The Indian residential market has observed continued momentum in the recent months. The positive attitudes of potential homebuyers, coupled with the festive atmosphere, have spurred them to maintain their pursuit of properties. Noteworthily, the IRIS index, Housing.com’s monthly index that tracks the online property search volume of high-intent homebuyers, reached 109 points in September 2023, observing an upturn after a four-month decline owing to the global headwinds and the geo-political uncertainties. Here are some findings from the search activity.
Lucknow Holds onto the Second Spot
While Delhi NCR led the charts on the IRIS index, Lucknow held onto its second position among Tier 2 cities, surpassing all other Tier 2 cities within the top 20 rankings on the index.
The residential real estate market in Lucknow has witnessed remarkable growth in recent years, largely owing to its unique combination of historical charm and modern development, economic stability, affordable housing options, and government support. The growth of job opportunities and the establishment of IT parks and educational institutions have contributed to the influx of people into the city, contributing to the demand for housing.
Additionally, super-specialty hospitals have made Lucknow a regional healthcare hub, attracting people not only from within Uttar Pradesh but also from neighbouring states, spurring the demand for short and long-term accommodation. The city's connectivity has also improved exponentially with several completed and ongoing infrastructure projects, making Lucknow an attractive destination for real estate investment.
Online searches reveal preferred locations
The online search trends for homebuyers in Lucknow revealed that majority of the search queries were concentrated in locations such as Gomti Nagar, Indira Nagar and Vrindavan Yojna. These are prominent localities in Lucknow known for their strategic locations, well-planned infrastructure and amenities, suggesting that homebuyers are seeking a blend of convenience and urban lifestyle.
Gomti Nagar, for instance, is a bustling commercial and residential hub, featuring a mix of upscale residential complexes and shopping centres. Indira Nagar is another sought-after neighbourhood, known for its well-established residential communities and proximity to essential services and educational institutions, while Vrindavan Yojna, which is a planned township, owes its popularity to modern infrastructure and the promise of a well-organized community living experience.
Increased Preference for 3BHK Homes
The prevailing trend in online property searches indicates a clear preference for 3BHK configurations among prospective homebuyers. This signifies a demand for spacious and versatile living arrangements, while allowing for additional flexibility, such as a dedicated home office or guest room. For many, it strikes a balance between affordability and comfort, making it a favoured choice. Following closely behind, 2BHK configurations are the next most sought-after option. These units are often favoured by smaller families, young professionals, or first-time homebuyers due to their relatively more economical pricing and efficient use of space.
A Wide Budget Range
As per data, majority of the prospective property buyers in Lucknow are seeking apartments priced between INR 50 lakh to INR 1 crore. This price range caters to the housing needs of a broad spectrum of residents and is indicative of the dynamic and evolving nature of Lucknow's real estate market.
The fact that Lucknow has a burgeoning middle-class population stands testament to the shift towards this price range, signifying both budget constraints and aspirations of this demographic. Buyers in this segment are typically looking for quality housing with comfortable and well-designed homes that provide good val9ue for their investment.
Conclusion
The online search trends for homebuyers in Lucknow emphasize the importance of location, infrastructure, budget and amenities in their decision-making process. As the city continues to evolve and prosper, it holds significant promise for individuals and investors looking for a thriving real estate market in northern India.
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