Top 5 reasons Why ready to move in Apartments are preferred by buyers
The year 2020 had forced Mr. Atul to change his perspective about owning a house. That which he considered as a luxury became his topmost priority, for he and his wife needed dedicated space to connect and work, his kids needed the comfort and infrastructure to attend on-line classes and also enjoy amenities to play in safe confines. Mr. Atul is one amongst the 89% of the respondents of ‘India Real Estate Report 2020’ survey who look forward to owning a property in 2021. Surprisingly Millennial’s who often settle for living on rent in metropolitans like Chennai have shown keen interest in owning luxury apartments in Chennai. Especially flats for sale in 200 ft radial road Pallavaram, Guduvanchery, and OMR, which are close to completion, are the most sought-after properties.
The inclination of home seekers towards Ready to move-in apartments can be attributed to the following reasons
Risks & Delays Eliminated:
When one invests in a Ready to Move-in apartment in Chennai the biggest risks of non-completion of the project, long delays, and sudden insolvency declared by the builder are completely eliminated. Also, these long delays put the buyer through much mental stress and financial crisis. At times when the buyer makes an investment without performing the necessary background checks about the builder, and after starting the project when the builder suddenly declares insolvency, the buyer is subjected to immense financial and mental stress. In contrast to this, ready-to-move-in houses provide the luxury of immediate occupancy and zero tension.
No double tension of EMI and Rent:
Buyers very often invest in homes procuring home loans from financial institutions. For loans on under construction property, the buyer has to pay a pre-EMI based on the loan amount disbursed in installments depending on the construction status of the property. The pre-EMI is an additional expense in addition to the rent the buyer pays for his current accommodation. As the time delay in obtaining possession increases this pre-EMI expense adds to the financial burden. However, on buying a luxury apartment in Chennai that is ready to move-in, the owner can simply convert the rent to EMI for the home loan, and with very less additional expense become a proud homeowner. Even if the property is an investment and not considered for immediate occupancy, the owner can obtain rent for the property which can be used to pay the EMI.
No Guesswork or speculation, “What You see is What you Get” :
Buying a home is a life-time decision and one has to get the worth for their investment. The quality of construction, the appearance of the property, the look of the house, the space and layout of the rooms, the fittings and fixtures used, all this are of immense importance, and one can be only sure when they see and feel it. Ready to Move homes have a major advantage with regard to this aspect, there is no speculation work required and the buyer can be completely assured of what he would get for his investment.
Financial Benefits :
The loan approval process is quite easy and quick for a completed project, and for projects under construction, the banker ascertains the authenticity of the builder and performs other necessary validations which make the process longer. Also loan for completed property can be acquired at a lower interest rate. GST on under-construction property is 12%, charged above the property value, and in contrast to this, presently no GST is applicable on ready-to-move-in houses. Another benefit of investing in luxury apartments in Chennai which are nearly ready for occupancy is the Tax benefit. Under 80C of Income tax Act, 1961, once can claim deduction against the payment done against the principal of home loan, not applicable for under-construction property.
Resale of Property :
Under any circumstance, if the property purchased has to be sold, the process is easy and smooth for a completed project and quite difficult for an under-construction property, especially when it is caught in any legal battle. In most of the cases, the developer does not permit the transfer of the property until the project is completed, and in cases where it is allowed a heavy transfer charge is imposed on the buyer. Resale of a completed property with all the required documents in place is a simple and straight forward transaction.
With many factors in its favour, luxury apartments in Chennai which are close to completion have many takers, making them the favourite among Home seekers.