In today's real estate market, the trend seems to be leaning towards ready-to-move-in residences. However, there are numerous advantages to purchasing a property that is still under development. Under Construction Projects in Thane offer their own unique set of benefits, depending on an individual's financial situation and preferences. By carefully considering factors such as the site, pricing, developers, and infrastructure, an under-construction property has the potential for significant appreciation.
Gone are the days when buying a property that is still under construction was considered a risky endeavor. In fact, purchasing a property that is still in the development stage can prove to be highly rewarding, whether it is intended for personal use, rental purposes, or investment. In any of these scenarios, opting for an under-construction property can be advantageous.
One of the key advantages of Under Construction Projects in Thane is the flexibility they offer in terms of payment schedules. Unlike ready-to-move-in properties that require a substantial upfront payment, under-construction properties allow buyers to make payments on a more flexible timeline, which is less burdensome on the wallet. Let's delve deeper into the benefits of such projects:
1. Favourable Government Laws
Under Construction Projects in Thane are governed by the Real Estate Regulatory Authority (RERA), which was established in 2017. Compliance with RERA is mandatory for all such projects, ensuring fair practices and providing a safety net for end-users in case of builder defaults.
The introduction of RERA has significantly reduced the risks associated with fraudulent practices by builders. According to RERA regulations, if a construction company fails to deliver the completed property within the specified time frame, buyers are entitled to a full refund of their investment, along with interest.
Furthermore, RERA has mandated that builders quote rates based on carpet area rather than super built-up area. This ensures transparency and prevents misleading information about the actual usable space. RERA also requires builders to deposit 70% of the funds received in a dedicated bank account through checks, reducing the risk of losing hard-earned savings. Therefore, the fear of financial losses when purchasing an under-construction property in Thane is no longer a major concern.
2. Cost-Effective Investment
Compared to ready-to-move-in homes, under-construction properties in Thane are more cost-effective. If other parameters such as location, property type, premise area, and real estate developer are the same, a ready-to-move-in property will be priced higher than an under-construction property. In fact, the price difference between the two can range from 10% to 30%, representing significant cost savings for buyers.
By opting for an under-construction property, buyers can enjoy substantial cost savings. Although there may be a waiting period before being able to move in or rent out the property, the cost benefits make it a worthwhile investment.
3. Profitable Returns on Investment (ROI)
Investing in Under Construction Projects in Thane often yields higher returns compared to ready-to-move-in properties. This is primarily due to the longer duration between the purchase and delivery stages, providing more time for appreciation. If a buyer decides to sell the property before possession, there is a good chance of obtaining a favorable return on investment.
Moreover, under-construction projects located in the outskirts and underdeveloped areas of the city have a higher potential for price appreciation. These areas are often targeted for future development, leading to increased demand and subsequent value appreciation.
4. Flexible Payment Options
Purchasing an under-construction property in Thane offers more financial flexibility compared to ready-to-move-in properties. Buyers are not required to pay the entire sum upfront or within a short period of time. Instead, real estate developers generally allow buyers to pay in planned installments aligned with the construction stages, with the remaining balance due at the time of possession. This enables buyers to manage their finances better and make Equated Monthly Installments (EMIs) within their reach.
In contrast, ready-to-move-in properties typically require the buyer to pay the full sum upfront or within a short timeframe. With under-construction projects, buyers have the advantage of reserving a home with a small deposit and paying the remaining amount gradually until construction is complete.
5. Attractive Discounts and Offers
It is challenging to find discounts or offers on ready-to-move-in properties. Buyers usually have to pay the market rate without any additional benefits. However, when purchasing an under-construction property, buyers have the opportunity to avail discounts, freebies, and negotiate the final cost. These can include incentives like a gold coin, a modular kitchen, an air conditioner, or free parking.
In the past, homebuyers tended to prefer ready-to-move-in residences over under-construction projects in Thane due to concerns about possession delays. However, with the advent of RERA, purchasing an under-construction property has become a viable option as long as it has a valid RERA number and is developed by a recognized developer.
In conclusion, under-construction properties in Thane present an ideal option for investors. These properties, usually located in the outskirts and underdeveloped areas, have a higher potential for price appreciation compared to ready-to-move-in properties. Additionally, purchasing an under-construction property allows buyers to customize their dream home, closely monitor the construction process, and have the assurance of RERA protection. With your concerns and doubts addressed, it is time to explore the various under-construction projects available in your neighborhood.
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