When it comes to buying a house, should a property seeker choose a ready to move house or an under-construction one ?
While buying a property is no easy task, another decision that compounds the dilemma for home buyers, is whether to choose a ready-to-move-in house or an under-construction one. While there are advantages and disadvantages to both options, the choice will depend on various aspects like, what the buyer is looking for, his needs/requirements an whether one is buying for investment or end-use.
Points to consider, while choosing a ready-to-move-in property
Choosing a ready to move in flat, helps the buyer to avoid costs associated with living in a rental accommodation and the long wait in big cities, for an under-construction project to be completed. It also gives the home buyer a sense of security. Moreover, the buyer can check the neighbors and the infrastructure in the vicinity of the house, before buying the property.
In a ready to move in house, a buyer gets what he sees. There is no risk of potential changes in the future. The construction quality of the project, social and physical infrastructure and home loan eligibility can also be ascertained, before the purchase of such units. Moreover, there is no risk of delays and escalating costs, when it comes to ready-to-move-in homes.
However, the disadvantage of a ready-to-move-in house, is that it usually has a higher price than an under-construction property. Hence, it may not be an ideal choice from an investment and appreciation potential standpoint. Moreover, the buyer will not have the flexibility to choose the floor or configuration, as compared to an under-construction property.
Points to consider, while choosing an under-construction property
The implementation of the Real Estate (Regulation and Development) Act (RERA) and other buyer-friendly policies, aimed at bringing about greater transparency and compliance from developers, could boost home buyers’ confidence in investing in under-construction projects. However, in places where the RERA is not yet implemented, it is must for a home buyer to check the credentials of the developer and choose a reputed builder.
Delays in obtaining possession are the biggest risk in under-construction properties. An under-construction house may also be more expensive, owing to expenses incurred on development charges, GST, etc.
|Parameter||Ready-to-move-in property||Under-construction property|
|Formalities||A lot of legal work and documentation required, because of transfer of title.||Relatively lesser documentation because there are no previous owners.|
|Property prices||Usually expensive, because the socio-physical infrastructure is relatively more developed.||Cheaper entry costs but usually depends upon the location.|
|Payment||No stages of construction and hence, the buyer needs to have the finances arranged.||The buyer has more time in hand to spread the payment, registration charges, stamp duty, etc.|
|Level of risk||Higher chances of getting cheated as the property may be sold to more than one buyer. Buyer’s due diligence is very important.||Relatively simpler to buy an under-construction property. Due diligence is still required.|
|Neighborhood||You will know who your neighbors are and what to expect when you invest in the particular project.||Many surprises may await you and you will get to know only after living in the property.|
|Impact on your finance||You would be free of paying rent and other expenses undertaken on site visits.||If you are living on rent, the burden of EMIs will also be added.|
Ready to move Commercial and Residential Properties from BMRI
Located at 15 min walking distance from station. Situated near to market, hospital, school, temple. It provides the finest for an Ideal Home.
It is one of the most reputable address of the city with easy access to many famed schools, shopping areas, hospitals, recreational areas, public gardens and several other public amenities. The Project is at a very good proximity from school, market, banks & station. A location which allows to enjoy a chill breeze of beach on weekend by just driving for 15 minutes.
Located next to Virar, it has direct road access to the Mumbai Ahmedabad Highway (NH-8). Mumbai Chhatrapati Shivaji International Airport and Bus stand are also easily accessible from here. In addition, beautiful beaches (Kelva, Mahim and Satpati), ancient forts (Kelva and Shirgaon) and Manor Dam in the vicinity of Palghar make the place an attractive tourist getaway. Maharashtra’s largest fishing center, Satpati is also at a driving distance from Palghar West.
Real estate in Palghar is slated for growth, mainly, because of the proposed bullet train which will connect two main cities Mumbai and Ahmedabad. This town lie to the north of Mumbai and are on the periphery of the Mumbai Metropolitan Region. Coming back to the bullet train, the first train is likely to run by 2024. The current travel time between the two cities is 7 hours; the bullet train will cut it down to only 2 hours. 11 railway stations are being proposed along the route; on the Maharashtra side of the border besides the Terminal at Mumbai’s Bandra-Kurla Complex, Thane, Virar and Dahanu are likely to be the other stations.
Palghar is placed on the Western Line of the Mumbai Suburban Railway on the Mumbai Ahmedabad rail corridor. And is very easy for everyone to access the railway station. Last year, Palghar was given district status making it the Thirty Sixth district in Maharashtra.
About BM Group
BM Group (BM™) is a company established in early 90’s and is based in Mumbai, India. BM Group (BM™) serves for Property Development and Real Estate Consultancy of residential, commercial, warehouse, land, and retail leasing in different regions of Mumbai, Palghar, Thane, Ahmedabad, and Rajkot.
We at BM Realtors & Investors, LLP have always saved a soft corner for you while offering our spaces which now come with a benefit exclusively designed for you to feel the luxury of being attached to us. The time has approached to express our soft corner by turning it into reality and stepping ahead to come closer to you with a long lasting relationship with you and your generation next. Join the Boon Club