Congratulations on your decision to invest in real estate! As you embark on this journey, one of the earliest decisions you must make is whether to purchase a fully constructed or under-construction property. Although a completed property may seem more appealing because you can move in right away, investing in an under-construction flat or apartment offers several advantages.
Under-construction properties cost less than ready-to-move properties. This is the most significant advantage of investing in a project during the pre-launch or under-construction stage. In many cases, the price difference before and after completion may be as much as 10-15 per cent. In a major city like Mumbai or Pune, this can mean a great difference to the budget of the homebuyer.
Real estate investors often prefer investing in under-construction projects due to the development prospects of a locality or neighbourhood. If investors anticipate the arrival of metro connectivity or infrastructural development work in a neighbourhood, they presume that property prices will likely rise. Therefore, even though the property is still being constructed, its value is expected to go up. Other reasons may include pre-launch offers or discounts by developers, choice of floor and flat, and availability of multiple units.
Buying an under-construction property can help you buy property at a considerably discounted price. However, one of the things to keep in mind before buying an under-construction property is that it attracts a GST of 5 per cent. Consider consulting a financial expert about the tax implications and deductions available on repayment of the home loan when the house is in the construction stage.
Vastu is an ancient Indian system of architecture and design that aims to create harmony between humans and nature by balancing the five elements - earth, water, fire, air and space.
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