The correct answer is option 2: 545. The House of the People, also known as Lok Sabha, is the lower house of the Parliament of India. The maximum strength of Lok Sabha is determined by the Constitution of India. Currently, it has a total of 545 members.

Option 1, 530, is incorrect because it is less than the actual maximum strength of Lok Sabha. Option 3, 540, is also incorrect because it is not the accurate number. Option 4, 550, is also incorrect as it is higher than the actual maximum strength of the Lok Sabha.

The members of Lok Sabha are elected through the general elections held every five years. Out of the total strength, 530 members are elected from the states and 20 members represent the union territories. The maximum strength of Lok Sabha can be amended by the Parliament through the process of constitutional amendment.