Benefits of buying under-construction apartments in Chennai
You might be wondering when to purchase an under-construction property & when to choose a ready-to-move in property. Quite frankly, the purchase decision factor solely depends upon your choice. If, due to a certain circumstance, you need an apartment immediately, you should opt for a ready-to-move-in property, but if you can wait, you should opt for an under-construction property.
Under construction, properties are priced lower in comparison to ready-to-move-in properties. As a result, when the project is completed, you will have complete possession of the property and the resale value will increase too. You would be able to invest a small amount of money in an upscale area, which otherwise would have cost you a massive amount.
No one is satisfied with just a mediocre 2BHK apartment with the facility of just an elevator. People want more, and real estate developers work tirelessly to provide you with exciting, luxurious amenities by going the extra mile. Your desires could be security, parking space, a clubhouse, or even accessibility to the market and shopping areas. It differs from person to person, but one need remains constant: appreciation.
Decoding the Real Estate Market in Chennai
According to a report made by the India Brand Equity Foundation (IBEF), there is a spike in demand for residential properties due to increased urbanization. India stands in the top 10 price-appreciating housing markets internationally. The robust demand for residential properties by individuals is leading to more construction of residential properties—both under construction as well as ready-to-move-in apartments.
It’s becoming common hearsay that you should not invest in real estate. You will not get a good return, and so on. It’s a myth, which we will be decoding for you.
The market has been hit globally by COVID. The stock market has become volatile, which makes every investor hesitant to invest. While the stock market has become a risky choice, real estate is a better option. Being a tangible asset, versus stock, it will offer you a better ROI.
Booming areas in Chennai
Real estate is booming in Chennai. You can find spacious apartments with ample luxurious amenities. You should think about investing in apartments in Perambur, Chennai because of the major trade hubs surrounding it. Besides the trade hubs, you will be well connected in terms of commute.
Let’s decode the benefits of buying under-construction apartments in Chennai:
- Low investment
Investing in under-construction apartments is always a good idea in comparison to ready-to-move-in apartments. The prices for these apartments are set lower due to the difference between buying and actual possession of the property, and you’d have plenty of choices on hand.
- The level of Appreciation
The degree of appreciation for under-construction apartments in Chennai is higher. In simple terms, as the under-construction property keeps progressing, the appreciation value of the property increases. For a good investment, you should check the criteria below before making a purchase decision:
- a. The location of the property
- b. Nearby Markets & access
- c. Future plans of the real estate developer
- d. Inflation
All these above factors will differ from person to person, but if you want a good appreciation rate on your property, then make sure these are checked off your checklist.
- Easy payment system
In a ready-to-move-in apartment, you must pay the entire amount upfront. The case for apartments under construction is not the same. You just have to pay a part of the amount and pay the whole amount later, once the construction of the property is complete. Even where loans & EMIs are involved, they will be lower and affordable.
In an under-construction apartment, you get the latest amenities, and, since it will be a newly constructed apartment, there won’t be any issues with maintenance.
- Best Offers
Most under-construction properties have offered to encourage buyers to invest. The sale value will differ from location to location and it also depends on the real estate developer you choose.
- Customize your interiors fully
You can customize the interior design to a certain extent for an under-construction apartment. You can change them to fit your style and preferences and make them in your comfy and cozy home.
- Home Loans
Home loans for residences under construction relieve the buyer of some of their financial obligations by allowing for enough flexibility in the conditions.
The key advantages of home loans for buildings under construction include the following, among others
- RERA Compliance
RERA, which stands for Real Estate Regulatory Authority, brings about transparency in the real estate industry.
- Low investment
What does it mean for buyers?
The real estate developer has to mandatorily register the projects with RERA, which means that they have to give full disclosure of every property they have undertaken on RERA’s official website. You only have to pay on the basis of the carpet area. It does not extend to super-built-up areas such as lifts, stairs, balconies, and lobbies.
All retail developers have to comply with the new RERA regulations. According to this regulation, if the developer does not finish the project by the date mentioned in the possession agreement, he will be responsible for paying the entire amount along with interest. This will give the buyers a safety blanket when it comes to buying under-construction properties. Every city has its own RERA regulation centre that provides the guidelines and regulates the dispensaries.
Now to choose, one of the best under-construction apartments, you can head over to SPR City, where you will have a wide choice of luxury apartments in Chennai. From high-rise apartments to luxury bungalows and duplex homes, with massive amenities that will provide you and your family with an out-of-this-world experience. You can head over to our website, to choose your dream abode.