7 Reasons Why You Should Opt For Ready To Move Flats In Mumbai

The Mumbai skyline is ever-changing yet very beautiful, much like the Arabian Sea itself. This is because each day, we find new and gloriously beautiful residential and commercial projects coming up across the length and breadth of the city. From the elegant and old world SoBo to some of the highly-developed suburbs – every part, every neighbourhood of this city is witnessing unprecedented levels of real estate development. And the demand does not seem to wane.

If you are a Mumbaikar looking to own a flat or an apartment in the city, one of the first choices you must make is about the locality. Every Mumbaikar swears by the advantages of the neighbourhood or the suburb they live in, as your choice must suit you and your family. The next choice that you must make, however, is if you want to invest in an under-construction property or a ready-to-move flat.

Here are the top reasons prospective homeowners like the idea of ready-to-move flats in Mumbai.

1. Finding affordable flats to rent and moving constantly is a great challenge in Mumbai. Ready-for-possession flats offer you one immediate advantage – freedom from paying unreasonable rents that only seem to increase annually. So, investing in a ready-to-move apartment makes great financial sense, particularly if you are living in one of the more expensive neighbourhoods of the city. You can merely redirect the payment that you allocate for rent towards EMI repayment and enjoy all the comforts of living in a house you own.
2. Real estate in Mumbai is more expensive compared to most other cities in the country. This makes it important for prospective homeowners to plan their investment strategy effectively and make the most of their expenses. Investing in a ready apartment attracts no GST burden, while investing in an under-construction property can attract up to 5% GST on the price. Buying a ready flat can mean considerable savings, particularly in the case of luxurious homes or 3 BHK apartments.
3. Most of us invest in properties with the help of financing from banks or NBFCs. Your home loan repayments make you eligible for income tax exemptions. In India, tax deductions on home loans are available on both the principal repayment and the interest paid on the home loan. Under section 80 C, you are eligible to avail of a deduction to a maximum of INR 1.5 lakhs on the portion of the EMI that goes towards principal repayment. This can only be claimed after the construction of the property. This means if you invest in a ready-to-move property, you can start claiming this exemption from the very first year.
4. One advantage that prompts most homeowners to invest in ready flats is the ability to physically verify the quality and dimensions of the unit they buy. What you see is what you get – so that beautiful view from the balcony, the convenience of the connecting corridor, or the amount of natural light and ventilation your home gets – you can see and experience these before buying the home.
5. While the introduction of RERA has mitigated most of the risks associated with construction delays and stalled projects, it is still a worry that most homeowners prefer to avoid. Investing in a ready-to-move flat in Mumbai can help you make an investment and remain stress-free.
6. Buying a flat or apartment that is ready for occupation means you have a home you and your family can move into. This is the fulfilment of your dreams and aspirations. But a new home also brings a lot of changes in terms of lifestyle modifications and adapting to the social environment. It is a good idea for you and your family to move in and grow with the community. Readymade flats offer you this opportunity.
7. If you are investing in a residential property with the hopes of renting or leasing it out, opting for a ready-to-move flat in Mumbai is best. This allows you to earn a monthly income that can add to your wealth and also help you offset the cash flow through EMI payments. In this case, however, you must learn about the tax imposed on such rental income. Despite the tax, rentals in Mumbai are at an all-time high and buying a readymade flat brings better ROI.

Buying a home in Mumbai is the culmination of dreams but is also a major financial investment requiring due consideration. If you are still deciding which area to invest in or whether a ready-to-move apartment is preferable, seeking advice from a Blox relationship manager is highly recommended. You can gain invaluable insights into the different projects in the city from the relationship manager.