In a country like India, a home is not just a typical estate property that people buy to possess something, but it lends a sense of safety and security to them in uncertain times. For example, during the ongoing coronavirus pandemic, people have realized the importance of owning a house like nothing else. However, if you are planning to buy a house, should you prefer a ready-to-move-in house or an under-construction property? This post highlights all the crucial points that would help you in taking the right decision in this regard.
The coronavirus pandemic has made people realize the importance of real estate, which is found to be steadier, as compared to the unpredictable and chancy stock markets. In addition, the reduction in interest rates has made it easier for people to buy their dream homes. Apart from this, the amazing discounts and offers being made by various property developers have encouraged many to get a home of their own.
Now, when it comes to buying a property, one of the many things that confuse buyers is whether to buy a ready-to-move property or an under-construction project. Though both have their own pros and cons, the ultimate selection depends on several aspects like, what the buyer is searching for, his specific needs/requirements, and whether one is buying for investment or end-use.
Things to keep in mind while choosing a ready-to-move-in home
Buying a 3 BHK or 2 BHK ready to move in Noida Extension would help the buyer to circumvent costs linked with living in a rental property and the prolonged wait in large cities, for an under-construction project to be finished. It also tends to lend a sense of security to home buyers. Another plus point is that a potential buyer can check the neighborhood and other important things before moving in.
As compared to other parts of Delhi NCR, buying 2 BHK ready to move flats in Noida Extension seems advantageous due to many reasons. First, the location is easily accessible. Be it FNG Expressway, Agra Expressway, or other parts of the region, the area enjoys excellent connectivity with nearby regions. Another reason is the construction quality which is in par with global standards. With many builders providing a wide range of properties, there is no dearth of great property options for buyers when it comes to choosing 3 or 2 BHK ready to move flats in Noida Extension.
One major advantage of buying ready-to-move flats in Noida Extension is the competitive pricing. Whether you buy for investment or self living, there are lots of options available to choose from.
Things to consider while buying an under-construction property
Another plus point with an under-construction property over 2 BHK ready to move flats in Noida Extension is that one can enjoy greater flexibility in regard to payments, like construction-like plans (CLP), flexible payment plans, and subvention schemes, etc.
The execution of the Real Estate (Regulation and Development) Act (RERA) and other buyer-centric policies aim at highlighting higher levels of transparency and acquiescence from real estate. This tends to increase home buyers’ confidence while investing in under-construction projects. However, in regions where the RERA is not yet put to action, it is very much necessary for a home buyer to check the authorizations of the developer before making a choice.
One of the biggest problems with under-construction projects is the delay in getting possession. An under-construction property may also be costlier, due to the expenses sustained on development, GST, etc.
What should one choose?
Though both the options are great in their ways, it is generally perceived that buying 2 or 3 BHK ready to move flats in Noida Extension would be a better decision than going with an under-construction project. Undoubtedly, it would come at a higher price but the benefits would compensate for the high costs of the property. People tend to buy a home to enjoy complete peace of mind and a heightened sense of security and this is where buying a ready-to-move property enjoys an upper hand over an under-construction one.