Benefits of Under Construction Vs Ready to Move in Property in Kochi

05 January 2024
Benefits of Under Construction Vs Ready to Move in Property in Kochi

New residential projects can be classified into under-construction and ready-to-move-in projects. The under-construction projects are those that offer possession after a certain period. They can be in various stages of development. Ready-to-move-in projects are ready to be occupied immediately. Both these types of projects have several distinguishing features. Kochi is one of the fastest developing real estate markets in the country. The number of new projects – under construction or ready-to-move -in, coming up in Kochi gives the home buyer several options to choose from. The advantages of choosing an under-construction project are several.

Let us take a few leaves out of our home buying guide to understand these:

Price Advantage

At the under-construction stage of the project, the developer wants to market the project to get approvals and loans for the project easily. The prices are, hence, much lower compared to ready-to-move-in homes available in the market. Another reason is that following the RERA certification, flats in Kochi see a sharp increase in its prices. If the property you are interested in is locked in during the under-construction phase, you will be able to avert this price hike. Many builders in Kochi offer attractive schemes like staggered payments and lucrative offers for their under-construction projects which result in savings.

Customization and Other Benefits

The first-mover advantage can be highly rewarding for the new home buyer. They get to choose the floor, preferred flat with views, floorplan, stairs, etc of their choice while staying within the pre-launch price. Moreover, the interiors of the flat could be modified by making requests to the builder to suit any specific needs. These can be easily accommodated as the project is under construction. The money saved by booking the property under construction can be used to plan luxurious interiors and other amenities for your new home. Flats in Kochi can be customized to suit your requirements.

Easier Payment

We often see so many projects in the under-construction phases offering easy payment options to benefit the home buyer. There are offers where a small part of the total price is paid immediately, and the rest could be paid during possession. By taking a mortgage you can get a tax benefit and a substantial breather period before the EMI payments start. The builder will also be motivated to finish the project as soon as possible to reduce the cost of large projects in Kochi.

Investment Strategy

By committing to buy the house during the under-construction phase you can get a significant financial advantage. Do you want to know how? As soon as the project is complete and ready to move in the property prices are hiked. The hike is anywhere between 10 % to 40 %. Your property is now worth much more than the new launch phase and this was possible in a comparatively shorter span. This adds to your asset value increasing the overall worth of your property.

An under-construction project can be a very beneficial option for first-time home buyers as they gain many perks and advantages. It is prudent to choose reputed builders in Kochi so that you are in safe hands.