Most buyers are unsure as to the kind of apartment they would want to buy; when they have to choose between a ready-to-move-in flat and one that is under construction. This blog highlights why an under-construction apartment may be more beneficial than a ready-to-occupy one for aspiring homebuyers in Hyderabad.
Available Affordably
An apartment in an under-construction project is always cheaper than the one in a project that is ready to move. This is because real estate prices always tend to increase as time passes by in all top cities of India, including Hyderabad. For instance, despite the pandemic, real estate prices in Hyderabad have only increased.
More Options for Negotiation
When you opt for under-construction apartments in Hyderabad, you need to pay only as per the existing market price. Furthermore, the sellers tend to offer apartments at lower prices to attract aspiring homeowners. It also gives individuals wanting to buy flats an opportunity to bargain with the sellers.
No Restrictions on Modifications
When an apartment is in its initial stages of construction, the buyer can make changes to certain portions of it. Such modifications would not be possible in a ready-to-move apartment.
Rising Real Estate Prices
Many real estate research firms that have been studying the growth potential of Telangana’s capital are of the view that it is one of the fastest-growing cities in the world. JLL (Jones Lang LaSalle), a global real estate services firm that specializes in commercial property and investment management has also stated so much in its recent studies. JLL added in its report, ‘Q1 Residential Market Update,’ that Hyderabad’s residential property recorded a rise of 123 percent in the first quarter of 2021 when compared to the first quarter of 2020.
With more multinational companies planning to move to Hyderabad and the state government giving a further boost to its physical infrastructure, the future for growth is looking very promising for the City of Nizams.
Easy to Purchase and Sell
As the real estate ventures in Hyderabad can grow in all directions, people, who have bought apartments here and are looking to shift out of the city, will find it easier to sell an under-construction apartment at a price that is slightly or much higher than the cost price, depending upon the area. They would most certainly not make a loss during such a transaction.
Pay only a Percentage of the Total Amount
An aspiring homebuyer only needs to pay a percentage of the price of an apartment in advance. Only after signing the sales agreement, they would be required to pay the remaining amount.
RERA in Place
After the Real Estate Regulation and Development Act (RERA) has been put in place, it has been made possible for potential homeowners to buy an under-construction property without the fear of being cheated. It is mandatory now for builders to register with RERA if they want to sell or market an apartment and they need to upload genuine documents of the property on the bill’s website.
Assurance of Timely Delivery
RERA has also made builders agree to deliver ready to occupy apartments to clients on a specific date. If the builders fail to complete the under-construction apartments as per this date, they have to return the entire money customers paid by their customers along with the interest accrued on it.
Profitability Factor
As real estate prices are always increasing, when a person buys an under-construction flat which is in its early stages of construction, that individual can sell it at a profitable price by the time that property is ready to occupy.
Nestcon, a renowned real estate firm, that has several completed, upcoming and under-construction apartments in Hyderabad and Bengaluru under its belt has many under-construction apartments for sale in Hyderabad. If you want to buy one of them in any of their projects across the city, contact them through an email (sales@nestcon.com) or a phone (966 6123 463).
