Under-construction & Ready to Occupy Flats- The Best Choice?
Buying a property is one of the most elating yet tedious processes. While planning to invest in real estate industry, it is evident that a home buyer chooses from the best of deals. Though happiness of having a property in ones’ name forces a buyer to speed up the whole process at times, researching the options available is considered as a frustrating process. There is no way that a buyer can skip this process. Negligence in enquiring about a property is sure to cost big in the future. Hence it is advisable to go through this tiring process to prevent from paying a price later. During this research stage, a home buyer is bounded with a plethora of options to choose depending on their requirements and budgets. The dilemma starts right from choosing ready-to-move apartments or under construction projects. Though both have an equal amount of merits and demerits, it is wise to go for the one that best suits their requirements.
1. Under-construction home:
Commencement of a project construction is advertised in various mediums such as newspapers, TV, or other media. A massive amount will be spent on advertising about the project to get attention. This reaches potential home buyers who are planning to buy a home of their choice. Builders will usually aim to fill as many units as possible before the completion. Blocking the units and obtaining booking amount would be the chief motto of a builder. Residential apartments in Chennai from the reputed builders are known to have 75% of units filled even before initiating the construction. While going for a property under construction, a home buyer would have the following perks.
Advantages of under-construction home:
a. A plethora of choices:
The choices available to a home buyer are huge when compared with ready-to-move apartments. They can choose from easily accessible locations, affordable costs, available amenities, etc while choosing from under-construction projects available. Also, there is an announcement about a project frequently which augments the choices even more.
b. Low EMI’s:
EMI payments are comparatively less in initial stages for under-construction projects. They are paid as the construction progresses. Economical: There is at least 20 to 40 percent cost difference between under-construction projects and ready-to-move homes. Payment split up till the completion of a project helps in the easy arrangement of fund for common people.
c. Better returns:
There is an added advantage of going for a under-construction project. That is, a homebuyer is allotted with the unit at the market value of that particular time. No changes will be applicable after blocking the unit. Increase or decrease in the ground value would not affect amount cost. Recent GST tax implications can be cited as an example. Those home buyers who had blocked a unit before GST would not be charged.
d. Benefits both buyers and builders:
Buying a property which is under-construction benefits both buyers and builders equally. When builders get to sell most of the units even before construction, home buyers equally spend their money wisely by planning on buying the property
2. Ready-to-move-in property:
These apartments are being preferred by those who want immediate returns. Usually, the projects are funded by a private sector or the builders themselves, with which the construction is completed. After which builders try to reach out home buyers through various mediums. The slots are blocked with the initial amount paid by customers. Home buyers are starting to prefer these apartments because of the assured possession date from the builders. Following are the perks to look out for considering a ready-to-move property.
Advantages of ready-move-in property:
a. Immediate returns:
With completed projects, the possibility of getting returns is huge. Savings starts right from buying the property in terms of rentals. Capital spent on investment is easily returned within few years from buying in the form of rentals.
b. Immediate accessibility:
There is no delay in moving to your dream home considering a ready-to-move-in property. There is assured possession date on which the key is granted to a home buyer. This reduces the time spent on waiting to move to your dream home.
c. Pay for what you get:
Pay for only those amenities that you are offered. There is no place for making false hopes among home buyers on amenities that are never going to be offered or present within the clubhouse.
Under-construction or ready-to-move apartments… Which is the best?
The final take lies with the home buyers who are the decision makers of choosing their property. If a home buyer has adequate with cash flow and wants immediate accessibility, it is preferable to go for ready to occupy apartments in Chennai. On the flipside, one can opt for a under-construction project if the home buyers have enough time to zero down on a property and enough funds to pay the installments.