Megha Sama, GM – Sales & Marketing, K Raheja Realty
Embracing house ownership is one of the most significant milestones in one’s life. Yet wrong home buying decisions can become a nightmare. Careful deliberation, forethought and a deep understanding of the real estate sector are required to ink the contract profitably. As one of the leading real estate companies, we have observed an evolving home buying trend of large number of people preferring to purchase ready to move-in apartments in Mumbai. Ready to move-in flats bring a plethora of benefits to woo the home buyer. If you are unsure about secure home-buying options, this guide to ready to move-in flats will provide all the information you need to make an informed decision and change your perception of buying a home.
High Demand for Ready to Move-in Apartments
COVID-19 pandemic had impacted almost every aspect of our lives, including home buying trends and people’s preferences for realty assets. A significant impact of the pandemic on real estate properties is that it has triggered the demand for ready to move-in apartments. The slowdown in construction and development activities resulted in the limited inventory of new properties. Eventually, homebuyers started scouting for ready to move-in apartments that were readily available. The ready to move flats give people a sense of stability and have also facilitated buyers with time-saving, secured, low-interest rates options, making it an ideal choice for home buying.
With businesses getting back on track post the pandemic, there has been a sharp increase in demand for ready to move-in properties due to the development of Special Economic Zones (SEZs), logistics parks, rapid rail, and industrial infrastructure. Major real estate companies in India, including us, are capitalizing on this trend. This upward momentum is particularly seen in metropolitan cities such as Mumbai, Hyderabad, Delhi, Bengaluru, and Chennai. According to recent reports, the earning potential from ready to move-in properties can range from 2% to 5% per annum, making them a lucrative investment option.
Benefits of Buying Ready-to-Move-in Apartments:
Protection Against Project Delays
Environmental clearances, building permits, and fire safety including other regulatory approvals, can cause unpredictable delays in property construction. The delays in obtaining these permits leave projects in standstill disappointing the investors. Real estate builders can also encounter roadblocks challenging weather conditions, labour shortages, material shortages, legal troubles, and design-related changes, all of which can cause construction delays. Therefore, those investing in properties should have contingent plans to mitigate any potential delays. One way to avoid getting stuck is to opt for ready-to-move units. with immediate possession and no construction-related delays, buyers can take ownership immediately and start earning rental income.
Getting Exactly What You See Before Buying
Ready to move-in apartments provide property buyers with a clear understanding of the features they can expect from the property they invest into. Unlike under-construction properties where the buyer may not get the promised features or the facilities shown due to change in original plan, ready to move-in apartments offer transparency and reliability. This is particularly important for buyers looking to avoid non-reliable properties. With ready to move-in apartments, buyers can see exactly what they are purchasing and plan their budgets accurately.
Delays and uncertainties during the construction process can result in cost overruns due to factors such a design modification, unforeseen circumstances, material price fluctuations, and labour shortages, making the property investor suffer in the long run. Such issues can cause problems for property investors in the long run. To avoid these roadblocks, many buyers prefer to invest in ready flats.
Buyers of under-construction properties may be required to pay extra taxes, including stamp duties, registration fees, and other hidden charges, in addition to GST. However, buyers of ready to move-in apartments are not subject to such fees. Builders who facilitate the sale of turnkey apartments are generally regarded as highly trustworthy, as they tend to comply with all legal requirements beforehand. This provides buyers with the peace of mind that their investment is safe and secure.
Easy Bank Credit
Another significant advantage of investing in a ready to move-in apartment is that buyers can benefit from easy credit from banks and other lending institutions. These loans typically come with hassle-free processing, making it easier for buyers to secure financing for their home.
Avoiding Fraud Related to Promised Amenities In under -construction properties buyers face the risk of getting short-changed by the developer in terms of promised and delivered amenities as many unreliable developers make false promises with regard to amenities. By opting for ready-to-move property, the home buyer can avoid this risk.
Buyers must opt for reliable top property builders in India, known for their quality assurance. As ready to move-in apartments are already constructed and only a little can be altered when the buyers want to modify the features, quality assurance is critical. Therefore, it is suggested that the property be purchased from a top real estate builder. They should also check for building features that are earthquake-resistant as well as ensure that toilets are leak proof by double-checking the water flow. Also, they can check for the quality of bathroom fittings, wires, electrical and pipe fittings before purchasing the apartment. Testing these features before investing a hefty amount of money is not feasible in the case of an under-construction property.
Benefit of Easy Resale
Having invested in under-construction property, buyers need to unwillingly wait longer to resell the property. In contrast ready-to-move-in apartments provide immediate possession and as such one can resell the property within a few months or a year.
Advantage of Legally Complianced Property
Properties that adhere to legal compliances protect the investments, ensuring they are legally sound and free from legal encumbrances. Legal compliance also ensures that the home buyer does not lose money. Ready to move-in apartments allow for avoiding legal issues related to construction violations or safety. Opting for ready-to-move properties of top credible developers with a good track record provides peace of mind to buyers that their investment is safe and secure. Moreover, legally complianced properties, especially those of reputed developers increase the property’s resale value, benefiting the owner.
In the overall context, ready to move-in flats is an ideal choice for home-buying.