Gone are the days when buying an under-construction property was risky. In fact, opting for an under construction property can be really profitable. Be it for living, for renting, or for investment purposes. Buying an under construction property can be beneficial in all these cases. Read on to drive away all your fears.
Here’s why investing in an under construction property is a wise deal:
Time is money. The earlier you buy a property before its completion stage, the cheaper it will be. Ready to occupy possessions are always more expensive than under construction undertakings. You can save up to 20 to 40% of your money by going for the latter. Also, your EMIs will be shorter and/or smaller as the loan amount will be naturally less burdensome.
When it comes to paying EMI for a property, even an increase in percentage by 1% can become a huge sum. So going for an under construction property will bring down your overall cost and help save a lot of money.
It’s an excellent source of investment. When you buy a property during its construction stage you are most likely to earn a substantial profit if you decide to sell it closer to its completion stage. Moreover, there is an added advantage of buying an under construction project. If there are any repairs required in the amenities or facilities in the pre-possession stage, the developer will foot the bill and not you.
Thanks to the implementation of RERA (Real Estate Regulatory Act) the chances of getting fleeced by builders have reduced to a large extent. The RERA has made it mandatory that if the construction company fails to deliver the completed property within the stipulated time, the company will have to return the entire money invested by you along with the interest.
Another big step taken by RERA to favour the consumer is the rule that builders have to quote prices based on carpet area and not the super built up area, and carpet area can only use usable spaces like washrooms, kitchen 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 property is now a thing of the past, literally and legally.
Sometimes consumers have an apprehension behind buying an under construction property because they are afraid that the final product will not be the same as the plan. Small changes in materials, brand used for fittings etc. can add up to make a big difference in the quality as well as the look. While in the under-construction stage changes in the design can be made timely and efficiently, an under-construction undertaking can give you the chance to customize your home as per your specifications or Vaastu to a certain extent. And when you buy from a trusted builder like Aparna who have built their reputation on quality assurance, the chances of your dream home not meeting your expectation is close to nil.
As per RERA, no builder can sell or even advertise their property without registering it with the regional regulatory authorities. Plus, post-registration, the developers are bound to upload all the legal papers and documents on RERA’s website for the layman’s perusal. Such provisions protect you from any sort of real estate fraud and safeguard your money. Furthermore, now you can demand from the builders as to how they are utilizing your money in the construction. You can lodge a complaint with the regulatory authorities if you find at any time that the construction is not as per the quality standards.
So all in all, buying an under construction property can only do you good. It gives you the upper hand, the chance to customise your dream home as per your needs, keep a close eye on the little details, and thanks to RERA, you can be sure that your investment is safe. Now that all your doubts and fears are cleared, don’t waste more time. Visit Aparna Constructions right now to check out all our under-construction projects that are waiting just for you.