05/06/2023
*Benefits for booking a flat in under construction building over ready to move flat in Mumbai, India?*
*Some key benefits of choosing an under-construction flat:*
*Lower Initial Cost:* Under-construction flats often have a lower initial cost compared to ready-to-move flats. Developers generally offer attractive pre-launch or early bird discounts, making it an affordable option for buyers. This lower cost can be beneficial for individuals with budget constraints or those looking to invest in real estate at a lower entry point.
*Customization Options:* Booking an under-construction flat allows you to have greater control over customization. You can often choose the layout, fixtures, and finishes according to your preferences, making it more personalized and tailored to your needs. ( Civil Work customisation not available with all developers). This level of customization is generally not available with ready-to-move flats, where you have to settle for the existing design and features.
*Potential for Higher Returns:* Investing in an under-construction property has the potential for higher returns in the future. As the construction progresses and the project nears completion, the value of the property tends to appreciate. This appreciation can lead to capital gains if you decide to sell the property after completion or can provide higher rental yields if you choose to lease it out.
*Modern Amenities and Infrastructure:* Under-construction projects are usually designed with modern amenities and infrastructure in mind. Developers often incorporate the latest trends and technologies in their projects, providing access to facilities such as swimming pools, gyms, landscaped gardens, play areas, and more. This can enhance your overall living experience and add value to the property.
*Payment Flexibility:* Booking an under-construction flat typically offers more flexible payment options compared to ready-to-move flats. Developers often provide construction-linked payment plans where you pay in installments based on the construction milestones. This can be beneficial for buyers as it allows for better financial planning and staggered payments, reducing the burden of a lump-sum payment.
*Potential Tax Benefits:* Booking an under-construction flat may provide certain tax benefits. For instance, you may be eligible for deductions on home loan interest payments under Section 24(b) of the Income Tax Act. Additionally, if you plan to let out the property, you can claim deductions on the interest paid on the home loan as well as claim depreciation on the property's value.
*Opportunity for Price Negotiation:* During the early stages of an under-construction project, developers are often more open to price negotiations. You may have the chance to bargain and secure a better deal based on market conditions, project demand, and your negotiation skills. This can lead to further savings or better value for your investment.
BUT General Buyer behaviour is to opt for ready to move units due to past history of Real Estate Industry.
Due to Introduction Of RERA rules by Indian Government, Smart Home buyers are changing their Mind set.
Ultimately, the choice between an under-construction flat and a ready-to-move flat depends on your specific requirements, financial situation & Risk Tolerance.
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