Resale and ready-possession properties lure buyers, under-construction projects lag behind.
October ’16: With the usual 10-15% cost premium of ready-to-move-in properties coming down, home buyers will likely flock to tap into the quick-possession market. The resale housing market offers buyers a chance to sidestep the risks associated with buying yet-to-be-completed properties that have acquired the unfortunate reputation of being prone to indefinite delays.
There are advantages and disadvantages to both.
The sheer volume of inventory in the ready-for-possession market has made purchasing a resale or ready property a more viable option now. Quality properties from reputed developers, in good locations, are now available for possession at prices previously available to buyers willing to wait for two years or more for possession. Also, you save on rent because you can move in right away. Or even if you do not plan on using it as your primary residence, you can let it out on rent and start earning an income right away. We have noticed this buyer preference with home seekers showing a high preference to our ready-to-move-in properties such as The Meadows and Aangan.
Under-construction projects score on other counts.
1. The choice of properties in the resale market is limited compared to projects under construction which allow you a fuller choice with regards to floor preference, view etc.
2. You have to do a lot of legal legwork to arrange for documentation in the case of possession-ready, resale properties.
3. Buyers of possession-ready property have to start paying EMIs on their home loan immediately, besides shelling out the down payment, registration, and stamp duty. However, under-construction properties offer lots of easy payment schemes.
4. Developers offer attractive payment schemes and freebies. You would be foregoing these luxuries in a possession-ready property.
Whether you choose to buy a new ready to move in property, a resale property, or an under-construction property, making your purchase from a reputed builder is of prime importance to ensure a transparent and quick transaction free from complications.
At Adani Realty, we pride ourselves at having reached a place where we are able to hand over homes before the due date.