The question that comes to most buyers is whether to book a ready-made house or to choose an under-construction project?! A fully built house serves several advantages. There is a lesser risk of delays, you can get to understand the property and the neighborhood better, and you can own your house instantly. The under-construction buildings offer a variety of designs in-house designs and budget-friendly payment methods. But, if you do not check the legal documents, you can end up in the wrong way to getting possession of the house. There are multiple benefits of buying under-construction properties There are multiple Benefits of investing in an under construction property. There is a risks as well as advantages. Payment plans are also spread over the construction period. As a result, you can get the property on the most affordable budget. Sometimes, the entire procedure takes time for up to 3 to 5 years to complete. This deal gives buyers enough time to save the finance for the property until they take possession of the house. Usually, 3 to 5 percent of the property value is considered as the booking amount and asks for 10-25 percent in the months to come this can go up to a year.
You need to check the costs, as they are the essential part. You need to choose a reliable developer and a better project while planning to invest your hard-earned money. With ready-to-move properties, you know what you are paying for. Investing in buying under-construction properties in Kolkata has been gaining traction since the arrival of RERA. Now any kind of property having an occupation certificate as of 1st May 2017, has to be compulsory registered under the state’s real estate regulatory authority. RERA specifies certain rules for the development of real estate places, designed to provide relief to home buyers from fraud builders.
The majority of people want to buy the under-construction property as they are afraid the final product might disappoint them. The finishing will not be up to the expectation! The small changes in material, the brand used for fittings, etc. Can add up to make a huge difference in the quality as well as the finishing of the building. Under construction, houses give you a chance to customize the design per your specifications.
Let’s discuss the Benefits of investing in an under construction property in Kolkata –
The cost of the under-construction property is comparatively less than ready-made buildings. They are less expensive, provided the location, types, and builder are the same. You can deposit the money in EMI or pay in bulk amount when the property is ready for possession. The significant difference in prices, coupled with the flexible payment schedule can be worth the extra waiting time if you have a planned budget. Various promoters offer various discounts and concessions on under-construction properties such as free gold coins, modular kitchens, ac, free car parking lots, and many more. That’s why investing in the under-construction property is a wiser decision. This is one of the popular Benefits of investing in an under construction property.
Time is the greatest treasure of anyone’s life. The earlier you will purchase a property, the cheaper it will be. The ready-made buildings are more expensive as it gives high-tech features. Buying under-construction properties in Kolkata can save you money up to 20 to 40 % of your money by going for the later. Apart from that, the emis can be shorter as the loan amount will be naturally less. When it comes to paying EMI for any property, even the increase in percentage by 1% can become a huge sum. So choosing an under-construction property will be a wiser decision if you are planning to save your money.
Get huge profit –
Whenever you are going to buy a property, during its construction stage you are the most likely to earn a good amount of profit if you decide to sell it closer to its completion stage. However, there is an extra advantage of buying an under-construction building. If there are any repairs required in the building, the developers will bear the cost. In this way, you can save money by avoiding repairs in your house.
Government’s support –
Through RERA, you can be saved from fraud. The RERA has made it mandatory that if the building construction company fails to deliver the complete property within the given period, the company will have to return the entire money invested by you along with the interest money. Another huge step taken by RERA to favor the consumer is the rule that building companies have to quote prices based on carpet area and not the super built-up area. The carpet area can be only used in usable spaces like washrooms, kitchens, etc. Also, RERA has made it mandatory to deposit 70% of the money in a bank account via checks; this reduces the chance of losing your hard-earned savings. So, the fear of losing your money by buying an under-construction properties is now a thing of the past, literally and legally. This is another benefits of investing in an under construction property.
You can customize the designs –
The majority of people want to buy the under-construction property as they are afraid the final product might disappoint them. The finishing will not be up to the expectation! The small changes in material, the brand used for fittings, etc. Can add up to make a huge difference in the quality as well as the finishing of the building. Under construction, houses give you a chance to customize the design per your specifications. This is another major Benefits of investing in an under construction property. When you purchase land from a reputed brand, the chances of your building not meeting your expectation is close to nill. Whenever a property is built, you purchase a brand-new building with a longer life span and no maintenance problems or repair costs. You get more freedom to choose your preferred unit based on the floor, direction, block, etc., along with the latest amenities and facilities available in the real estate market.