The vibrant real estate market of India has an array of under-construction properties that are an attractive investment opportunity for investors and homebuyers alike. In the current hot real estate market, the benefits of buying an under-construction property in India outweigh the initial uncertainties and doubts. So, let us explore how advantageous it is to buy an under-construction property in our country.
Benefits of Buying Under-Construction Property
Cost Efficiency
The most attractive aspect of buying an under-construction property or investing in ongoing residentail and commercial property is the potential to save money. These properties are priced less than ready-to-move-in units, making them more affordable to buyers. Developers often offer attractive discounts, free white goods, interiors, or beneficial payment plans on such properties, further increasing the cost efficiency of the investment.
Potential for Appreciation
As the years pass while the property completes construction, the property value can be appreciated, thereby giving a significant return on investment to the buyer. If the property is located in a developing area, its value increases as the surrounding infrastructure improves over the years, furthering the potential for higher returns.
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Customization
Buying an under-construction property leaves room for personalization based on the buyer’s preferences. You can choose interior finishes and make permissible structural changes to suit your requirements. This gives a major advantage to the buyers of an under-construction property to align their space to their vision and increases the sense of ownership and satisfaction.
Flexible Payment Options
A multitude of payment plans and financing options are available in the market today that the buyer can choose from while buying an under-construction property. Some of these options are staggered payment plans, installment schemes, paying only the booking amount and the rest on possession, and so on. These make the property more accessible to buyers on a budget and ease their financial burden.
Newer Infrastructure and Amenities
Being a part of newly developed or upcoming projects, under-construction properties bring with them the advantage of modern amenities and infrastructure. From state-of-the-art structures, recreational amenities, rooftop gardens, green spaces, security systems, and more, the living standard offered shows an upward trend. Buyers can benefit from the latest advantages in construction technologies and enjoy a more sustainable lifestyle.
Tax Benefits and Incentives
Homebuyers purchasing under-construction properties can benefit abundantly from various government tax savings schemes and initiatives. For example, deductions on home loan interest under section 24 of the Income Tax Act can generate potential savings for buyers.
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Long Term Planning
In terms of both lifestyle and investment, the benefit of buying an under-construction property is that it allows for long-term planning. Since the property is not yet complete, buyers can prepare for the new lifestyle, arrange for the finances, form meaningful connections within the new community, contribute to the management of the society, etc. This leads to an overall improvement in the quality of lifestyle.
Greater Choice of Units and Location
Buying an under-construction property allows the buyer a larger number of options in size, layout, overlooking views, and location to choose from. Comparatively, read-to-move-in properties have a limited range from which to select. Hence, the former options allow the buyer to select the property to suit their preferences and align with their investment goals.
Potential for Negotiation & Discounts
The developers are more eager and willing to negotiate while selling an under-construction property. Real esate builder and Developers often offer pre-launch prices, early bird offers, special discounts, and upgrade benefits when you are buying their under-construction properties. With strategic negotiation tactics, buyers can leverage a competitive market to their advantage and get the best deal.
Less Maintenance Costs
When the property is new, there are no immediate costs associated with maintenance and repairs. However, if the ready-to-move-in property is a few years old, there may be the cost of modifications, repairs, and any maintenance needed, not just in the unit but also in the amenities. Developers typically offer warranties for a few years for newly constructed properties; hence, buying an under-construction property can give you peace of mind for a few years minimum.
Hence, the benefits of buying an under-construction property are abundant and cater to the aspirations of buyers and their varying needs. From cost efficiency to customization options, the advantages are undeniable. So why wait? Buy now!