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READY TO OCCUPY vs UNDER CONSTRUCTION
READY TO OCCUPY vs UNDER CONSTRUCTION
When we are thinking of buying a flat/villa, we are very confused about whether to buy a completed project or an ongoing project. If we ask someone for a suggestion they will always suggest buying ready-to-move flats or Villas. Therefore, the demand for completed projects are always high. We are checking here is what are the facts of both and we hope this may help you to choose the best one.
Different price ranges will be available, if the property is under construction. We also have the opportunity to choose flexible payment options. The biggest advantage when you compare with Ready-to-move-in is that you do not have to pay a lump sum amount for under construction projects.
Under construction projects will always be affordable than ready to occupy flats. If we buy a ready-to-move property from a person, they may have already set a price for sale. It will includes some factors. They are as follows,
- The price they bought the property.
- They would have added the bank loan interest, if Property has Bank loan.
- Tax they paid after the property comes into their possession.
- Cost of Registration at the time of purchase.
- Seller's Expected Profit.
When all this comes together, it becomes a huge amount than our budget.
How to Trust under Construction Flats?
An important thing to consider when buying an under-construction flat, it is mandated the Builder should be registered under the Real Estate Regulation and Development Act ( RERA). This rule gives you a lot of benefits like builders compliance with fair trade practice. The customer complaint will be promptly reviewed and appropriate action will be taken, Delays in projects will be minimized.
You have the right to choose the unit of your choice and you can choose the floors you like. Under construction projects can be considered as the best investments because you get paid for a long period. It will not be the price at the time of construction to the ready-to-occupy stage. So you get the best appreciation till the work completed. Additionally the Tax rate (GST) on under-construction houses has also been slash down to 5% from the earlier 12%. Whether it is an affordable pricing category GST will be 1%. If you have an immediate Requirement, you have no other options; buy ready-to-occupy flats and Villas. Here are some things to keep in mind when accepting ready-to-occupy, As any home gets older, it will have more maintenance. So find and invest in projects that are not too old but of good quality and well maintained.
If brand-new ready to occupy flats are available with a Builder, You can buy it with confidence. Usually the sale of the flat starts from the beginning of the construction, so if the flats and Villas are built by a reputed builder, it is in a good location and value for money, Sale will be finished before the end of construction work. However, in some cases, the builder may have ready-to-occupy flats, if you like it, then feel free to buy it.
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