In recent times, buyers of apartments in Kochi seem to have a heightened interest in ready to move in projects. However, under-construction flats are not any less in quality or cost as compared to the former. If you act with due diligence on the project in terms of developer, location, price and other related aspects, under construction projects can offer higher value appreciation than ready to move in projects. Some of the few advantages of buying a property in an under-construction project are listed below:-
- Higher appreciation: Since you are buying at a lower cost, the value appreciation is expected to be higher. As the construction progress, the price of your property also increases. For high returns of the investment, buyers should check the location, upcoming infrastructure, etc. The value of the property increases from the time of booking until the buyer is delivered with the completed project. Therefore, the value increases over a period of time. Logically one may think that a ready possession flat for sale in Ernakulam will also increase in value, but the quantum increase during the under-construction stage would be at a higher rate.
- Less cost: The cost of a property is one of the prime aspects of a buyer. An under-construction property will cost less than a ready to move in property. Moreover, buyers get the option to interfere in the cost management of the construction. The wait may be longer but it is surely worth the cost. With the RERA (Real Estate Regulatory Authority) in place, developers must deliver on time, and if they do not, they are liable to pay compensation to the buyers. You should deal with a reliable developer and choose a good project. One should not buy a property because the cost is less. Post RERA there is an added advantage of booking a unit in an under-construction project. The buyer is safe. The biggest advantage is that the price point is low while you invest and it grows in value over a period of time. Also, one can choose the unit of one’s choice in terms of unit number or location within the tower’s layout.
- Payment flexibility: While buying a completed property in any flats in Kochi the buyer has to pay the entire amount at one time. There are registry cost and other miscellaneous expenses as well. However, you are paying only ten to fifteen percent as the booking amount when you buy an under-construction project. You pay EMIs to a bank in case the property is financed or else you can pay as per the construction plan. There is flexibility in terms of payment and you do not need to arrange a huge sum to buy an under-construction project.
- New construction: Under construction projects offer you new construction. You are getting a property that is newly constructed and has a long life. Buyers need not worry about maintenance for a long time while moving into a new property. You are spending a great amount of money and there is no point in going for a property that is old. You get more amenities at an affordable cost.