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Ready to Move Flats in Mumbai: Should You Buy Them?

Blox Social
Posted on
Jul 19, 2023

Mumbai's ever-changing skyline is dotted with high-rises and residential towers. If there is one aspiration that drives all Mumbaikars, it is the desire to own a residential flat or an apartment in this city. In this endeavour, the city administration and the top builders have developed both south Mumbai neighbourhoods and the surrounding suburbs, and the city's infrastructural development and connectivity remain unparalleled. With competitive pricing and world-class amenities, developers in the city vie for attention from prospective homebuyers. But one of the most important choices you will need to deliberate on as a homebuyer is if you should opt for a ready-to-move flat in Mumbai or invest in an under-construction property.

In many other cities of the country, this may be a simple question to answer. Under-construction properties cost less than ready-to-move flats, the payment can be made in instalments, and you are more likely to find a unit on the floor of choice.

In Mumbai, however, a strong case can be made for choosing ready-to-move flats.

  • If you live in Mumbai, you understand that life can be very fast-paced and change is the only constant. If you've decided to invest in a new residential property, buying a pre-built flat and settling into your new community and surroundings right away is a smart move. After you've moved, you'll need to consider lifestyle changes like finding schools for your children, locating hobby classes, and building social networks. The sooner you make these adjustments, the better your quality of life will be.
  • One of the greatest advantages of buying a ready apartment is verifying the dimensions, the facilities and amenities, and the quality of construction. Does the unit receive adequate sunlight? Is the living space enough? Is the kitchen convenient? Do you have a good view? Under-construction flats leave many of these answers to your imagination. With the large inventory of ready flats, Mumbai developers can help you take physical site visits to ready flats. 
  • Rentals are skyrocketing in Mumbai. Tenants are often required to increase the rent by 5-10% each year. Booking an under-construction apartment means you must continue paying rent for your current accommodation until the project comes up and you are offered an occupation certificate. Add this rental outflow to the EMI burden, and opting for ready-to-move flats in Mumbai makes much more financial sense.
  • Buying a ready-for-possession flat is particularly a good choice for prospective homeowners who wish to invest in larger spaces and luxury apartments. People looking to buy homes in suburbs like Goregaon, Borivali, Mulund etc., look for more space and a more affluent lifestyle. You may be able to afford a 3BHK for the same price as a 1BHK in Lower Parel. Now, ready flats require no additional GST payment, while under-construction flats attract a GST of 5%. This amount can significantly affect your home loan and monthly budget.
  • Buying a ready apartment, in general, is preferred by homebuyers because of the immediate income tax relief it offers. Home loan repayments can work to your advantage by offering you tax deductions on both the interest repayment component and the repayment of the principal amount. According to Section 80 C of the income tax act, you can claim up to INR 1.5 lakhs as IT exemption on the repayment of the principal of your home loan. You become eligible to claim this deduction only after you receive the completion and occupation certificates.
  • As mentioned above, Mumbai has great potential for generating income by leasing or renting out your property. For real estate investors looking to create a secondary income through rent, investing in a ready-for-possession flat rather than an under-construction property is best. You can use part of this rental income to offset your EMI payments, thus creating an asset which a great scope for value appreciation.
  • With the introduction of RERA, the rights and interests of homebuyers are being largely protected. Homebuyers no longer face major challenges concerning delayed or shelved projects. Despite this, there have been cases where investors in under-construction properties have faced delays in gaining possession. Buying a ready-to-move flat in Mumbai can make homebuying an exciting and joyful experience rather than one fraught with stress. 

Find the best residential project listings in Mumbai directly from developers to suit your requirements on India's revolutionary real estate platform, Blox. If you have any queries about investing in ready apartments and flats in Mumbai and its suburbs, talk to our relationship manager today. 

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