Dev Singhraha
Relocation Expert
Since RERA has come into full force, there have been many changes in the real estate sector of the country. One such change is the demand of the occupation certificate. RERA prohibits the developers to advertise their under construction projects while allowing them to promote the ones that are ready to move in and have received Occupation Certificate (OC). The buyers are showing more interest in the projects that have occupation certificates ready.

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.
Looking for property portal?

Leave your comments

Comments
Be first to comment on this article
Level up! Take your property mission ahead
Post Property for sell or rent
Quick Links

Top

Disclaimer: Homeonline.com is a Real Estate Marketplace platform to facilitate transactions between Seller and Customer/Buyer/User and and is not and cannot be a party to or control in any manner any transactions between the Seller and the Customer/Buyer/User. The details displayed on the website are for informational purposes only. Information regarding real estate projects including property/project details, listings, floor area, location data Read more