Meticulous planning needs to be done at the time of investing in properties. When an investor wants to buy a property, there are two choices in front of him and they are under construction property and ready to move in property. In Mumbai There are a number of projects that has both these kind of properties. Like everything both under construction and ready to move in properties has its own share of advantages and disadvantages. It is upto the investor to choose what he wants after comparing these pros and cons. Here are Some Pros and Cons for the Investors before they pick their Mumbai property. You can find properties in Mumbai under construction from any real estate Mumbai in your area. Upcoming Akshar Green World Airoli project by Akshar Developers offering 2 and 3 BHK apartments.
Property under Construction
- Convenience of Payment
The best part about an under construction property is that it is reasonably priced. This doesn’t mean that the property is low on cost, but it is easy to make payments as in the 20 percentage of amount is paid as down payment and remaining can be paid in installments .Most of time the remaining payment is related to the construction purposes.
- Deciding On the Location
In Mumbai it there is various locations where new projects are taking shape. The investors have the freedom of choice regarding the floor they want to stay in and the location too.
- Increase in Price
Most of the under construction properties happen to be in the outskirts of the city which are developing. The prices are supposed to go high in this area according to the expansion of development.
- Delay in completion
It is rare to find any projects in any cities that are completed on time. Most of the times the deadline for a project is said to be 2 years which ends up being 5 to 6 years at the end.
- Don’t expect to get what you see
The investors give advance for a property seeing a sample property, but by the time the building is completed the buyers don’t get what they were promised. Lot of facilities is offered during the deal like swimming pool, parking etc but when it is completed most of what is promised is always missing.
- Quality and Income tax
During the construction lot of compromises are made in the quality of construction. Net Fittings on the window, doors, bathroom fittings etc are few of the things that the quality is compromised on. Another major problem is tax filing; an investor can get the benefits of tax filing only if they have the certificate of possession.
Ready to move in Property
- What you see is what you get
One major advantage in ready to move in properties is that the investor gets what he sees in front of him. He can always check the whole property for the quality of products installed before buying.
- A lot of people invest in ready to move in properties as they want instant or quick relief from the costs incurred while travelling as well as the rental expenses.
- Incase of ready to move in apartment you know what kind of neighbors you are going to have where as in under construction property you will have no clue about the neighbors till the project is completed.
- In ready to move in property the investors or buyers experience cumbersome process of paperwork’s as there is no documentation that takes place from the scratch. The paper works involved are always related to transfer of ownership
- All the money for the down payment needs to be arranged by the buyer in bulk, Even if you are buying the property on loan there expenses like stamp duty and other registration charges for which bulk money is required.
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