Buying a house is easily one of the most significant decisions of an adult life. But the decision of buying a dream home cannot be an instant one, especially in a city like Gurugram. But before making a start, the first crucial choice that one has to make is a well-planned and researched choice between a ready to move-in flat and an under-construction one.
When you pay a large sum of money for a property, ensuring a good quality is bare essential. Given the fast paced lives of people in cities like Delhi and Mumbai and the increasing shortage in living space, acquiring a property on an immediate basis is more convenient than waiting for the construction to get over. All one has to do is make the payment, sign necessary documents, and simply move-in to the new place. In other words, buying a finished house, is a fool-proof way of dodging the real-estate mess & frustration.
“The major benefit (of buying a completed apartment) is that buyers are completely aware and know exactly what they are buying while inspecting the apartment. The decision of purchasing a ready-to-move-in property is not based on what is shown in a sample flat or on mere layouts,” said Ramesh Nair, chief executive officer and country head, JLL India.
Since the property is already completed, checking the legal status becomes relatively easy. One can check documents such as completion certificate, occupancy certificate and list of titles etc.
As opposed to this, the under-construction properties pose the risk of the projects getting delayed. More often than not, projects with an approximate timeline of 12 months fail to complete on time and spill over onto another 12 months. Since the economic slowdown in 2008, there have been many cases where builders could not complete the promised housing projects and buyers had to wait helplessly. Read more
This prolonged stagnation in meeting timelines can further complicate matters, since bankers are unwilling to give loans to builders when their projects tend to get delayed beyond expectation.
On the financial front as well, investors have to constantly walk on egg shells while investing in a property. Choosing a ready to move-in apartment over an under-construction one yet again proves to be the wiser decision simply because as soon as you take possession you start saving not just on rent but on GST too. Goods and services tax (GST) of 12% is applicable on an under-construction property. It is charged over and above the property value. So if you are buying an under-construction property valuing ?60 lakh, you will have to pay ?7.2 lakh as GST. Source
Moreover, ready to move-in apartments also carry a good resale value unlike under construction properties since it cannot be sold without the consent of the builder. Read more
If buying a house still seems stressful for you, opting for a ready to move-in apartment will save you from losing your peace of mind because let’s face it, dealing with a constantly fragmented sector like Real Estate can be a tricky situation. A major reason for the existing trust gap between investors and builders is the prevalence of an unfiltered category of fly-by-night operators, who dupe unwary buyers and investors by collecting the initial sums and then vanishing into thin air. In these uncertain times, people want security and assured returns and finished projects/ ready to move-in properties offer them this stability and safety.
In this regard, Experion’s The Heartsong located in Sector 108, Gurugram proves to be a convenient option for home buyers. Ready to move-in apartments at The Heartsong, starts from a BSP of 89 lacs and with their easy payment options, you can turn your dream of buying a home into reality. All you need to do is, pay 25% in the first 2 months and the rest 75% in the next 2 years. This residential property is already home to 100+ families.