span of just a few years, Lucknow has emerged as a fastest-growing city with world-class infrastructure. Under the government’s Smart City Mission, Lucknow has become one of the most sustainable cities with modernised urban centres, seamless connectivity, and other infrastructure amenities.
The city of Lucknow is also set to leverage technology enhancements, well-equipped and proper waste management, surveillance-maintained systems, and uninterrupted electricity supply. All these facilities ensure a robust real estate environment that attract NRIs for investment purposes.
Under its area based development plan, the capital city is expected to invest around 1475.44 Cr.
Seamless connectivity
The infrastructural boom in Lucknow has made it seamlessly connected with other parts of India. Several new expressways have been constructed to streamline connectivity in and around the capital city. The newly constructed expressways like Purvanchal Express, Lucknow-Agra Expressway, Sultanpur Road, and many others provide connectivity with Varanasi, Delhi, and other locations. Such a seamless connectivity is perfect for NRIs to plan an investment opportunity in nearby properties.
The capital city also has metro connectivity for smooth commute. As far as airport is concerned, then it has Chaudhary Charan Singh International Airport for seamless visits. You can explore 3 BHK flats in Lucknow nearby expressways and airport for impressive returns.
Affordable prices with higher returns
Lucknow is a Tier-2 city, so it holds immense potential for development. The city also offers affordable properties, which will attract higher appreciation in the future. Unlike Bangalore, Delhi, and Mumbai, 3 BHK large flats in Lucknow are affordable and profitable. Since the development is still going on, they’re estimated to grow in value in the future.
Favourable government policies for NRIs
One of the reasons NRI investments flock to Lucknow is the Indian government’s NRI-friendly policies. The introduction of RERA (Real Estate Regulatory Authority) ensures transparency, making it easy for NRIs to invest in desired properties. This also compels developers to finish their projects on time and avoid fraudulent activities.
Also, under the FEMA (Foreign Exchange Management) Act, NRIs can easily earn rentals and profits from their property sales. Flexible terms enable them to earn handsome incomes from their investments even after staying outside India.
Besides, NRIs can claim several tax benefits, like they can claim tax deductions on interest rates. These regulations make real estate investments hassle-free for NRIs.
Easy NRI home loan access
Amid flexible rules and regulations, the Indian government has made it hassle-free to take NRI home loans. It’s easier to take out a loan for real estate investments. However, understanding the NRI home loan basics is required beforehand.
If you apply for an NRI home loan, ensure to understand all the rules, compare home loan interest rates, and provide all the supportive documents for easy processing.
It’s becoming an IT hub
The growing It industries in Lucknow has turned in into an IT hub. Many multinational companies and IT firms find Lucknow as the best location for the setup of their headquarters. This has led to the demand for real estate properties.
The Lucknow IT hubspot, which spans Sultanpur Road and Faizabad Road, has accelerated the demand for flats and commercial complexes. Seamless connectivity and the development of IT hubs are major factors driving the demand. Projects like Jashn Elevate Club Towers, Rishita Mulberry, and many others are perfect for NRI investment.
Conclusion
Lucknow has immense potential in terms of real estate investment for NRIs. The capital city is witnessing rapid growth, urbanisation, and government support to ease the process of flat purchase for those living away from India.
