Benefits of Buying Under-Construction Property
When planning to buy a property, buyers are often in a dilemma as to buying under-construction property or going for ready possession flats. There are a large number of options to choose from in both types of properties, and it mostly depends on personal choices. Builders are going above and beyond the usual to make housing affordable for every segment of society. From setting up fully equipped societies for convenient living to following all the central and state government norms, builders have cracked the code to win the buyer’s heart and be the preferred one in the dynamic real estate market.
Nirman Developers are among the best property builders in Pune and are renowned for making luxury affordable and accessible. Renowned for the timely completion of their projects and surpassing industry standards of quality, their direction of growth is set by their vision of consistency and innovation. They aspire to continuously adapt to the growing changes and needs of their customers by building futuristic landmarks that grace the skyline of the city. In this blog, let’s discuss the benefits of buying under-construction property.
Benefits of Buying Under-Construction Property
Lower Prices
One of the biggest advantages of buying an under-construction property is the cost-benefit it offers. It is always priced lower than the completed properties because the builder is still in the procedure of building the property. Also, the first few or early buyers might get exciting discounts and deals when booking the flat. According to a survey, the difference in price between a possession-ready property and under-construction property can range anywhere between 10% – 30%. If booked quite early, the under-construction property can take up to 1-2 years for possession, but it is worth the wait if calculating the price difference.
Higher Price Appreciation Rate
When the property nears its completion stage, the prices start rising, too. Not only the property but the development of the nearby areas also augments the overall property value. It is a good deal to invest in under-construction property if you are willing to sell it off in some time, as the property rates are sure to increase.
Flexibility of Payments
When buying an under-construction property, you will have enough time to arrange for funds after making your initial down payment. The builder provides much flexibility, and the partnered banks also support flexible payment options.
Must Read: Which is a Smart Pick–Buying Under Construction or Ready to Move Property?
Newly Built Property
As you wait patiently for your dream house to be complete, it is satisfying to move into a brand new constructed home. The feeling of entering a brand new home and having all the furniture and furniture of your choice is unparalleled. It is also equipped with all modern amenities and promises maintenance-free running of the house and the society for quite a long time.
Avail Discounts and Offers
Builders often keep provisions to provide discounts or offers to buyers interested in buying flats in the early stages of property construction. It is a win-win situation for both- the builder gets capital to fund the construction in the initial stage, and the buyer gets exciting offers.
Customization of Property
When investing in an under-construction property, you can get your house customized to fit your family’s needs. This can include selecting the kind of finish, type of toilet, flooring and countertops, among others.
Tax Benefits
The borrower can claim the home loan interest paid during the pre-construction stage as a deduction in five equal instalments starting from the year in which the construction of the property is completed.
Your search for the best under-construction property and ready-possession property ends with Nirman Developers. They strive to deliver more than just living spaces. Their mission is to empower the customers by providing value for money when it comes to residential/commercial projects in Pune and create an identity through unparalleled benchmarks in terms of delivery and conduct. Increasing the standard of living, providing sustainable quality and building customer relationships on the foundation of trust and integrity are at the core of their purpose.
FAQ About Under-Construction Property
Buying a property under construction is a personal choice. If you want to save some money and can wait for some time until you finally stay on that property, you should definitely opt for an under-construction property. You can enter a brand-new house once you get possession of the property.
There are various tax benefits for investing in under-construction property. Homebuyers can claim a deduction on the interest paid on a home loan taken for the purchase or construction of a property. A buyer can claim a deduction on the principal repayment component of the home loan under Section 80C of the Income Tax Act, and they can also claim a deduction on the stamp duty and registration charges paid for the purchase of the property under Section 80C of the Income Tax Act.
If you have funds ready and are on the lookout to buy property immediately, ready-possession flats are the best option for you. But if you are willing to wait for some months or a year or two, investment in under-construction property will be a good choice. It also allows some time to make arrangements to finance your purchase.
