Benefits of Booking in an Under-Construction Project
By Magnolia Realty | Aug 5, 2021
A big question that usually puzzles nearly all home buyers is whether to choose a ready-to-move-in project or to book in an under-construction project. Since both these property types serve and suit different purposes and needs so as a buyer, one gets a little bit confused while choosing. Considering location, price, developer and other related aspects of a project, an under construction project offer more perks as compared to a ready-to-move-in property.In this article we are going to discuss the various benefits of booking in an underconstruction project.
Easier on the pocket:
An under-construction property does not hurt a buyer’s pocket as much as a ready property does at the time of buying. Keeping the different factors such as location, area, property type and builder constant, a ready-to-move in property usually costs more than an under-construction one. The difference in pricing can vary in the range between 10 – 30 percent. Apart from that, Customers can easily get around 1.5 lakh tax benefit on Home loan interest per year totaling 4.5 lakhs of benefit in 3 years in an under construction project.
An under-construction property always gives a customer more freedom to choose their preferred unit or flat as the availability is much higher as compared to a ready to move in project .A Home buyer gets more options regarding floor, direction , size and block in the project which is worth the price which they are paying.
Buying an under-construction property usually gives a higher return on investment because of an extended window period between the buying stage and delivery time. If a person sells the property closer to the possession date, chances of earning a healthy appreciation on the capital investment is pretty high
Discounts & Offers:
The chances of getting offers in ready to move in property is very low as customers are required to pay the market value or even higher depending upon the amenities and facilities. However in an under construction project there are numerous offers ranging from special discounts, free or discount in parking ,foreign trips, gold coin and also discounts on premium flats to attract more buyers.
Flexible Payment Options:
While booking in a ready to move in property a customer has to pay the whole amount at one time. In addition there are also registry and other charges such as maintenance charges. In the case of an under construction project a buyer can pay 10 to 15 percent as booking amount . They can avail bank loans and can pay the rest of the amount in EMI to the bank. There is flexibility in terms of payment and customer can make a better financial planning to buy a flat.
To conclude, there are many benefits for a Home buyer for booking in an under construction project as compared to a Ready to move in property .