When you set out on the journey to discover your dream home, the big question is shall you go for ready possession or for a property that is still under-construction. This is debatable and your choice may be governed by many factors. Some cases ready-possession may look attractive and property under-construction is others. Here, we will see what the advantages are if you decide to go for an under-construction property.
The cost of ownership of the property is one of the very critical criteria for decision making. Under-construction properties are likely to cost lesser than the property which is ready for possession. In the case of property under-construction, the buyer will have to wait. But it gives a substantial advantage with respect to the price point.
You may be worried about delays in the completion of the projects. However, with an act like RERA coming into force, these worries are now gone away. RERA makes the buyer safe and secure. Property developers must deliver in time otherwise they are liable to pay compensation to the buyers.
Buying a property that is still being constructed would give you a definite cost advantage. Obviously, one should not just select the property based on its low price. Choosing a reputed builder is also very important. If you are planning to invest in an upcoming property for which some part or apartments are already built, you will even get a chance to see how your property would look like.
Easier Payment Schedule
When you decide to buy a ready-possession property, you must pay the entire amount in one shot. With registration, stamp duty, other legal fees, etc. add to the total cost. On the contrary, by paying only 10% to 15% of this cost, you can have the under-construction property.
Typically, you end up paying installments based on the progress of the construction. So when you take a loan, it also be drawn in the similar installments. So, in the case of under-construction property, the buyer gets a good amount of time of 2 to 3 years to arrange for the entire amount.
Wider choice range
When construction is still in progress, generally, there would be a lot of choices available for you to select. You may choose the location, floor, and the number of units in different layouts. With ready flats, the choices are always limited.
Higher Appreciation of the asset
Firstly, when you select a flat/property that is still under-construction you get it at a lower cost. This is not only the advantage from a price point of view. We know that as the construction progresses from booking to possession the prices keep on rising. Hence, you will get more cost advantage based on how early you buy the property.
It is typically observed that the many discounts and offers are available till the construction is complete. Here you would have a better chance of negotiations like availing better offers like foreign trips, parking, etc.
Possibility of Customization
When a property is under development, you may even get a chance to make some modifications in the layout of the flat by discussion with the builder. This is also possible after the possession but would cost more.
Why Aishwaryam Group can be the best fit?
To avail all the above advantages of an under-construction, you must choose a builder who is reliable and with an incredible track record. Aishwaryam Group is a project from the reputed Essen Group established in 1997. The Group has established itself as one of the largest construction companies in Western India. To know the quality of construction and amenities, you can look at successful projects like Aishwaryam Group Phase I in the vicinity. The phase-II is coming up now and would be ready for possession in the next 2 years.