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Top Reasons to Consider Buying Properties under Construction

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If you are considering acquiring a property, commercial or residential, you have the choice of a ready-to-move-in property or buying under-construction property. While in a ready-to-move-in property, you know what you are getting for your money, buying an under-construction property is not without its own attractive benefits. Some of the top benefits of buying new construction:

Relatively Lower Cost of Acquisition

Among the various things you need to take into account when buying a property, unarguably one of the most important is its cost. One of the most significant advantages of buying under-construction property is the relatively lower cost. If you have no urgent need to take possession of a property, buying an under-construction development may well be worth the wait. As opposed to the uncertainties regarding timely delivery that had plagued the construction sector, the implementation of RERA has ensured that unless developers deliver on their promises, they may have to pay compensation to the buyers.

As important as the price of the property is, a low price should not blind you, and you should not automatically choose a property just because the price is low. You should perform your due diligence and choose a developer with a reputation for reliability.

Higher Appreciation of Value

According to experts, one of the benefits of buying a flat under construction is that by the time you get possession, the property will most likely have appreciated. Even as you enter into the transaction at a low price point, you will observe that your property grows in value as the construction progresses. Of course, to achieve the highest price appreciation, the project needs to have an excellent location, an enabling civic infrastructure, good communication, and nearby employment hubs. While one understands that even ready-to-move-in 1 BHK flats for sale in Mumbai will also undergo price appreciation, the curve is typically far steeper for under-construction properties.

Better Selection of the Unit Available

If you have definite requirements like the floor on which the unit is, the direction it faces, the carpet area, Vaastu considerations, etc., it may be difficult to find a ready-to-move-in unit that meets all your requirements. Even if you do, your choice will likely be severely limited. For this reason, it may be better to consider buying under construction flat because you can ask the developer specifically about units that meet your needs. You may get better locations when considering projects in the pipeline.

Longer Life of Construction

If you buy a unit in an under-construction property, you can be assured that everything is new and will have a long life. It is in sharp contrast to buildings in existence for some time and may need extensive repairs before you can move in. When you are possibly making the biggest purchase in your lifetime, buying new construction is better. With every developer trying to outdo others, you are also likely to get better amenities and facilities in a planned development that is coming up or is yet to come up.

Better Commercials 

If you want to buy a ready-to-move-in property, you need to pay the entire amount at one go to the seller and also arrange to pay the cost of registration and other miscellaneous expenses upfront. However, in an upcoming project, you will need to pay over a long time depending on milestones reached by the developer. You may also get very attractive discounts and offers if you are among the first few buyers of a new project.

Conclusion 

Keeping the advantages and benefits discussed above in mind, it is evident that it is far better to buy a property under construction if you are not in a rush to take possession.

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