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A ready-to-move apartment might be the first choice for most homebuyers. Unlike some under-construction properties, a ready-to-move apartment offers quick possession. Besides, you can choose the apartment of your liking and evaluate the neighbourhood before making the purchase. Nevertheless, an under-construction property has its own merits and can be a valuable investment. If you are planning to buy property in Mumbai and have time on your side, investing in an under-construction property is more advantageous. If you want to know why, read these 5 reasons to buy an under construction property in Mumbai.
Relatively cheaper
As you are already aware, the Mumbai real estate market is expensive. The prices of apartments, especially in premium localities, can go up to a few crore rupees. As a homebuyer, one of your primary concerns would be to get a good quality home at an affordable rate. If saving money is on your mind, an under-construction property might appeal to you. An under-construction property can be around 10 to 20 percent cheaper than a ready-to-move apartment. In some cases, the percentage can go as high as 30 percent or even more. The significant sums of money that a homebuyer will save is one reason investing in an under-construction property is a rewarding experience.
Flexibility
The payment process of an under-construction property is much more flexible. These properties take a few years to complete. So you can pay a certain amount of money when you buy the property and the rest in regular intervals or pay the entire sum when the property is complete and ready to be handed to you. On the other hand, in a ready-to-move property, you will have to make a one-time payment in a short period of time, which may lead to a financial burden.
Lucrative offers
If discounts or offers are on your mind, investing in an under-construction residential property makes sense. To attract customers, many developers give homebuyers attractive rewards that can range from the ordinary to the fancy. Some developers might give sufficient parking space within the precincts, or a lucrative discount. This makes the property even more affordable. But a ready-to-move apartment will provide you with no such benefits.
Price appreciation
Most buyers consider property one of the best investment because with time the apartment’s value increases substantially. If you buy an under-construction property, the next few years will see a significant price appreciation. You can sell the property at a much higher price when to has been completed or near completion. Compared to a ready-to-move apartment, the returns on an under-construction property will be higher. The good returns makes an under-construction property a great option for those planning to buy an apartment from an investment point of view.
Customisation
An under-construction property offers you the opportunity to customise it as per your needs. The homebuyer can modify floor plans, add specifications, experiment with designs. Customising a ready-to-move apartment according to your needs is difficult because it has already been built.
Conclusion
As you can see, there are numerous benefits of buying an under-construction property. It may take a few years for the project to be completed. Nevertheless, under-construction properties are cheaper and can be customised according to your needs. But if you plan to invest in an an under-construction project, you should be cautious. Always buy properties from reputed developers and check the papers carefully. On Blox, you will find several under-construction properties that are being built by the finest developers in the country. You can check the properties that suit your budget and requirements. The company will arrange a site visit for you. If you are finding it challenging to visit the site, you can opt for a virtual tour. If you are considering buying an apartment in Mumbai, for best results, choose an under-construction property in a premium locality.
By Marlene Coleman
– is a passionate blogger who love to write on digital marketing, Business, technology and finance related topics. Also, a reader and loves to share quality content prevalent on the web. She is a featured author at UpLearn.
Member since October, 2021
View all the articles of Marlene Coleman.
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