Lower prices: The price difference between a ready-to-move-in property and a property under construction can be between 10 and 30% as long as the location, lot area, lot type, and builder are the same. You may have to wait before moving in or renting your new property, but the price difference will undoubtedly be worth it.
Higher rate of price increase: As the construction of a property progresses, so does its price. In addition, the development of the surrounding infrastructure also increases the value of a property during this time. Therefore, buying a property in its initial stages is a wise decision. Although the price of a reading property also increases, the rate of increase can be slower and the yield lower.
Payment flexibility: In the case of a move-in-ready property, the buyer must pay the total amount at once or within a short interval. However, with a property under construction, there is much greater payment flexibility. The buyer can reserve a property by paying the extended amount and conveniently pay the rest over a long period (until the construction is completed).
New Build: When the construction of a property under construction is complete, move into a new home with no maintenance hassles and long service life. In addition, you can enjoy the latest amenities and facilities available on the market. The home buying experience can be compromised for finished properties if the construction is older.
Offers: Ready to move in is the powerful, distinguishing feature for ready-to-move-in properties. Because of this, you will hardly find any offers on it. On the other hand, you can easily find a variety of schemes and plans for real estate under construction.
Homebuyers used to prefer completed properties to those under construction, mainly to avoid delays in ownership. However, with the advent of RERA, homebuyers are free to choose any property under construction as long as it has a valid RERA number and is a project from a reputable developer.
Tata Carnatica prelaunch residential township at Devanahalli, North Bangalore.