I had my nexus 4 rooted , i have heard that rooted phone would not get updated over WIFI so i Factory Reset my phone , will it now get the update or not? no signe of update notification yet
If you have a rooted device, you most likely will not be able to install OTA updates (over the air). Factory resetting the device will not un-root the device so the best way of updating it is to do the following:
Get the factory image you wish to install (in your case, lollipop) from the Google developers website
Flash that image by following this tutorial or similar ones on the web.