If you’ve long been cherishing the dream of buying a flat in Pune, the right opportunity is here. Buying a house has become easier as banks have reduced interest rates and made it easier for the middle-class to buy houses. You are spoilt for choice when it comes to under construction projects in Pune. Deciding on which one to buy: a ready-possession flat or under-construction flat is not easy. The benefits of buying under construction property more than overweigh the concerns. From price to payments and offers, under construction properties come with their own lots of advantages.
Benefits of Buying Under-Construction Property
- Flexibility of Payments / Pay in Stages
Buying in an under construction project helps plan your budget. You will be paying the amount in different stages, on completion of certain segments, with the progress of the project. The comparatively small amount will not hamper your other needs or impact you financially. For a ready-to-move-in flat, the builder will ask for the payment of the lump sum amount or the buyers have very less time to pay the entire amount of the property. Most of the under-construction properties provide flexible payment plans with long tenure (till possession). As a buyer, you can book your property by just paying the booking amount and the rest of the payment in small installments according to the payment plan.
- Lower Prices
You would find a huge price difference (10–30%) in construction & ready-to-move-in apartment in the same community.
- Higher Price Appreciation Rate
With the progress of the construction of the residential property, its price increases too. Moreover, the property rate will be less at the time of acquisition. And will go up with construction progress. Therefore, you will be more advantageous than the other buyers, who have joined late. It usually yields a higher return on investment due to an extended window period between the buying stage and delivery timeline. If you sell the property closer to possession, you stand a good chance of earning a healthy appreciation on your capital investment.
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- Option for Customization
The under-construction projects give you the option to customize the property according to your needs. You can discuss your ideas, concepts, and requirements with the builders to include your necessities. Reputed builders consider client requirements during construction positively.
- Confirmation on Materials Used
Although this is not an issue when you choose reliable builders, you can inspect the flats during the construction.
One of the biggest drawbacks of ready-to-move property, you would hardly find any offers on these properties. Instead, you can easily find a lot of schemes and plans on under-construction residential properties.
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- RERA benefit
Any property with an Occupation Certificate as of 1 May 2017, is mandated to be registered under their State’ RERA. Under-construction properties, therefore, will necessarily come under the ambit of RERA and are liable to comply with fair trade practices. Buyers can avail information regarding these properties on their respective State’s RERA website and even seek speedy grievance redressal by the Appellate Tribunal formed under RERA.
If you are looking to buy luxury homes in Pune, you should certainly explore such projects. There are upcoming real estate hotspots such as Balewadi in Pune which offer numerous under construction projects. Avon Vista from the Naiknavare group is one such luxury project that stands tall amongst others. Spread across 6.5 acres of land the project offers 3 & 4 BHK in Balewadi. These luxury homes offer magnificent views of the lush greens around and the river. These 3 & 4BHK flats come with a host of luxurious amenities. The flats are designed to provide excellent ventilation and sunlight. The projects offer best-in-class amenities such as clubhouse, skating rink, yoga lawn, landscaped podium gardens, tennis, futsal court, infinity pool, etc. Avon Vista lies close to Wakad bridge, Mumbai-Pune Expressway, and Hinjewadi IT Park.
Before taking the plunge, go through the above-said pointers to analyze the benefits of under-construction properties. And, if you have made up your mind to have one, book your space in Avon Vista now!