Ready To Move In Property: The Next Generation Home Solution

The dynamic real estate market in India provides its fair set of challenges to buyers seeking the possession of a flat. Dreams of owning a new home are often drowned by paperwork, taxes, diverse and varied options and nagging questions. Still, there is no better feeling than owning your own 

apartment – and making it a loving home.

One of the most pertinent questions asked by buyers eager to purchase property in Pune is whether to buy a ready-to-move-in house or book an under-construction one. This question is often posed by people who wish to make Pisoli, which is nestled between Kondhwa and Undri in Pune, their home. Given its rapid development in the last few years, high demand for of flats and proximity to numerous schools, colleges, hospitals and IT hubs, it’s no wonder that buyers are confused.

There are a plethora of ongoing residential projects in Pune, especially in Pisoli, ranging from 1BHK studio apartments to palatial villas. So, is it wise to purchase a possession-ready property or an under-construction one? 

Let’s look at the advantages and disadvantages of each:

Ready-to-move-in House

Advantages: 

Immediate availability: There’s no denying the appeal of having a readymade flat in hand. Once the amount is paid, documents are duly signed and keys are transferred, the house is ready for occupancy.

You get what you see: No surprises, no confusion. Moreover, the locality around the apartment will already be developed so getting feedback and reviews on the complex, hospitals, schools, malls and other places of interest is easy. In fact, there is a slew of ready-made 1 BHK flat in Pisoli Pune ready for possession.

Rent Relief: Many buyers want nothing more than to say goodbye to their landlord. Purchasing a ready-to-move-in house ensures that there is relief from rent.

Tax Benefits: Tax exemptions on home loans are available for those who move into a possession-ready apartment.

Disadvantages: 

Choice of properties is limited: Buyers have to choose a flat from the existing bevy of ready-made ones.

Ample funds: In contrast to under-construction apartments, buyers must shelve out more funds to purchase a ready-to-move-in house. Furthermore, developers often offer a lot of attractive freebies and different payment schemes to buyers which are not available to buyers purchasing a ready-to-move-in property.

Lower return on investment: Potential homeowners might get less return on investment on a possession-ready apartment because a lot of development around it has already taken place. In contrast, development around an under-construction property or complex may still not have happened. Which means, once development and rapid urbanization commence, there is a good chance that the property value will appreciate considerably.

Under-construction House

Advantages: 

Cost-effective: An under-construction house can cost anywhere between 10-30% less than a possession-ready apartment. For example, numerous luxury projects in Pune that are under construction now will cost much less now than when they will be ready for occupancy after 2-3 years.

Higher return on investment: Usually, development and rapid urbanization follow the construction of a housing complex. This drives the prices of under-construction flats to a significant extent. Which means that when it’s time to sell it, a buyer stands to make a handsome profit.

Disadvantages: 

High risk: It isn’t uncommon for builders to fail to deliver the apartment on time or, in extreme cases, abandon construction altogether due to various factors. These could include an increase in raw materials, unstable market and lack of funding.

What you see might not be what you get: Layouts might change and promised amenities may be altered later.

No tax benefits: Buyers of under-construction houses can’t enjoy tax benefits on home loans.

Conclusion

A vast array of ongoing residential projects in Pune, especially in Pisoli, have ensured that the area has become an investment hub. Its scenic beauty coupled with easy access to the airport, IT companies and railway station make it go-to destination in the Indian real estate market.

Buying a new house – be it an under-construction or a ready-to-move-in villa – should be done with the utmost care. Builders must be meticulously researched in both cases.