Ready-to-move-in Vs under-construction property

Q: Why are end users purchase ready to move flats rather than under construction property?

Rakshit, Mumbai

4th September 2018

Buying property in Panvel, Navi Mumbai

ready-to-move-in apartment

under construction flat

real estate in panvel

why should one buy ready-to-move-in property?

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Replies (3)

Here are a couple of reasons for such a shift. Firstly, the under-construction properties are prone to delays. The builder might not hand over the property for one or other reason. Secondly, the ready to move in properties are cost-effective & the inventory of such a property is high giving ample options for the buyers to choose rather than having to wait.

Ananya Selvin,

23rd October 2018

Comment

on the other hand, A tax experts say that it is not easy for you to claim a tax deduction in case of an under-construction property. Apart from the tax paid on the interest on home loan, you can also get a deduction of 1 lakh under section 80C of the Income Tax Act. However, this is only applicable for the properties that have already been completed. You cannot claim this deduction if you have brought an under construction property.

AK Jain, Mumbai

11th September 2018

Comment

Well Rakshit. There are numerous options in all prices and configuration ranging from new launch to ready-to-move-in flat. So, it becomes confusing for the home buyers as to what they should choose.
My views based on price - Since the price of a property is reversely equivalent to the stages of its construction, it is quite clear that the price of ready to move options will be higher than that of its under construction counterparts, even if situated in the same location. Ready-to move-in flats offer you a chance to shift to the new house immediately that saves your rent. On the other hand, if you buy an under construction house, you will have to pay a heavy amount as interest on loan in addition to your current rental which reduces its growth.

Rakshit, Mumbai

11th September 2018

Comment

Hello Rakshit.
Customers are increasingly choosing to buy completed projects, rather than under-construction projects, owing to growing uncertainty in the real estate market.A lot of people are considering buying properties which are completed or near completion where the execution risk is lower.

subramanya, Chennai

11th September 2018