SMPL
New Delhi [India], October 17: Ahmednagar, a traditional city embracing modernity, has often taken a conservative approach to real estate. Most homebuyers in the region prefer ready-to-move-in (RTMI) properties. Completed homes provide a tangible sense of security, reassuring buyers. However, this preference limits options for many potential homeowners.
Buying a home under construction offers unexpected benefits. The immediate availability of a home may seem appealing, but it comes at the cost of modern design, flexible payments and competitive prices. Moreover, the potential for appreciation is far less, as the value is already baked into the price at the time of purchase.
The Benefits of Buying Under-Construction Properties
1. Price Benefits
Properties that are still being built are typically priced lower than completed ones. Developers often offer discounts and incentives to early buyers. By buying early, you can secure a property at a price significantly lower than the market rate of a ready-to-move-in home. As the construction progresses, the value of the property typically increases, giving early buyers a head start.
2. Flexible Payment Plans
For many homebuyers, managing finances while buying a home is a significant challenge. Under-construction properties often come with more flexible payment plans, allowing buyers to spread their payments over time. This flexibility can ease financial strain, offering a stress-free purchase process compared to the immediate large outlay required for a RTMI property.
3. Special Offers
Under-construction projects provide special pre-launch offers or discounts to attract early buyers. These may include reduced prices, waived stamp duty & registration fees or added perks such as modular kitchen, air-conditioners etc. These incentives provide significant savings and make buying an under-construction property more financially appealing.
4. Preferred Inventory
Early buyers get the advantage of selecting from the best available inventory. You can choose units with your preferred views, floor, directions or specific layouts, which might not be available once the project is completed and ready-to-move-in homes are sold. This ensures you get a home that perfectly suits your preferences.
5. Transparency and Compliance
Earlier, you preferred RTMI homes because they offered immediate possession and felt safer. However, with the introduction of RERA, under-construction properties now offer the same level of transparency and accountability. When buying from a RERA-registered developer, buyers are protected from delays, discrepancies and fraudulent practices. Developers are legally bound to follow project timelines, disclose all relevant details and keep buyers informed throughout the process. This ensures that investing in under-construction properties is now just as safe, if not safer, than it used to be.
6. Appreciation in Property Value
As the project nears completion and the surrounding infrastructure develops, the value of the property typically increases. Under-construction homes offer potential for significant ROI, making them a lucrative long-term investment.
7. Customization
Many under-construction projects offer buyers the chance to customize their home during the early construction stages especially Jodi apartments or larger layouts. Early approvals save time, money and hassle on post-move-in renovations, often involved in updating a RTMI property. This could include selecting preferred materials and finishes or even modifying certain layout elements, such as the placement of any internal wall, partitions or fixtures.
8. Tax Benefits
Under Section 24B of the Income Tax Act of 1961, homebuyers of ready-to-move-in or under-construction properties can avail tax benefits. These tax benefits can make a significant difference in reducing the overall cost of home ownership.
What to Look for When Buying an Under-Construction Property
* Research the Developer: Look into the builder's track record. What are their past projects like? Have they delivered on time? Are their buyers satisfied? A trustworthy developer is key to ensuring a smooth and safe buying experience
* Evaluate Amenities: Modern under-construction projects offer a range of amenities like rooftop lounges, gyms and kids' play areas. These features can add both value and convenience to your living experience
* Check the Location: The location of your home plays a major role in its future value. Ensure it is well-connected to public transport and has good social infrastructure
* Legal Verification: Look for developers who have tie-ups with multiple banks, as this often means the property has passed several legal checks and check their title report
* Payment Plans and Budgeting: Understand your budget, payment plans, additional costs, such as taxes or society maintenance fees
About Aspire Constructions' upcoming project @ Savedi:
Aspire Constructions, following the success of its landmark 'Sky Court' project in Savedi, is gearing up to launch a new, highly ambitious development in Ahmednagar. Set to be one of the tallest and most well-planned projects in the city, this project promises to redefine modern living in the region. Launching this Diwali with a dedicated sales lounge and show flat, Aspire Constructions aims to provide a professional and seamless buying experience for prospective homeowners.
Aspire Constructions, under the leadership of Architect Manas Vanwari, continues to shape India's skyline with cutting-edge architectural designs. A second-generation entrepreneur, Manas Vanwari has infused global insights into the family business, having earned a Master of Science in Urban Design from Columbia University, New York. With over 900 projects completed in the past 50 years,the firm has been at the forefront of prestigious developments, including Mindspace Gigaplex in Mumbai, Maestro at Juhu Beach, and Raheja One on Altamount Road.
For sales inquiries, contact +91 86557 05627. MahaRERA Number: P52200000077.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by SMPL. ANI will not be responsible in any way for the content of the same)
