Off-plan or newly constructed property: which is better? This is a question that every investor mull over before making an informed decision. Buying a house is never easy. Although it may be an exciting milestone, it is a tedious task. The buyer has to be conscious of minute details like the design, number of rooms and the locality. When it comes to Mumbai, many real estate companies are slowly migrating to the new hub, Thane.
Over the years, Thane has outgrown to be the greener and scenic place. Precisely one can find high-end realtors such as T Bhimjyani, Lodha, Runwal, Piramal projects coming up at affordable rates.
One of the much-anticipated under construction projects in Thane is the T Bhimjyani’s Neelkanth Woods at Manpada. It is a culmination of nature and luxurious spaces, closer to the city’s essential amenities and offers world-class facilities to its investors.
Coming to the question between under construction and new-made property in Thane, the following points will explain why the former is ideal:
1) Time saves dimes: Purchasing under constructed properties are cheaper before the completion stage. Meanwhile, ready to buy possessions are expensive. One almost spends 20 to 40 per cent more money on new construction properties. By investing in under constructed accommodation, the equated monthly installments (EMIs) of home loans shorten as the loan budget reduces considerably.
2) Profit and more profit: Real estates are an excellent source of investment. When the investor purchases properties at the pre-possession stage, they can earn a substantial profit by selling them before the completion stage. Moreover, the additional benefit in some of the under construction projects in Thane is, buyers can modify the amenities/facilities as the builders have to foot the bill and not the buyer.
3) Government support: The fear of loss of money is a thing of past, legally and literally. Thanks to the new Real Estate Regulatory Act (RERA), builders cannot fleece the buyer anymore. As per the Act’s directive, builders who do not comply with the deadline of the project, have to return the invested money along with interest to the buyer.
4) Your home, your design: Most often ready to occupy accommodations leave the buyers disappointed as the design and architecture are not up to mark. While in under construction apartments, one can make changes as per their specifications or Vaastu to a certain extent.
5) Investment authority: Before advertising or selling the property, builders have to register the project under RERA. Post-registration, builders have to upload the property related documents to RERA portal for the layman’s perusal. This keeps the buyers’ money secured and saves them from fraudulent activities. The investors can also monitor if the invested capital is getting rightly utilised in pre-possessed properties. If not, they can complain to RERA of the same.
Get the calculations straight before investing in under or new construction in Thane.