Blog Summary: Are you planning to purchase a dream apartment in Chennai and wondering if you should invest in under-construction flats in Chennai? Then go through this blog to know the benefits of investing in under-construction flats in Chennai.
Getting a dream apartment is on the bucket list for numerous people. One of the obvious questions that arise when thinking about getting an apartment is whether to invest in under-construction flats in Chennai or a ready-to-move home. Both the apartments come with their own pros and cons. So, if you are thinking about getting an under-construction flat, then this blog will give you an idea of why you should invest in under-construction flats in Chennai.
Benefits Of Investing In Under Construction Flats In Chennai
Investing in an under-construction apartment is a much more cost-effective way to get an apartment than getting a ready-to-move house. When booking an under-construction apartment, the buyer pays the price of the flat for the time being when it is being booked. The value of the property will definitely tend to be higher when the project is completed.In an under-construction flat, for most of the cases, you can make the payments in instalments for getting the flats, and this will go easy on your pockets as you need not make full payment in one go.
It is found that the pricing between an under-construction flat and a ready-to-move flat has a marked difference of 10 to 30%.
In which case, the buyer has benefitted from making an early investment during the construction itself than buying the property after completion. Cost-effectiveness is one of the greatest benefits of investing in under-construction flats in Chennai.
2. It Is Brand New
When you register for a property that is under construction, you can be assured that it will be handed over to you right away after construction. The look and feel of the new flat is fresh, and it is appealing.
A new house will have better amenities at good working conditions. It is also to be noted that a new flat will come with no damage and will have a longer life than an old house for resale. Hence, you are promised and guaranteed of a brand new flat, and this is one of the notable reasons to invest in under-construction flats in Chennai.
3. Great Appreciation Value
One of the biggest reasons to invest in under-construction flats in Chennai is that the property has great appreciation value and return on investment. It is known that the buyers invest a comparatively lesser amount on under-construction flats than on finished ones.
When the buyer invests a given amount and registers a property under construction, the property, its value, and the value of the surrounding areas continue to grow along with it as well. The value of the property will account for a higher amount a few years down the line and will also have a greater return on investment value. The appreciation value for the price invested is one of the greatest benefits of investing in under-construction flats in Chennai.
4. Flexible Payment
One of the greatest pros and benefits of investing in under-construction flats in Chennai is that it comes with easy and flexible payment options. The payment for availing of the flat can be split and made in installments. For example, the following can be one of the forms of payment.
According to reports, “The GST for under-construction affordable housing units is 1%, while for non-affordable projects it is 5%, without the input tax credit.”
5. Modifications and customization
The buyer can pay 10% of the property cost at the time of booking the flat, and then a subsequent 10 or 20 % can be paid during the commencement of the work. The other payments can be accordingly made throughout the course of the construction. Then again, the payment differs as per each real estate brand and realtor and
One of the biggest benefits of investing in under-construction flats in Chennai is that there is scope and space for modifications and customization. There are many entities and intricate details like the kitchen furnish, color of the tile, the wall paint, the window type, the attic positioning, and much more than the buyers would want to have a specific.
When the property is under construction, it is much easier for the buyers to request a specification and modification. Thereby, the buyers can easily avail of a flat of their choice and specification. These are the greatest benefits of investing in under-construction flats in Chennai.
6. RERA Compliance
It is safe to invest in under-construction flats in Chennai. Properties that are under construction have to register under RERA. Properties under construction that are registered under RERA carry out a transparent construction process and are also obligated to hand over the finished project as mentioned in their registration paperwork of the buyers.
To protect the rights of the home buyers, RERA is implemented in 36 Indian states and union territories.
Home prices are on the rise! Buy now or never!
Construction costs have been on the rise, driving up home prices by Rs. 400 – Rs. 600 per sq. ft. The Hindu reports that construction costs have increased by 10% – 12% over the last year. So if you’re looking to buy a home, now is the time to act!
The above are a few of the reasons for the benefits of investing in under-construction flats in Chennai. If you are planning to purchase a flat under construction from a reputed real estate brand in Chennai, then Tulive GK Shetty is the right place for you. If there are any suggestions or queries that you have, let us know in the comments section.