Ready to Move-In Flats vs. Under-Construction Homes in Electronic City
Buying a home is right up on the vision list for many of us, right? It’s a dream come true moment. You never forget the day you bought your first home. The happiness, anticipation, and nerves are all up in the sky. So, when you do have to make this life-altering decision, there are indeed many factors that you need to consider. Precisely the location of your property is the first and foremost.
So, are you looking to invest in a ready to occupy flats in Electronic City or an under-construction apartment in Electronic City? Which among these two is your choice? Confused much? Don’t worry, we got you.
In this blog, we will explain all the advantages and disadvantages of both of these options. opinion, and everything you need to make an informed decision. With all the right information under your belt, you could move on and make a great investment for your future.
Overview
Let’s dive in and start understanding these two different types of properties:
Under-Construction Flats
Just like the literal meaning, here the property is still in the process of being built. It is not yet completed. The process of handing it over to the buyers is still in process. You need to understand that the date of possession for these types of properties is usually ranging from 6 months to 3 years. The timeline is guided usually by the stage of the project and also, by the approvals that are sought.
Ready to Move-In Properties
It is exactly as it sounds. Ready-to-move-in properties are completed properties that are immediately available for possession. You could opt for 2BHK ready to move-in or 3BHK ready to move-in as there are many variants. All of the construction is completed and the approvals are also sought. So, you as the buyer could readily purchase and complete the occupancy formalities respectively.
Ready to move-in projects offer you all the happiness and gratification of owning a space very instantly. But if you are somewhat budget-conscious, we believe the under-construction properties might be your best bet. Let’s delve deep and understand the cost of both of these options.
Cost Comparison: Which is More Affordable?
From the perspective of finances, there are considerable differences between buying Under-Construction Flats and the ready to move-in flats, especially in a locality like Electronic City.
Under-Construction Flats:
– 20 to 30% Cheaper: According to studies done by various property consultants, under-construction properties tend to be 20 to 30% cheaper than their counterparts when compared to similar specifications.
– Easy Payment Plans: You get pre-launch discounts, EMI options, and even interest schemes from developers for a much easier and streamlined payment structure.
– Lower Stamp Duty: In many cases, it is noted that buyers only have to pay stamp duty for the property agreement value and that will be lower than the market price.
Under-construction properties are hence a step ahead when you think in terms of finance.
Ready to Move-In Homes:
– Higher Cost: The upfront cost of instant possession is generally higher. There are usually no discounts or any phase-wise payments that are provided.
– Non-Flexible Pricing: You need to pay the price that is initially quoted. There is little to no room for negotiation and further price fluctuation.
– Higher Stamp Duty: Since the ready-to-move homes are taxed at their full market rate, the cost of closing is usually pretty steep.
If you are very particular about the concept of affordability, then under construction homes and flats under construction would be your best choice.
Risk Factor: Safety vs. Delays
Now that we have understood both options through the lens of affordability and cost, let’s jump onto the different risks associated with each of them.
Under-Construction Properties
– Unexpected Delays: Regulatory delays and multiple funding issues could readily affect the timeline of this kind of property. Buyers are more susceptible to risks and scams. But with the successful implementation of RERA (Real Estate Regulation and Development Act), buyers are much more protected and covered than ever before.
– Check Registration: When you do see a sign that says “Under construction apartments in Electronic City for sale” the first thing that crosses your mind should be to check if the project is RERA registered or not. This way you can keep yourself from any sort of fraud or mishap.
Ready to Move-In Properties
– Right on Time: Since the property is already finished, you can get immediate possession into your hands. There is no anxious waiting game here.
– Promised Results: You get what you saw. You might have vetted the property already and that is exactly what you get. No surprises or shocks here.
– Might be Old: Not all RTM properties are new. So, be ready to face older layouts and not many modern amenities that stand the test of time.
So, RTM homes are very high on the security and the speed factor but if considered very thoroughly, under-construction homes are far better with better value in the future.
Investment Perspective: Which Option Has Better Returns?
Your investment goal might be different from someone else, we understand that. But when it comes to capital appreciation, we believe that under-construction properties take a higher stake. They are the better option to choose from.
Under-Construction Properties
– Higher Appreciation: These properties enter the real estate market at a much lower price and then the project continues. With time, the area could instantly boom with newer infrastructure hence also, making the property value soar high. So, lower entry cost but a very high appreciation for the property.
– Long-Term Gains: Especially in bustling localities like Electronic City, investors could aim and get more gains. The ones who have the luxury to wait and get rewarded at a later time than instant gratification.
Ready to Move-In Properties
– Potential for Rental Income: In an area like Electronic City, which is huddled with IT professionals, your potential to instantly put the property for rent increases. Rental yields could bring in more income growth.
– No appreciation: Since the property is already priced at that particular market rate, the appreciation is much slower when compared to its counterpart.
So, if your goal is to increase your wealth, we would suggest opting for under-construction properties, especially in areas like Electronic City.
Which One Should You Choose?
So, now that you have an all-rounded understanding of what each option has to provide, you can make better decisions.The rule of thumb for deciding is right here.
Option 1: Under Construction Properties
– Best for people who are looking forward to long-term returns.
– You have the privilege of waiting around for possession of the property
– You are ready to opt for a much more flexible, and affordable way to enter into a premium area or locality.
Option 2: Ready to Move-In Properties
– You are in immediate need of a house or property
– You don’t want any risks or delays regarding funding and construction
– You need a much calmer and hassle-free property purchase that is streamlined and does not incite any unexpected trouble.
The right choice resides in your goals. What are your needs, what is it that you are looking for? We hope that we have cleared your doubts and facilitated the decision for you.
Conclusion
Whether you are looking for “ready to move flats near me” or “Under-Construction Flats”, I hope this article was useful to you! Go through this guide entirely and compare your options to make an investment that resonates with your budget and goals. Electronic City is currently becoming a gold mine in the real estate landscape. With its IT hubs, connectivity and standard of living. If you are a buyer or an investor, Electronic City is the place to be.
At Mudiita Developers, we understand and predict this surge. With this as the north star, we have our ambitious premium residential project “Reflections”. This amazing project is slated in Electronic City Phase-1 and is the place to be if quality and comfort are all you seek.
Now is the time to make decisions that embrace your lifestyle. Contact us for further queries!
FAQs
Q: Should we be concerned with the safety of under-construction property in Bengaluru?
A: We understand, there are numerous frauds in the field. But you can always check the RERA registration of the property and invest only in reputed builders. You need to move forward with due diligence and this way it will ease up your worries.
Q: Is there a loan available for under-construction property?
A: Yes, many banks offer loans under this category. They do have very attractive EMI options that will be beneficial for you.
Q: Can I get any tax benefits for buying under-construction homes?
A: Yes absolutely, you can claim tax deductions under Section 80 C and Section 24 once you have taken possession. This way your stamp duty and registration charges might also go lower.
