Almost all home buyers are riddled with the same question – whether to buy a ready to move in flat or opt for an under-construction property. Both these types of property suit different needs and purposes. Let us compare them to get a better view of suitability:
Factors | Ready to Move In Flats | Under-Construction Flats |
Availability | There is almost negligible waiting period. One is just required to make payment and work through the documentation for being able to get the property handed over. | One does not get their hands on possession at the time of purchase. |
Pricing | One shot lump sum payment is required for possessing the property and pricing is a bit on the higher side comparatively. | The burden on pocket is lighter as it does not require lump sum payment at time of purchase and is slightly cheaper in comparison. |
Discrepancies | There is no risk of discrepancies as the promised layout is open for inspection before payment and possession. | A slight risk of discrepancies in terms of the final promised amenities, layout etc might exist. |
GST Implications | Left out of ambit of GST. | Attracts a 12% GST on the Total Cost of Property. |
Property Age | A ready unit might not always be brand new and might have been on sale for a while. | Brand new constructed flats are handed over after completion. |
RERA Compliance | Promoters of old ready to be sold units having Occupancy Certificate as on 1st May, 2016 are not mandatorily required to make information available on a public platform. | Freshly under-construction properties which will have Occupancy Certificate post 1st May, 2017 onwards are mandated to register under their state’s RERA and to provide all information. |
Alterations and Décor | Alterations are not possible on a completed unit. One has to opt for the readymade décor. | Non-structural alterations can be done during the construction process. Interior decoration can be as per buyer’s preference. |
Risk | A ready unit does not hold much risk when it comes to possession. | Slightly more risky since there might be a possibility of the project getting delayed or even stalled owing to unforeseen circumstances. |
Construction | One cannot obtain a full understanding about the construction materials used, strength of foundation etc in a ready unit. | A buyer can keep a check on the materials being used for construction and inspect the site from time to time in order to gain assurance regarding proper construction. |
Both ready to move in flats and under-construction flats have their own pros and cons. Each and everyone have their own set of preferences when it comes to buying a house. A buyer must consider his/her financial condition, choice of location, timing etc among other things before making the final decision.
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