A Quick Look At Under Construction Projects; Its Pros & Cons

by Vishal Saxena Real Estate Projects Are you planning to buy new properties or flats or villas in Mumbai and unable to make up your mind whether to go for a ready-to-move flat or investing in an under-construction apartment? Well, a question which usually bothers almost every property buyer is whether booking an under construction project will be beneficial or not! With the alternative options to buy ready-to-move flats; it is pretty common to get perplexed by the option of buying under construction projects.

What Do Data Reveal?

Be it Thane, Blu Worli or in any other locations; with so many options for Under Construction Projects In Mumbai; buyers are getting confused with the choices. According to some leading Builders And Developers In Mumbai; in last 3 years i.e. 2015, 2016 and 2017; on an average, 30% of the property buyers have opted for under-construction properties while the rest had a preference for a completed or ready-to-move flats. This skyrocketing trend and support for ready-to-move flats were witnessed pan India.

What Builders And Developers In Mumbai Say?

Likewise, according to Indiabulls – the topmost firm for Top Real Estate India; the popularity and for ready-to-shift flats and properties have witnessed a notable surge in the last couple of years. Though the Under Construction Projects In Mumbai are still in trend and opting by buyers; but it is still greatly dominated by the ready-to-move option. There is no denying the fact that under construction properties and projects present great flexibility to payment and come with flexible payment schemes. But alongside the heavy taxation system and absolutely no tax benefits are greatly contributing to the decreased demand for under construction projects all through India.

Under-construction flats or homes are also not entitled to income tax dispensation till complete possession. Also, according to the new Goods and Services Tax rules, the under-construction properties are also accountable for GST as it is pertinent for all those projects which are acquired or bought before completion. However, instead of these drawbacks; under construction projects or flats are also beneficial from some specific point of view.

Benefits Of Under-Construction Projects

Some of the major benefits of buying an under construction project include:

You can enjoy competitive price for the on-going projects offered by the Top Real Estate India

Purchasers are not needed to pay the entire amount straight away. It involves a step-by-step payment which is convenient and flexible as well

Buyers can enjoy a reduced overall cost of property acquisition through various financial options and loan schemes

Buyers can go for non-structural modifications during construction period which is not possible for ready-to-move flats

Buyers can choose furnishing, styling, interior décor, and finishing materials according to his/her preferences, which can’t be done at a ready-to-move flat.

All the under construction projects initiated after 1st May 2017 are mandatory to be registered under RERA which means buyers can also get regular updates about the progression of their project online

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Created on Mar 7th 2018 05:46. Viewed 516 times.

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