We have seen people turn apprehensive whilst considering buying an apartment under construction. Flurried with varying doubts concerning the project that they will end up enquiring to everyone around about it. Nevertheless, the mixed responses and advice from others will land them in more confusion. In this blog post we are looking into “Why Should You Consider Buying Apartments Under Construction?”.
To put it directly, it will be sensible to consider buying an apartment or flat under construction. You might be wondering why it is so. There are several reasons for reaching this conclusion. You can finalise your decision after comprehending the points we elaborate here. Then, it will also depend on your personal choices, perceptions and requirements too.
Ready To Move V/S Under Construction Apartments
Money matters a lot and it directly affects your decisions too. Same is the case when you consider ready to move versus under construction apartments. An under-construction apartment can be purchased at competitive prices compared to a ready to move-in apartment. The builders, most of the time will be seeking buyers and they will extend offers and deals to clients.
The cost of an under construction apartment will always be less than ready to move-in apartment. We have examined the prices of flats in Kochi, both ready to move in and under construction, and found a remarkable difference in price. The price will also vary depending on the stage of construction too i.e. commencing, undergoing or nearing completion.
At the same time, the reliability of builders plays a vital role in this scenario. Projects may get delayed due to unforeseen circumstances or due to issues with the builders. Hence, we suggest choosing a builder, who has an impeccable record of accomplishment. Alternatively, you can go for a ready to move-in apartment.
Benefits of Buying Apartments Under Construction
You may consider buying an apartment under construction after studying the factors including the credibility of the builder, the price they are offering, locality of the project, project plan and amenities meticulously. Additional benefits of buying an apartment under construction are enumerated below.
Better ROI – You have bought the apartment after detailed analysis regarding the location, project completion schedule, infrastructure, connectivity and so on. This makes you at a better position to ensure better ROI. The price you paid for the apartment will be less. As the property rates are increasing gradually, it will get you a better dividend on completion.
A Brand New Apartment – The apartment you get will be brand new with all the latest amenities installed. The newness will give you unexplainable pleasure and satisfaction. Technological advancement is happening construction too, as in every other sector. Your apartment will have almost all modern luxuries fitted.
Pay in Parts – You can pay the total in parts when you buy an under construction apartment. Whereas, it will not be the case with a ready to move apartment. You have to pay the whole amount together, in that case. You can pay 10-20% of the total amount in each stage of project completion. Thereby, you will not feel the brunt of the total amount paid.
Offers – You may be considering flats in Trivandrum, Kochi or Calicut or any other part in Kerala. There are several reputed builders, who offer great deals on under construction apartment projects. Contact them and discuss regarding their upcoming projects. A lot of builders give extra early bird discounts.
RERA Complied Properties – RERA, the regulatory body in the real estate sector mandates certain requirements. All the new projects will be invariably registered with RERA. Thus, you do not have to worry about the compliance of RERA registration and other mandatory requirements.
Buying an apartment under construction will be better in the present scenario. You do not have to pay a lump sum amount while buying an under construction apartment. As is the case, you can utilise the money saved in other plans simultaneously.
An unacceptable delay from the real estate developer will derail your plans. The cascading effect may have implications on many of your plans. Due diligence is necessary when you plan to buy an under construction apartment. The reputation of the builder and their project performance statistics have to be considered before getting down to agreement.
You may seek advice from industry experts, experienced friends and go through client testimonials before finalizing on the builder to trust. Think and choose the builders and go ahead with the plan to buy apartments under construction. If chosen wisely, buying an apartment under construction is an unmistakable option. And you are going to gain from it.