Buying a residential property is an important decision for all, and it's an emotional decision that can be taken cautiously. You will not switch your apartment in the next few years after buying. Instead, you will not sell it unless you get a better deal or need a bigger house. The resale housing segment, especially the ready-to-move-in segment, gives homebuyers a chance to avoid the risks of buying under-construction apartments that are likely to have extreme delays. Ready-to-move-in apartments reduce the chances of getting cheated, offering other advantages. If you are looking forward to buying an apartment, you will get plenty of options. But there is merit in choosing a ready-to-move-in property, and we list the top five benefits.
When you buy a ready-to-move-in apartment, project delay is the most significant risk you eliminate. You are not required to wait to complete the project and other amenities in the project. While the Real Estate Act (RERA), 2016, has been executed and builders are expected to follow the timelines, most builders have listed a deadline of 5-6 years on the website for their residential projects. Typically, the deadline that builders gave earlier was for three years. In other words, most builders have already made provisions for a project delay. Any penalty or compensation under RERA will get implemented only when the builder does not meet the mentioned deadlines. The price gap between ready-to-move and under-construction apartments has narrowed considerably because of the supply overhang. If you plan to purchase an apartment, you will get many options. But there is an advantage to choosing a ready-to-move-in apartment. Below we are noting down a few of its advantages.
Immediate Authority on Your Apartment Purchase: In the case of a ready-to-move-in apartment, you can instantly move into your new house. You will immediately get possession of your home, what you have paid for, whereas for an under-construction property, you must wait 3-5 years for your home to be delivered. With the apartment already completed, you must complete the procedures of purchasing a home and other thing related to the purchase.
There are absolutely no risks of delayed possession in a ready-to-move-in apartment. While in the case of an under-construction apartment, project delays are much more common, and there are many cases where a developer has duped buyers. So, it would help if you were cautious while choosing a developer for an under-construction property.
The most helpful thing about a ready-to-move-in apartment is that you will have to pay EMIs on the home loan, which would include no other extra payments. In the case of an under-construction apartment, EMI typically begins after the completion of construction work. Despite this, if there is any delay in the construction, then the EMI will start once the home loan gets dispensed.
In a ready-to-move-in apartment, you can select a property within your budget. If you have a smaller apartment buying budget, you can buy a home that fits your budget. Whereas, when you purchase an under-construction apartment, if the project got delayed for three or more years, the builder asks to increase the cost of construction, which you must bear, increasing your overall cost.
If the apartment you've bought is an investment, not for personal use, or if you plan to move in later, you can rent it out and earn some rental income. You can use the rental income to pay your EMIs or save it as a rental income. If you're not planning to move into the apartment soon and would like to wait for more years, you can start earning by renting it. The apartment rents are fixed according to the location, amenities available, and how new the flat is. Many homeowners usually rent a home, significantly if invested in other cities. This will also help you to repay the EMI for a loan taken for the apartment.
If you're planning for ready-to-move possession property, evaluate your financial condition, the documents required to purchase, and the builders. If the builder is reputed, banks will undoubtedly approach you to get a loan. Home buying can be a risky job but buying after good research and considering the long-term output will be fruitful. TATA housing's new esteemed project is Tata Carnatica. TATA CARNATICA is a new Futuristic Township Project by the reputed TATA HOUSING in Devanahalli, North Bangalore. This upcoming residential project in Devanahalli is named CARNATIC, motivated by Carnatic music. Spread on 140 acres on Shettigere Road consists of residential and commercial use areas. Apartments and suites are set on 100 acres, and retail is set on 50 acres of land. Swaram is the new futuristic launch of premium pre-engineered plots spread across 11.2 acres in this mega-city. This project by Tata One Bangalore Luxury was a long-awaited project. The beautiful project by Tata Housing TATA Carnatica's launch date was March 2022.
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