Benefits of Buying Property in Under Construction Projects
Investing in real estate is a significant decision, and choosing the right type of property can make a huge difference in returns and satisfaction. While ready-to-move properties offer the advantage of immediate occupancy, under-construction projects have their own unique set of benefits that often appeal to both homebuyers and investors.
Here’s why buying a property in an under-construction project can be a wise move:
- Lower Cost
One of the most attractive benefits of buying an under-construction property is the cost. These properties are often priced lower compared to ready-to-move homes. As the project nears completion, prices tend to rise, offering an opportunity for early investors to secure better deals.
- Flexible Payment Plans
Most developers offer staggered payment plans for under-construction projects. This flexibility allows buyers to make payments over a period of time, making it easier to manage finances. In contrast, ready-to-move homes often require the entire payment upfront or within a short period.
- Higher Appreciation Potential
Properties in under-construction projects often have higher appreciation potential. As the project progresses and the surrounding infrastructure develops, the value of the property tends to increase. This means that by the time the property is ready for possession, early buyers may see significant capital appreciation.
- Customization Opportunities
Many developers offer buyers the option to customize certain aspects of their under-construction homes, such as flooring, interiors, or even layout (subject to feasibility). This is rarely possible with ready-to-move properties, where the layout and finishes are already fixed.
- Modern Amenities
Under-construction projects, especially in growing urban areas, often come with a range of modern amenities such as gyms, swimming pools, parks, and clubhouses. These amenities not only enhance the lifestyle of the residents but also add value to the property in the long term.
- RERA Protection
With the implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA), there is more transparency and protection for buyers in under-construction projects. Developers must register their projects with RERA and adhere to strict timelines, reducing the risk of project delays and ensuring accountability.
- Tax Benefits
Buyers of under-construction properties can also avail of tax benefits under Section 80C of the Income Tax Act. These benefits can be claimed on principal repayment of home loans taken for purchasing the property, making the investment even more financially rewarding.
- Better Location Options
In growing cities, under-construction projects are often located in upcoming or newly developed areas, where there’s scope for future growth. As infrastructure like roads, schools, and hospitals improve in these areas, property values tend to rise, giving early buyers a distinct advantage.
- Early Entry into Promising Projects
By investing in under-construction properties, buyers can get early access to projects in prime locations before they are completely sold out. This is particularly beneficial when it comes to large, integrated townships or luxury developments that attract a lot of attention.
Conclusion
Buying property in an under-construction project has its share of rewards, especially when planned carefully. Lower costs, flexible payments, and the potential for higher appreciation make these projects highly appealing. However, it’s crucial to do thorough research, choose a reliable developer, and consider factors like project completion timelines and location growth prospects.
Looking to invest in an under-construction project that offers all these benefits and more? Explore Sarthak Singapore, a premium residential project that promises modern amenities, great location, and a trusted name in real estate development.
Contact us today to know more about Sarthak Singapore and secure your dream home in a thriving community