Residential property in Lucknow

Integrated township living – Need of our times

Imagine living in a neighbourhood where everything you need is a stone’s throw away. Sounds too good to be true? Well, integrated townships have made this dream a reality and therefore, have fulfilled a lifestyle need of new age home buyers.

Integrated township living – Need of our times

Self-sufficient integrated townships are fast becoming the order of the day, and are popular among developers and residents alike. It is an ultra-modern and cosmopolitan real estate model, featuring the combination of residential and commercial complexes with associated infrastructure such as schools, colleges, shopping centres and various other facilities. Traditional urban living is plagued by a range of issues such as overcrowding and shortage of space. Integrated townships help combat these problems by creating miniature urban ecosystems that offer an abundance of space, security and accessibility. From cost-effectiveness to convenience – the range of benefits offered by integrated townships are endless.

Easy Access to Essentials
The COVID-19 pandemic served to demonstrate the need for easy accessibility to essentials, as the movement was heavily restricted. Living in an integrated township ensures that you never have to worry about getting to a supermarket or hospital again. All the benefits of city life are offered within the project, with all essential services being available at close vicinity. By choosing an integrated township, you can wave goodbye to all the hassles of commuting!

Perfect Environment for Children
Urban environments are causing children to become increasingly cooped up in cramped apartments, resulting in excessive use of technology and lack of exposure to open, green spaces. Integrated townships effectively combat this issue through the creation of numerous public spaces for children such as parks and playgrounds. Moreover, the presence of creches and day-care centres make it a convenient place to raise children, with heightened security also ensuring peace of mind for parents. Townships enable children to grow up in safe, clean and green spaces, with no dearth of opportunities to run around and enjoy their childhood.

Great Value for Money
While a township property may seem like a large investment, a closer look reveals that it is more cost-effective than buying an independent property. As townships are often located in the outskirts of cities, they offer a wide range of amenities at reasonable prices, while ensuring great connectivity to the main city. Moreover, townships offer a better return on investment and great potential rental incomes. Additionally, integrated townships offer the added advantage of lower maintenance costs, as service taxes and maintenance charges are distributed over a large population.

Enhanced Lifestyle
Apart from essentials such as schools and supermarkets, integrated townships also feature a range of facilities and benefits to enable an optimal lifestyle. These projects offer an escape from the claustrophobic city, with an abundance of ventilation, greenery and open spaces. Moreover, the reduced need for long commutes also allows you to spend more time doing the things you love. Provisions for jogging, yoga, meditation and other enjoyable activities make living in integrated townships an extremely wholesome and satisfying experience.

There are, however, very few integrated township projects in Lucknow. Paarth Republic is one such project, which is in advanced stage of development and offers various residential options to meet requirements of different budgets.

Does your home reflect your personality?

April 2, 2021 0 Paarth Infrabuild residential Residential Properties

Every home, even if constructed with the same design, feel different. This difference comes in due to the ways one decorates or maintains his home. No wonder, the home reflects the owner’s personality in more ways than one. The design of your home can be an expression of yourself and you build a story through the colours and styles that you choose. Your home is your haven, so when it comes down to it, it should reflect the people who live in them. There are many ways it happens. Let’s look at these, which can bring you closer to the vibes of your home.

Lifestyle

If you are someone who likes to be organized in life, then the chances are that your house will be clean and spacious, and there won’t be a pile of clutter in sight. Homes with lots of storage and simple designs reflect those who are logical and calm, and like to have things planned out.

Accessories

For those who love the outdoors, homes will be full of plants and flowers, with a garden bursting at the seams. It is important to make sure your home reflects your lifestyle, as how you feel in your day to day life should be the same when you’re in your home.

There are many different ways that personality can be reflected through the accessories around your home. You may be a fairly quiet person, but the yellow cushions on your sofa or the floral tablecloth you choose in your kitchen could reflect your positive outlook in life.

The pictures you have on your walls or the designs you choose for your curtains could also reflect your love of animals, without actually taking over the house. It’s nice to inject your personality into all the different accessories around your home and garden.

Experiences

A great way to find out about someone is to learn about his or her experiences, and often these can be seen around the home. Homeowners that spend a lot of time traveling often bring home keepsakes and trinkets that can be found in various rooms, showing the experiences that they have had in life.

The experiences you have tell a story and are reflected in who you are and how you feel, and this is then reflected in your home decorations. It’s great for someone to be able to walk into your home and really feel that it represents you.

Relationships

The way you decorate your home can definitely affect the dynamics of any relationships you have in the house. Think about all the different people who live with you and how their personality could also be reflected in the way your home is decorated.

If you have kids your home may have some smaller pieces of furniture or rooms with brighter walls. If you live with your other half, you may choose colours that reflect love and romance, turning your house into a warm and cosy home to share together.

Paarth Infrabuild offers homes, which one can customize to a great extent basis his personality and lifestyle choices. There are homes of different sizes and designed differently, creating communities around these choices the customers make.

Benefits of buying a home from reputed developers

March 18, 2021 0 Paarth Infrabuild Real Estate residential Residential Properties

In last decade, the age of home buyers has gone down and number of home buyers has increased substantially. Taking advantage of the same boom, the developers have started to offer the customers with different types of housing projects, for their ease and to cater to their interest.

However, there are some fly-by-night developers who have entered the trade to make some quick money. They would typically release attractive advertisements and offers to lure customers. There are also some developers in every market who have delivered good projects in past but are facing huge financial crisis. Therefore, a critical part of a home-purchasing decision is background check on developer. So what should one look out for:

Choose a developer who has delivered some projects in the city earlier
Check out for a financially strong builder. You can do a google search on the developer to see if he has defaulted on some payment etc or taking huge loans. It’s better to avoid such a developer even if he meets the criteria 1.

While it might sound like some work, a due diligence at this stage will help you to avoid disappointments later. Some of the benefits that one can enjoy by purchasing a home through a reputed developer:

Modern Design

A reputed developer who has multiple projects, will have his own setup to oversee the designing and the construction process. This ensures one gets the most state of the art design, which are functionally useful and provide living comfort for a long time. Typically, a developer with a quick money in mind, doesn’t create his own setup and gets contractors to do everything. This results in compromising quality as the contractor is not bothered about his long term reputation with the end customer.

Transparency in dealing

A reputed and large developer will have a process to take care of any concern raised by a customer, something which is very important in buying a product with deep engagement. There is a process of 3-4 years during which you need help on aspects like checking progress of the project, payment reconciliation, documentation etc. Small developers don’t have CRM department to handle these queries and ever changing sales people are of no help in such situations. Also, with a large developer, everything will be recorded in writing or through a mail. Registration of projects with RERA also ensure a certain minimum transparency by the builder. The projects offered on individual basis by small builders in unorganized sector are not even registered with RERA and offer no specific details.

Easy accessibility of Home Loans

A reputed developer will already have a project approval done for home loans for its customers through reputed financial institutions. In such a case, it becomes extremely easy for a customer to get his home loan processed. In some cases, financial institutions also offer special promotions on home loans like subvention schemes or special interest rates for home loan on such residential projects.

Timely Project Delivery

Good and reputed developers ensure that they keep their commitments to the customers and therefore use modern project management techniques to ensure customer satisfaction.

Paarth Infrabuild is one of the most reputed developers of Lucknow. They have multiple projects in the city and offer best value for money to its customers with transparent offers.

10 step guide to buying a new home in India

March 5, 2021 0 Paarth Infrabuild residential Residential Properties

Step 1 : Decide your Budget

Your home is one of your biggest purchase. A proper budget has to be planned to know how much money will be left each month to meet your expenses, after accounting for home loan EMIs. It is therefore, very important to look at your past savings for the purpose and estimate how your future earnings are expected to move. It may be simpler for a salaried person, though may involve some serious work for a business owner or a self employed professional. One should also account for any future expenses that can be accounted for now, like children’s educational expense etc.

10 step guide to buying a new home in India

Step 2 : Assess Family requirements

Remember, you are buying a home to ensure that your family enjoys living in it. Different members in the family can have different interests and expectations from new home. It is critical to understand their requirements before you set out on home search. Your family size will help you determine the number of rooms that you need. You may need extra room, in case, a family member is a professional or work from home executive. Older parents, similarly may need easily accessible open space as well as medical facilities nearby. All these along with future needs should be considered while planning to buy your dream home.

Step 3 : Location

It is essential to decide on a few areas where you want to buy a home. It can depend on location of kid’s school or your office. There may be other specific considerations for the family with reference to location and all of these should be brought in, before filtering the preferred locations. Take a good look at the location and the locality by visiting shortlisted areas at different times of the day. It is preferable to choose a developing area, adjacent to the prime business district of your city so that the price is not that high. Location will also have a large impact on the resale value of your home. Choose wisely to ensure your home is a wealth creator for you in future.

Step 4 : Rental rates in the area

The rental rates in an area are a good proxy to understand how people in general perceive an area for living. Since these rates are decided by people based on the amenities in the locality, and the general advantages the locality offers, compared to other locations, it can be a good comparison for several shortlisted locations. Typically a project with higher rentals will be closer to work areas and required amenities like schools and hospitals.

Step 5 : Resale Value

Resale Value is an important thing to consider before you plan to invest or buy a property. Property buyers generally don’t consider this point, when they buy. They make the mistake of focusing solely on a prime locality or the budget of the property. If you choose the wrong property or location, it is possible that your future sales price will always be less than the other homes around it. It is important to look at your home also as a wealth multiplier over a period of time, as at some point of time, you may plan to sell it and buy a new house.

Step 6 : Loan eligibility

Home loan eligibility depends upon the repayment capacity, income, existing loans or debts and age of the loan applicant. The lending company or banks provide online services such as home loan eligibility calculator or pre-approval of loan. These will help calculate loan eligibility of the home loan borrower and therefore help in deciding the budget for your purchase. The maximum loan that can be sanctioned varies with the banks and the eligibility criteria may vary according to the bank or RBI regulations. It is also worthwhile to check the documents that will be needed for availing a home loan and the interest rates offered by different banks. Although, now most of the prominent developers have a facilitation cell for home loans.

Step 7 : Stamp Duty & Registration Fee

This is an important expense or tax, much like the sales tax and income tax that are collected by the Government. When planning your budget for property buying and deciding to buy a property, you need to know the rate and charges applicable in your city. If you want to know the market value of your property and the stamp duty amount on it, you need to contact the Ready Reckoner to locate your valuation zone and sub-zone. These details are available online as well as the builder team can guide you on it.

Step 8 : Additional Costs

Even if this isn’t your first time home buying, you will want to get help from a team of professionals. Fees or service charge by real estate agents, lenders or mortgage brokers, home inspector, land surveyor, lawyer or notary etc should be considered. Find out how much is the maintenance charge. Will car parking be provided and do you have to pay extra for it. If your previous owner did not have a vehicle, speak to the secretary of the society and ask for a parking lot. Also, you should consider getting your home insured, which will also have a cost.

Step 9 : Developer credentials

Different developers have varying motivation behind a project development. There are some developers, who have multiple projects in the city or elsewhere and therefore, they want to give a lasting value to the customers, expecting to earn a goodwill. At the same time, there are some whose only interest is in making quick money. It is, therefore, important to do a thorough check on the developer before you sign on the dotted line.

Step 10 : Approvals

There have been multiple instances when developers launched a project without getting all the approvals. Though, with RERA, the instances of the same have reduced but there are still some people who try to play on customer’s ignorance. It is important to check all the necessary approvals – like RERA approval. You may visit RERA website to get complete details as shared by a developer with the authorities and then cross check the details given by developer representative with these.

If you take care of these steps, your home buying experience will be smooth and you will enjoy long term happiness. The process may take some time, but when making an important investment decisions, it is worthwhile to spend this time.

If you are looking to buy a property in Lucknow, trust Paarth Infrabuild. With some of the best residential projects in the city and a legacy of trust and transparency, they will be an ideal support to help fulfil your dream of a beautiful home.

Paarth Republic – the only planned township on Kanpur road

February 26, 2021 0 Paarth Infrabuild residential Residential Properties

Modern life is busy and full of stress. With the advent of web and mobile telephony, it has become extremely difficult to keep our personal and office time completely separate. The increasing globalization in every job is also overlapping time zones and is bringing a new dimension of stress. Thankfully the town planning has kept pace and ensured that there are separate zones of actions for different kind of activities. Paarth Republic township on Lucknow Kanpur highway has used these concepts of planning to make life for its residents peaceful and enjoyable. This is also the largest township on this side of town, which brings its own unique advantages.

Paarth Republic - the only planned township on Kanpur road

Let’s first understand as to what is meant by a planned township. A planned township is any community that was carefully planned from its inception and is typically constructed on previously undeveloped land. This contrasts with settlements that evolve in a more ad hoc and organic fashion. We have all seen the chaotic life in unplanned and organically developed residential clusters of Lucknow. Places like Alambagh or Krishnanagar are an example of this life – with no plans and regulation, one can see a commercial development next to a residential one without any concern for privacy of residents. A planned township is an antithesis to this. There are separate zones for residential, commercial and recreational activities. This ensures providing all the facilities without compromising one’s privacy.

The concept of town panning is as old as civilization. However, most parts of Indian cities emerged from expansion of old villages or towns. This resulted in haphazard development. However, some of the cities like Chandigarh, Lutyens’ delhi, Noida have been planned developments with clearly marked zones for different type of activities and a planned infrastructure. However, cities like Lucknow have been deprived of these advantages. Some developments of this kind have come up near Gomti nagar, however on Kanpur road, Paarth Republic is the only development that uses the modern concepts of town planning to ensure it is a premier most township not only of this area but in entire Lucknow.

But what are the advantages of a planned township living. A township living ensures that all the basic requirements of a peaceful and happy life are made available in a fashion that protects individual choices of all residents while offering them advantages of community living. The residents, therefore, don’t have to worry about basic requirements of living. There are markets inside the township to meet everyday requirements of provisions and medical facilities to take care of any eventuality. A clear demarcation of each residential unit and written rules about what modification are possible, make sure that there are no unnecessary disputes among neighbours. Clearly planned and marked parking areas ensure that there is sufficient space for parking and avoids any disputes which is a huge trouble in city areas now a days. The areas of recreation facilities and clubs etc are created a bit off from the main residential areas ensuring no disturbance to sleep of people living here. All this goes on to make life happy and satisfying.

Indians have been flocking to buy houses in large planned townships, especially in post pandemic era. Paarth Republic is seeing a continued traction for its offering and has limited units left to be sold.

Why is RERA important

February 19, 2021 0 Paarth Infrabuild residential Residential Properties

In India, owning a home is a dream most people savour through their life. There is only a small percentage of people who get to own their home. Most of us save our lifetime income for buying a home of our dreams. But before buying property lots of questions arise in buyer’s mind. Are we investing in the right location? Will the builder deliver what is promised? Is this builder an honest builder? What clauses should be there in a house buying agreement? To solve this problem the government has introduced RERA for home buyers. Let’s understand in detail as to what is RERA and what does it entail.

Before this regulatory act, some unscrupulous builders and developers of India had their own rules and regulations. The buyers were given almost no choice by such developers. While the buyer was paying for the property and this would be the biggest asset most of them ever invested in their lifetime, a lot of builders avoided sharing the important details with the customer. That is why Real Estate Regulatory Act (RERA) was introduced, to protect buyers’ rights on one side and builders’ payments on the other.

What is RERA

The Real Estate Regulatory Authority (RERA) is an act introduced by the Indian government in 2016. The main objective of this Act is to protect property buyers’ right and help them reach out to a regulatory body in case of any issue with the builder. The act also ensures that property buyers understand their responsibilities of payments and they protect a developer’s rights to ensure there are minimal disputes.

RERA has put forward clear guidelines regarding constructing and developing the real estate. This has brought a lot of transparency between buyers and developers and established a way forward in case of a dispute. As there are uniform rules created, it becomes easy for a buyer to compare different projects and understand detailed cost structure without the bomb of hidden charges exploding on him later on.

Importance of RERA

Indian real estate needed a regulation like RERA to add confidence in India’s Real estate sector. RE is a leading part of the economy and contributes to almost 15% of GDP. The act ever since initiated, has resulted in several changes in construction sector by bringing in transparency at every step and forcing all parties to fulfil their duties.

The act has brought clarity between property buyers and property developers thereby building the necessary trust between sellers and buyers. It has established state authorities in every state and has tried to do away with anomalies or malpractices in the sector.

Now RERA is helping home buyers in timely delivery of their real estate project. That is a great relief for homebuyers across India. It also is a great news for developers like Paarth Infrabuild, who have always kept the interests of customers at the center.

RERA has become a rule playbook for both seller and buyer of real estate that include the intermediaries also. The few provisions of act have made the following beneficial changes to RE selling:

Uniform size definition

There is no denying the importance of the size of a unit when buying a property. Before RERA, every builder had his own way of defining unit size and was difficult for a buyer to understand the implication of various components shown for a unit size. However, with RERA, a standardised way of defining unit size has been propounded making the process transparent and trustworthy.

2. Penal interest rates

In RERA regime, in case of default in payment by the buyer or default in completion of the project by the builder, the rate of interest to be paid shall be the same for both parties.

Earlier it was very different. In case the builder used to delay the possession of property – the interest paid by builder to the home buyer was less whereas in case the buyer defaulted – the interest to be paid by the buyer to builder was much higher.

The RERA Act has now clearly specified that the interest rate shall be the same for both the parties, making the process fair.

3. Fiscal discipline for builder

A developer usually has several projects which are being constructed simultaneously. Earlier there was no restriction on builder to use funds from a project in the same project. All that has undergone a change now. This would now not be possible as after the introduction of RERA, the builder is liable to deposit 70% of the revenue collected for a particular project in an escrow account. He can withdraw from such account only on the basis of completion of project, which shall be certified by a civil engineer, architect and a chartered accountant in practice.

As the funds can now not be diverted to other projects and used for other purposes – this will ensure that the funds are used for the purpose only for which they are raised.

Pre-RERA, there have been certain cases wherein some rogue builders raised the funds from home buyers for constructing their homes but used the funds for buying land for the next project leaving this project in limbo. They later became starved of funds and were not able to complete the construction of the property.

As the funds can only be used for the purpose for which they have been raised – this will ensure that the funds are not diverted elsewhere and that the money is used for the purpose for which it is raised, thereby ensuring timely completion of the property.

4. Right to information

This has been another big change in RE sector. Retail customer often was not provided all the information and he had no way to force the builder to share the requisite information. However, RERA has clearly stated various information which should be provided in writing to buyer in the agreement as well as in the advertisement.

5. Grievance redressal

Grievance redressal was another area where buyer used to run from pillar to post to get himself heard without a positive outcome. Now RERA has ensured the establishment of an authority for grievance redressal in every state making life easier for a customer.

The biggest advantage of RERA lies in discipling a few errant builders and thereby making a level playing field for all developers. Institutional developers like Paarth Infrabuild, who has all its projects approved by RERA, and who have always been transparent to customers are major beneficiary of this act along with the end customer.

Foreign investments in Indian Real Estate

February 5, 2021 0 Paarth Infrabuild Commercial Properties Real Estate Industry Residential Properties

Owing to the contributions to the GDP, the Real Estate sector has assumed an important place in the economy. That coupled with the need for state-of-the-art residential and commercial projects, the sector further offers excellent opportunities for investors both from India as well as from outside India. The sector is also receiving excellent government support in terms of policies and regulations. The introduction of REIT as a vehicle that helps the sector raise funds and create more value for the stakeholders, has been cheered widely by investors. Beside, the realty in India now is 100% open for the Foreign Direct Investments.

Foreign investments in Indian Real Estate

The foreign investments in property sector in India have increased consistently since 2005, when the sector was opened. A bulk of these investments have come in post 2015, as the sector started offering good opportunities by bringing in more transparency. Of the total investments in Indian Real Estate through foreign investments of US$ 25 billion, US$ 16.6 billion has come post 2015. This shows the increasing trust of foreign investors in Indian real estate sector. This has also helped the sector weather the headwinds it faced during this period due to various structural challenges.

According to the data released by Department for Promotion of Industry and Internal Trade Policy (DPIIT), construction is the fourth largest sector in terms of FDI inflow. Real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017 and will contribute 13% to the country’s GDP by 2025. Retail, hospitality, and commercial real estate are also growing significantly, providing the much-needed infrastructure for India’s growing needs. Indian real estate is expected to increase increased by 19.5% CAGR from 2017 to 2028.

While this gives an overall optimistic picture of the foreign investments in property sector in India, what can a home buyer take out from this information? Let’s look at what happens with the onset of foreign investment in any sector. First of all, the foreign investment flows in any sector, only when it is expected to grow fast in following years, allowing the PE funds and other investors to rake in large profits. Which can be inferred to be offering excellent returns in times to come. Another underlying fact is that these investments will help complete a number of stalled projects and release huge values that is currently lying locked therein. This can provide the proverbial push for growth to the sector.

Growth clearly is on the horizon when we see FDI rushing in a sector. However, one largely ignored but important fact from a retail buyer’s perspective is the transparency such investments bring in the invested sector. That coupled with the fact that RERA is establishing itself well, will give the required peace of mind to investor and will draw in even more new investors looking for consistent margins. Lucknow is one of the property markets, which is on the radar of foreign investors and buyers in this market can hope to reap all the benefits associated with foreign investments.

Living experience in an independent floor

January 21, 2021 0 Paarth Infrabuild Real Estate residential Residential Properties

Buying a home is one of the biggest decisions a family makes together. This also has far reaching social and economic impact on family members. The locality, the neighbors, infrastructure and what kind of home one buys, go on to define the kind of life one would live.

Living experience in an independent floor

There are many choices for a buyer. One can buy an apartment in a condominium or buy a villa on an independent plot of land. For some, Skyscrapers make their inhabitants proud and inspire awe in them. But some just don’t like living in tall buildings with shared spaces. A few others want to live in an Independent villa, but can’t afford it. The high prices of land have made villas virtually out of reach of an average Indian. The independent floors give a certain middle course that is affordable and meets aspirations of a style-living oriented middle class family.

An independent-floor apartment is a residential unit with a few other flats in a low-rise independent building. The number of units on each floor is one or two and therefore don’t have to share the common space with many families. These buildings are generally mid – height, offering the much needed visual relief, ensuring these are not claustrophobic. These are also designed with ample space between different blocks to afford a healthy flow of air and ingress of sunlight. These have become important criteria for customers in post-pandemic world.

Buying an independent floor is clearly a lifestyle decision. This is so because, an apartment of the same size in a high-rise will be available at 15-20% less cost. For a lot of people who go by utility of their purchase decision, this premium over a similar sized apartment doesn’t make any sense, but for few, it is the best decision they made. Also the flexibility of space utilisation in independent floor is more as there are very limited common areas. This also allows a buyer to give the space outside one’s home a character that he wants.

However, builder floors have some drawbacks, if they are offered on a standalone basis. Such independent floors do not have facilities such as gymnasium, swimming pool, security and power back-up, that all of the modern society apartments have. But if there are independent floors on offer within a township, this is like one gets best of both worlds. An independent floor with the sense of safety and security and the amenities offered by a large well planned township is unparalleled in its value offer to the buyer.

Independent floors offer a sense of space which can’t be compared with an apartment. The privacy that this offers, also attracts buyers. The discerning customers also like the opportunity to create the greens around their home and less cacophonous surroundings. Another strong value that an independent floor in a township offers is the “step in – step out” convenience. What it means is that you could enjoy social life just by stepping out of your home and be absolutely private the moment you step back inside.

Gardenia Residency in Paarth Republic Township on Lucknow- Kanpur road, is attracting buyers with this unmatched combination and is one of the fastest moving homes in Lucknow.

Future of work and home spaces

January 13, 2021 0 Paarth Infrabuild Real Estate Real Estate Industry residential Residential Properties

We are on a long road to recovery from the initial disruption created by the pandemic. It, however, is sure that not everything will go back to how it was pre-Covid. Somethings would have, perhaps, changed their character forever.

The lockdown brought a huge change to the workplace. Work from home (WFH) became the norm rather than exception. As per estimates from industry experts more than 90% of 4.3 million IT workforce worked from home during lockdown. And it seemed to have worked well, contrary to the early skepticism. The best part is that both the employee and the employer seem to be happier with this arrangement. While increased productivity warmed the hearts of employers, employees enjoyed flexible working hours and savings in commute time.

Learning from IT industry’s early moves, other industries also started to figure out ways of getting a portion of workforce WFH without disrupting the work ethics. Employers also saw it as an opportunity to reduce infrastructure and administrative costs. Conferences and meetings went online, helping save critical and expensive commute and helping organisations take swift decisions. Also, employees could be close to families during these uncertain times, especially when kids were home due to school closure. And there has been a vast acceptance of these methods. Even the courts in the country, started using video conferencing as a viable medium to do hearing.

WFH also helped companies to tap into a pool of talent, which was not available earlier. There were instances when employees were not willing to move places, resulting in shortage of talent of a particular type. But with WFH becoming a norm, this has no more remained a challenge. Also, people who left their homes, leaving ageing parents behind, for a better life, could now shift back and be next to their parents without affecting the work. This means very special for women, who had to sacrifice their careers for commitments at home, suddenly finding new opportunities.

Another defining aspect of the pandemic induced work innovations has been a realization by employers in industries other than IT, that remote work for a large proportion of people in every industry is possible. As organizations tried it under compulsion and found it working, it is expected to become a regular feature going forward. This should result in continuation of these measures as it works well for both the employees and employers. There was an announcement by Deutsche bank with a plan to have almost 40% of its workforce working from home permanently.

However, there has been a flip side to WFH also. It is yet to be ascertained as to the impact it will have on employee morale and loyalty over a longer period of time. The lack of physical contact will affect the ability to group work, ideate and solve complex challenges. This feeling of isolation could also affect the mental well-being and may play havoc with self-confidence of sensitive employees. As non-verbal part of the communication is not possible, the exchange in certain situation could turn unhealthy. We can already hear employees complaining about unstructured and long hours of work affecting their life in multiple ways.

The problem, in fact, extends beyond the mental well-being. The bedrooms and living rooms are being converted to make-shift offices, which is an interference of work life into personal space. Most of the houses in India are cramped and don’t have appropriate office furniture, which may lead to health issues. As personal life is intruded into, a lot of employees and their families may find this experience awful. The ambient noise, at times, create embarrassing situations for individuals and trying to hide from it could result in employees not being at their normal self. Also, a large set of people have an extremely casual approach to work, when in a relaxed setting, which may be off-putting for colleagues in the work group.

What then is the future of WFH in India? Basis the cost reduction it offers to employers, there will be an increased traction to continue and enhance Work from home. A large proportion of employees on other hand are already feeling weariness of this change and may like to resume the normal office functioning at the earliest possible opportunity. Multitude of work in offices, including the IT corporations, require more than one teams and employees to work together on a problem. Their synchronization has been critical for organizational success. Keeping this and other factors in mind, most of the organizations may be forced to resume operations like pre-covid times, once the scare is over. However, a good solution can be blended office – working from home on specific days and working at office on other days. This could be a winning solution if proper planning with thorough understanding of each role.

This new way of thinking will also result in paradigm shift in other industries. Real Estate industry is the one that is expected to feel this change the most. The market for office sales and rentals may face upheaval in short term. On the other hand, residential developments in emerging and new locations may see an uptick in demand. Challenges of working and managing office work from cramped spaces will force people out of their homes in busy localities to look for new and larger homes increasing the transactions. The noisy buildings located next to a street as standalone building, will lose charm and large complexes away from main road offering less noisy surroundings will gain prominence. It will not be a surprise to see larger homes or apartments with an extra room getting into favor, when compared with smaller homes. The locations with good IT infrastructure will also find more buyers. Also, with travel and other expenses down, the ability of an employee to pay the EMI amount would increase substantially, giving him the confidence to invest in a bigger apartment.

As the impact of WFH becomes clearer, we will know the way it impacts various industries. One thing, however, is sure, that the housing real estate industry is sure to see its best days. The focus will also shift from purely affordable housing to apartment complexes located away from hustle bustle of busy market areas. The large township projects will be in vogue and certainly score over small city centric developments.

5 reasons why one should buy property in Lucknow

January 4, 2021 0 Paarth Infrabuild Lucknow Real Estate Real Estate Industry residential Residential Properties

City of Lucknow, inhabited on the two sides of river Gomti, is a beautiful city that transitions from old to new in a matter of a few kilometers. The core of this city is its historical monuments, which are juxtaposed with glass and steel facade of state-of-the-art constructions. The old bazars are still attracting crowds for their variety, while fashionable malls are equally liked by new age city dwellers. The tranquil locales, modern infrastructure and a relaxed lifestyle has been attracting people from all over to make this city as their home for years and with time, its charm has only increased.

5 reasons why one should buy property in Lucknow

Today, Lucknow has emerged as one of the country’s most important cities. Lucknow is now emerging in various sectors such as retailing, manufacturing and IT after securing its position in the smart cities of India, thanks to a proactive government. As a natural corollary, the city is attracting many developers and homebuyers with the growth of new infrastructure. Here is a list of top 5 reasons, why one should look at investing in a good property in Lucknow.

Lucknow Metro – Every city in India has faced chaotic traffic as it grew. Lucknow, however, escaped this due to visionary planning of infrastructure agencies. The metro rail work was started ahead of time and resulted in being ready when the city would have faced challenges of traffic. It makes moving around in the city very comfortable.
Connectivity with the world – Lucknow boasts of a modern international airport and a railway station connected to almost every city in India through an efficient network. Unlike most other cities, both these places have excellent connectivity with rest of the city. The Shaheed path connecting to airport from the developed areas of the city is a testimony to the foresight of city planners.
Recreational facilities – Lucknow has many places to spend a day either in complete relaxation or by engaging in an activity one likes. Two cricket stadiums in the city, with the latest one, Atal Behari Vajpayee stadium even hosting international cricket matches, have brought the most played game in India to its residents in a spectacular fashion. The museums, cinema halls and a host of other such facilities ensure that one never feels lack of recreation options in this city.
Medical and educational infrastructure – This city rubs shoulders with the top metros of India, when it comes to educational and medical infrastructure. With top schools and colleges, an IIM, a AIIMS equivalent hospital with multiple top notch private hospitals, Lucknow offers a peace of mind like no other similar city in India. The city provides the best environment for a child to engage in various activities, while studying for a multi-faceted development.
Modern retail – Lucknowites have adopted to modern retail like fish to water. Latest malls like Phoenix and Fun republic have attracted and introduced people to the best national and international brands. The ubiquitous fashionable city dweller, mixing with the people in traditional attire make this city as lovely as one could get.

There are a few locations which have harnessed these advantages to the maximum. A couple of residential complexes, Arka and Aadyant by Paarth Infrabuild in Gomti Nagar Extension, located right next to Phoenix mall and Atal Behari Vajpayee stadium, bang on Shaheed path are the kind of location, one can only imagine for that coveted home.

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