Buying Off-Plan: A Comprehensive Guide to Under Construction Projects in Mumbai

In this blog post, we zoom into under-construction projects in Mumbai and see why and how they are an exciting realm with promising potential. Here are reasons why projects still in the construction phase should be seen through the investment lens. 

More options
Choosing a project in the cradle allows the room to select from a comprehensive catalogue across variegated configurations and floor plans. Also, it offers ample time to choose the best option. 

Lesser prices 
Compared to ready-to-move-in projects, under-construction projects also come at a price slash. 

Better financial management 
Investing in under-construction projects in Mumbai is strongly recommended for people on a budget; it can help them manage their finances effectively. With time at hand, the payment setup also offers room for flexibility to explore different financial plans with other financial institutions. 

When considering investment in under-construction projects in Mumbai, what are the things to check?

Location
Location is a direct determiner of how your commute looks like. From kids to the elderly, everyone has different needs; however, a few things are essential: excellent and convenient access to school, everyday convenience stores, healthcare facilities, and proximity to key transportation hubs. Other imperatives when finalising the location are open spaces, tot lots, and play areas. Always remember that in Mumbai, the location you pick for your abode determines where your time goes. 

Developer’s Track Record and Reputation
Quality and safety assurance can come through investment in projects from trustworthy builders. There are many builders, old and new, Mumbai-based and not Mumbai-based. There have been instances in the past when developers failed to deliver what they claimed and went bankrupt before the project was completed. Situations like these are precarious and undesirable. They are best avoided by doing a background check of the developer associated with the given task- begin by looking into other projects that the builder has previously executed and the consumer satisfaction rate. This essential exercise makes many things easy for customers planning on investing in a particular project.

Project Completion 
Developers always mention the estimated timeline by which the project is expected to be complete and ready to move in. While construction delays are rare, it is essential to follow up on the timeline routinely and plan your next move as a buyer accordingly. This time should also be used to prepare the financial management for investment in the project. 

Amenities and Facilities on the Premises
Builders showcase many 3d visualisations and brochures highlighting their projects' key features. Go through the same in detail and check on security systems, safety, open spaces, clubhouse, gymnasium, jogging track and the like. These little things go a long way in determining what works for you and what does not. For instance, if adults in your family work from home with children, they need open spaces nearby to routinely spend time since the former is otherwise indoors. The latter is at a growing age, which calls for indulgence in play and outdoor learning. 

Future Developments in the Vicinity of the Project
Do not look after the particular phase leading to the property opening up to your family but for other projects in the immediate surroundings. How other projects develop will significantly impact the area's character- in terms of density, liveliness, commercial activities, facilities available, the skyline and the like. Upcoming key infrastructure projects- such as metro projects and other key mobility corridors- can also significantly impact the property prices in your locality. This makes it an excellent investment opportunity that promises a good return on investment (ROI), which you would not want to miss out on. 

The other side of investing in under-construction projects: Discrepancies that may arise in the property 
When investing in something that will get built in the future, there is always some risk involved. This risk looks something like this: discrepancies in the design, changes in the layout without informing the client, delivering an end product different from the one promised, and cutting down on specific amenities that were written big and large on the brochure. 

Final Words 
As with everything, there are pros and cons of investing in under-construction projects in Mumbai. They give ample room for financial management and decision-making while also offering more options to choose from. The urban infrastructure and other projects in the immediate surroundings can promise a high return on investment. However, the cons are that there may be changes in the layout amenities, about which the buyer was never informed. In some cases, builders even go bankrupt before the project is completed. To avoid situations like these, it is always advisable to do a detailed background check of the builder.