Skip to main content

8 Reasons to Invest in Ready to Move in Apartments



There is no shortage of supply in the residential real estate market across India, both in the ready-to-move-in and under-construction categories, thanks to low sales in the last few years. According to a report by LiasesForas, a Mumbai-based real estate rating, and research firm, at the end of the first quarter of the fiscal year 2018-19, there were 945,964 unsold units in 8 tier-I cities including Vadodara, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune. Moreover, acknowledging the sales volume during the quarter, it will take 41 months to clear these inventories, said the article.  

If you are looking to buy a home now, you would get plenty of options. But there is a benefit in choosing a ready-to-move-in property. We list eight of the benefits:

  • When you purchase a ready-to-move-in residence, the biggest uncertainty that you eliminate is project delay. You are not required to wait for the completion of the apartment and other amenities in the project. While the Real Estate (Regulation and Development) Act (RERA), 2016 has been implemented and developers are expected to adhere to timelines, most developers have listed a deadline of 5-6 years from now on the website for their projects. Typically, the deadline that developers provided earlier was for three years. In other words, most developers have already made provisions for a project delay. Any penalty or damages under RERA will get implemented only when the developer does not meet the mentioned deadlines. 
  • It is essential to know your neighborhood and the available foundation around the area such as nearby markets, common public areas, and parks, connectivity issues, among others. “A building offering amenities, security, a good neighborhood, and social infrastructure in the vicinity tends to work better for buyers. You can start living in a ready-to-move-in house as soon as you buy it. For those with an urgent requirement who are unable to afford both rent and EMIs, a ready-to-move-in home works well.
  • Even those who can delay moving to their own house by a few months or years can never be sure about the timeline as the property will be dependent on whether the developer can execute the project on time—or worse—at all. If you do not want to move into the house you are buying and are intending to buy it for investment purposes, you can start gaining rentals as soon as you buy a ready-to-move-in property.
  • “Currently, no GST is applicable (on the ready-to-move-in property) which reduces the overall financial outflow. According to the Income-tax Act, 1961, a borrower can claim deduction under Section 80C against principal repayment of a home loan, which has an overall limit of ₹ 1.5 lakh and up to ₹ 2 lakh for payment of interest under Section 24(b) for a self-acquired house. Nevertheless, there is a catch; these tax benefits can only be claimed after the construction of the property is complete and you get the registration and ownership documents. So, no possession means no tax benefit against home loan repayment. 
  • That said, we at Shree Balaji Group have an offer like never before wherein we bring you ready-to-move-in Premium luxurious residence’s which are totally GST free, which lets the customer to purchase our properties at optimum rates. 
  • It is difficult to sell an under-construction property, especially if its delivery is delayed or it’s locked in a legal battle. In many cases, developers do not support the transfer of apartments until the project is finished. Even if they do, you may have to pay massive transfer charges in the range of ₹ 200-500 per sq.ft or more, which can dent your gain.
  • Though there are advantages of buying a ready-to-move-in apartment, “they (home buyers) might have to shell out a little more on such purchases compared to under-construction ones," said Jain. Nonetheless, whether you buy an under-construction or ready-to-move-in property, be sure to do your due attention regarding the quality of construction, location, and surrounding infrastructure. 

 

We at Shree Balaji Group are accustomed to providing nothing but the best to our customers. Luxury, Location & Convenience at your doorstep. If you belong to those who have a luxury niche, the life that will suit you, you can check out the premium luxury apartments in Vadodara|Mehsana|Ahmedabad by the one and only Shree Balaji Group. 

Labels:

Comments

Post a Comment

Popular posts from this blog

Fastest Developing Localities Of Ahmedabad

The new face of Ahmedabad is here. Buying your home is a decision that needs to be taken care of with a lot of thought and by keeping a lot of facts in mind. Factors such as the right kind of neighborhood, & the right kind of locations determine the reputation of the builder, the right price, the construction quality, etc. Are also major factors to be kept in mind before buying a dream home. it is as important for you to keep in mind the fastest developing localities of the city before invest in real estate .     The current real estate market has seen steady development over the past few years. Similarly, the real estate market of Ahmedabad has grown extensively and consistently attracting home buyers and investors. The main reason for this city to witness improvement in the real estate market is growing economical interactions. The development of infrastructure and the rising migrant population also plays an equal role in the same. Not only corporates or entrepreneu...
Post a Comment
Read more

Shree Balaji Group Real Estate – Growth In Vadodara And Beyond

Vadodara’s real estate market is booming because of to the huge growth of its industrial sector and overall high rate of development, both in commercial and residential terms, That Credit goes to Largest Real Estate Companies or Real estate Agency Such as Shree Balaji Group , Samanvay Real Estate, Nyalkaran and many other real estate companies, Making vadodara’s largest city of Gujarat, and also its residential and commercial capital. Flats, apartments, serviced apartments, bungalows, penthouses and township properties are cropping up all over to meet the demand. In the past, residential development in Vadodara was predominantly in the form of individual penthouse. Even today new Luxury aparments schemes can be found on the outskirts of Vadodara city, especially along the New Sama Road coming under zones Near Railway Station. However, the scarcity of land with high real estate prices in the city have brought in the trend of apartment houses in form of high rise towers in the city....
Post a Comment
Read more

5 sneaky storage tips for small spaces.

    Shh…we’re giving some sneaky storage tips. According to Psychology Today’s rooms, messy homes make people feel overwhelmed, anxious, and helples s. Mess leads to stress. Your home should feel like a sanctuary, not a prison. These storage tips might make your home feel cleaner and more organized.   Fold Everything Down:   We’re not talking about folding your clothes (which will also save you space), but instead, what we mean is considering installing a desk or a kitchen table that can be folded when it’s not in use. Bring the furniture back out when it’s time for Thanks giving or poker night, that said it will become a dynamic part of your room.   Use Multi-Purpose types of furniture:   One smart way to make more space in a small room is to implement items that serve two purposes: like a hollow ottoman or a trunk. They will be there taking up space either way, so why not fill them up to tackle two problems at once?   Set-Up Built-In Shelving:  ...
Post a Comment
Read more