So you have decided to get yourself your own home and all set to take the plunge. But isn’t the market confusing you what to choose-Ready to move or under construction property, which is better?
Primarily it is about the buyer’s preferences. However you can look at the pros and cons of both options.
1) One can make an informed decision based on the builder’s track record in terms of project delivery and quality of construction by visiting different project sites of the builder.
2) The property is usually priced competitively which lowers your cost considerably.
3) Various non-Structural alterations as desired may be done during construction stage
4) Interiors may be done as per buyer’s wishes.
6) RERA protection – As per law, all projects post 1 May, 2017 need to be registered under RERA. This law protects buyer’s interest. Any information regarding these properties can be sought on the buyer’s respective State’s RERA website.
7) You can expect higher return on investment on an under construction property over a period of time.
1) It involves higher risk and cost. There could be delay in project delivery or there can be failed delivery. Increase in lending rates, etc hugely impacts buyer’s finances and risk.
2) There might be variations in the amenities/structure/layout from what was promised at the time of possession in under-construction properties.
4) There are no income tax concessions for under construction homes till possession.
So now that you are better informed , happy buying !