19 Mar 2020It is no doubt that most of the buyers have a taste of ready-to-move properties. However, when you start searching for your home, it is important to understand the pros and cons of under-construction and ready-to-move-in projects. There are different variables such as location, price, developer, connectivity and related aspects. Purchasing an under-construction property is a good decision because you will get a good property within a low budget. When you are going to buy the same property when it is completed, the price of per square feet will be multiplied.
It is not easy to make a decision, so it is essential to make a learned decision. If you can wait for some time, it is always good to invest in under-construction property rather than ready-to-move-in property. In a city like Kolkata where the real estate is growing, there are ample scopes to invest in good properties. There are lots of under-construction properties in Kolkata, which is quite lucrative in terms of investment.
For most of the buyers, the priority is the price. In this regard, an under-construction property is likely to cost far less than ready-to-move-in. If the buyer can wait, he or she will have many options such as preferential location, part payments, flexibility in EMI and others. With RERA and HIRA in place, developers are bound to give the property on time; else they are liable to pay compensations to buyers.
One of the biggest advantages of under-construction property is that you don’t have to pay the whole amount in one go. Generally, the thumb rule is to pay in parts based on construction progression. The maximum amount you need to give at the time of possession. The bank will give you EMI based on salary, credit score, and other few parameters.
The appreciation rate of the under-construction property is much higher because you already purchase a property that has a lower value than ready-to-move-in property, so the chances of price appreciation are higher. For higher returns, you must check the location, upcoming infrastructure, and employment hubs.
It is very difficult to get good discounts and offers on a ready-to-move-in property, especially if it is located in the prime center. Whereas, developers give good discounts, attractive offers on under-construction properties. Also, you can negotiate on the final price because there are many flexible options available in the under-construction project.
In the case of under-construction property, builders offer you deals in terms of constructed areas and facilities. If you are buying a luxury or semi-luxury property, developers offer you in-house facilities that are related to the re-creation and within the gated community. Moreover, the covered area is always greater than the covered area of the ready-to-move-in property in the same budget.
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