Bhandup is one of the oldest localities of Mumbai and is known to be the home of the original inhabitants of the city. The area, which was once covered by dense forest, began to be first developed as an industrial hub. However, today, the locality has evolved into a prominent real estate hub known for its rich history and thriving community.
Located in the eastern part of Mumbai, Bhandup offers a unique blend of both residential and commercial properties. People can choose from several mid-range and premium properties available in both under-construction and ready-to-move-in projects in the area.
Investing in a ready-to-move-in flat minimises the chances of uncertainty about the size of rooms, the actual space available, the view from the apartment, and even the quality of construction. This makes it easier for people to plan how they can best utilise the space as per their needs. Investors can also verify the quality and finish of the construction vis-à-vis the price they are paying for the property. This minimises the risk of getting duped into paying more than what the property is worth or for facilities that were promised but have not been included in the final design.
The decision to invest in ready-to-move-in property options in Bhandup comes with the advantage of a zero waiting period, which can help buyers save a considerable sum of money. The risk that the project will be delayed or, worse, stalled indefinitely is completely eliminated as the property is available for immediate possession. Moreover, investing in ready-to-move-in property requires minimal downpayment, and in case the investors have availed of a home loan, they can start paying the EMI directly, which results in better financial management.
Another benefit of investing in ready-to-move-in Bhandup apartments is that the buyers gain clarity about the infrastructure facilities available in the neighbourhood. They can verify the presence of various civic and social amenities in the area as promised without having to feel satisfied with excuses like the project is still under development. The buyers can also gain a better understanding of the demographics and the connectivity options in and around the locality and their exact distance from the property. This is especially true in the case of basic amenities like schools, healthcare and shopping centres, commuting options, and parking facilities.
A key reason that is driving people to invest in ready-to-move-in properties is the major tax benefits they can avail of by doing so. To start with, the government does not levy any GST on the purchase of ready-to-move-in properties, which in itself can prove to be a major financial advantage. Additionally, investors can get a tax deduction of up to I lakh on the principal amount paid for buying ready-to-move-in properties under section 80C of the Income Tax Act. People investing in under-construction properties are not eligible for any such tax deductions. The deduction amount for first-time home buyers on the interest paid on the loan they have availed for buying such properties stands at 1.5 lakhs. This deduction on the principal amount is not applicable for under-construction properties.
Investing in ready-to-move properties in a posh area like Bhandup assures greater returns on investment. The locality offers great potential as a premium real estate destination for investors from diverse backgrounds. This is mainly due to the proximity of Bhandup to major commercial hubs, its strategic location in a naturally beautiful setting, and its excellent infrastructure development. The price for a 1 and 2 BHK apartment in the area ranges between ₹3.5 Lac - ₹2 Cr and ₹13 Lac - ₹2 Cr, respectively. The area has witnessed a Y-O-Y increase of around 1.05% in property prices, which further promises a decent return on investment for people planning to invest in ready-to-move-in Bhandup properties in Mumbai.
Given the high price of property, investing in real estate in Mumbai is a major decision, and ready-to-move flats make this decision easier for investors. Because of the benefits discussed above, it is not surprising that an increasing number of people are opting to invest in ready-to-move-in properties, especially in well-developed and posh localities like Bhandup, which promise a better lifestyle and greater convenience.
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