The ready to move in projects cost more than the under construction projects. The buyers don’t want to wait for the construction to get complete and generally go towards the ready to move in properties. Hence, the demand for the same has increased.
We discuss why it is better to buy ready to move in properties:
1. Difference in cost:
For the past couple of years, the real estate market has seen a downfall. There has been very fewer project launches and piling up of unsold inventory. To sell them off, the developers had to come up with different offers that can lure in more buyers. Even though the laws are stricter in the real estate sector, these dynamics are still in play.
Buyers find it feasible to pay a little more for the ready to move in property than wait for the construction to complete. The prices of the properties are rising and this is the best time for the potential buyers to invest in the property.
2. Paying both EMI and rent:
Buyer finds it better to pay the EMI even though it is higher than monthly rent than to pay rent and EMI together while waiting for the project to get completed and get the possession certificate.
3. Delivery date:
The real estate market in India is famous for the delay in the delivery. Delay for a few months seems manageable for the buyer but if the delay is higher than it causes financial imbalance for the buyer. Paying huge EMI and rents for the property puts a buyer in a stressful situation.
4. Rental income:
Investors buy the property as a means to get a monthly rent while paying the EMI, keeping the future. in such case, buying the ready to move in property makes more sense.
5. Decrease in dubious developers:
There have been cases where the developers have vanished after taking the hard earned money from the buyer, putting them in grave financial trouble. With RERA, such incidents are diminishing. Only the key players and the one with strong foothold will survive.
6. Lack of infrastructure:
Lots of projects are now coming up on the outskirts of the city since there isn’t much space available in the city. The new projects lack basic necessities like proper roads, connectivity to the city. Lack of infrastructure puts off the buyer and he tends to buy the ready to move in a project that has established infrastructure.
7. Impact of GST:
GST has resulted in the reduced tax burden on the buyer. It has also made it easier for the developers to offload their unsold inventory and use the money to fund on going projects.