Buying a home is a capital-intensive investment and many times, homebuyers face the dilemma of whether they should invest in an under-construction project or ready-to-move property. When you are spending a significant amount to buy a home, there is no point in going for an old or resale property.
Consider these 7 reasons to invest in a new construction home.
The price of the property is one of the crucial factors the buyers consider before investing in any property. An under-construction property is likely to cost you less than a ready home. Even though the buyer may have to wait longer, it is worth the price.
The gap in final pricing can range from anywhere between 10 to 30 %, which is a huge saving for the buyer. Along with this, many real estate developers offer attractive deals, discounts and concessions on under-construction properties, such as gold jewellery, air conditioner, modular kitchen, free car parking slot, among others. Buyers can benefit from these offers and save more money.
Wider and Better Options
In under-construction properties, buyers get a fairly large range of choices and better options to choose from. Buyers can choose the property according to their desired preferences and requirements.
Decisions like whether to have the home on the first or fifth floor, want a balcony or not will be your own. With ready-to-move homes, one might not get many choices.
Modifications and Customisation
In under-construction properties, buyers can often choose to modify the floor plans at their convenience. They also have the freedom to change or add various features, which is an added advantage. On the other hand, the ready-to-move property is an entirely built house. To make any major modifications, the buyer needs to pay the entire cost as per the real estate market.
New Construction with New Features
Under-construction properties are brand new and investing in a newly constructed property gives assurance of long shelf life. A newly constructed home with all new features, like the latest fixtures and fittings, ensures hassle-free performance for a longer period. Moreover, new constructions are more user-friendly, space optimised and require less care and maintenance, reducing the hassle and expense of home repairs.
With RERA in place, under Clause 14 (3), a developer is responsible for fixing or repairing any structural defects brought to his notice within a period of five years by the allottee from the date of possession. It will be the duty of the developer to fix such defects without further charge.
Flexible Payment Schedules
When investing in an under-construction project, you don’t have to pay the entire cost of the property in one go. You get the advantage of paying the money in scheduled phases, in line with the construction stages and the remaining amount can be paid when the property is ready for possession. This gives buyers some extra time to manage finances in a better way.
Better Returns on Investment (ROI)
Buying an under-construction property is most likely to give a higher return on investment due to an extended payment and construction time between the buying stage and delivery schedules. When the buyer decides to sell the property close to the possession timeline, he stands a great chance of earning a great appreciation on the capital investment.
Any property must be compulsorily registered under their state’s RERA authority. Therefore, under-construction projects fall under the purview of RERA, making them liable to follow transparent and fair-trade practices.
Ashwin Sheth Group is known for its professionalism which has been helping us to retain our customers’ trust and confidence. All our real estate projects in Mumbai are registered under RERA, making us MahaRERA compliant. You can find every detail of our undergoing projects on RERA’s official website, including plans related to layouts, stage-wise completion status, government approvals, and other crucial information. This will help potential homebuyers stay informed about the developments related to projects.
Are you looking for an under-construction property in Mumbai to invest in your dream home? 72 West, an under-construction project, developed by Ashwin Sheth Group, is located in the heart of Andheri West in the charming neighbourhood of Lokhandwala and will be available for possession by 2025.
Consisting of 35 storeys, 72 West offers 2, 3 and 4 bed spacious apartments and provides a multitude of lifestyle amenities such as 10,000 sq.ft. Clubhouse, 25,000 sq.ft., rooftop landscape area and open-to-sky podium, among others.