Indian Real estate is witnessing an upward growth with positive transformation due to the increased transparency in the industry. Various Government reforms and the introduction of RERA have made the investment in real estate easy and secured. Builders are more cautious than ever when it comes to the quality of the construction and timely completion. While buyers prefer to opt for ready to move in projects, however, under construction or newly launched projects have their own set of benefits.
The trend of selling the apartments at a pre-launch or soft launch phase is mostly prevalent in metros. At this phase, builders spread the news of their upcoming projects via word of mouth, brokers, and mailers that help them to catch the attention of the prospective buyers. While investment in the pre-launch market is full of risks but a careful evaluation of the builder’s credibility, the required permissions for land and the construction on the project could help you make a wiser decision.
Let’s take a look at a few of the benefits of investing in a newly launched project:
The major advantage of investing at an early stage of projects is the less cost. You are most likely to get the property at a much lesser rate than the ready to move one. Builders offer a 10-20 percent discount at the early launch phases which gives early mover advantage to the buyers. Once the project commences, the rate of the units increases which leads to an increase in the value of your property. With such offers available on the table, you could opt for bigger and better property within your budget. Hence, a lucrative option to invest at an early stage of the project.
Easy payment options
While paying for a completed project, you need to make the payment in full along with registry and other documentation costs. However, in under-construction property buyer has the advantage of flexible payment wherein only 10-20 percent of the amount to be paid at the time of booking. Builders offer various payment schemes as per the possession time of the project which gives buyers ample time to make the arrangements for the final payment.
Choice of unit and customization
Another advantage of investing early is the option of selecting the best unit in the project as per your requirement. From the sun-facing unit to Vastu compliant unit, you have the option to select the best of the property at the same price. Also, you could easily customize and suggest minor changes at an early construction period as per your taste and preference.
Latest design and new construction
Investing in an under-construction project has the advantage of having the latest design, utilities, and features. The newly constructed property has more life than old construction. A new construction reduces the need for repair and renovation and offers better amenities at an affordable cost.
The property rates in urban areas are increasing at a fast rate. Hence, investing in a project at the pre-launch stage at a discounted price is a smart investment move.
Mohali has set an example for all the Northern cities with its potentially growing real estate market. The area offers great residential apartments in the form of integrated townships, independent houses. Flats in Mohali are a blend of luxury and comfort that attracts buyers from all segments.