Ready-to-move-in apartments are properties that are complete and ready for occupancy. These apartments are ideal when you wish to buy a home and have gathered the funds for the complete payment. These deals in fact are the best option in such cases.
Ready-to-move-in apartments beyond doubt are far better in many ways than under-construction properties. The brand new housing market too nowadays is offering home-seekers a chance to side-step the risks involved in buying under-construction properties.
It is a well-known fact that under-construction projects most often are prone to inordinate delays. And the normal 10 to 15 percent cost premium of ready-to-move-in homes so far had dissuaded home buyers from investing in them.
The good news is that things are changing now. The premium has come down so why should home buyers refrain from tapping into the quick-possession segment? Why wait for two to three years when you can have it right away?
Let’s take a good look at the:
First and foremost, you will not have to wait for the completion of the project and other amenities that come along. This is the biggest risk you can eliminate by acquiring a ready-to-move-in property. Financial implications of delay are too many other than the inconvenience they cause.
Secondly, there is no uncertainty about the quality of construction, size, and space of rooms, view from the apartment, available amenities, and fixtures. All such doubts can be eliminated when you buy a ready-to-move-in apartment. This makes the buying process much simpler for the end user. The investor thereby is assured of what they are buying.
The buyer can start living right away in a ready-to-move-in apartment. This works best for you if you are the end user. And someone who would find paying both the rent and the home loan Equated Monthly Instalments (EMIs) difficult. A ready-to-move-in apartment in such instances is the best option.
You can claim deductions under Section 80C of the Income-tax Act 1961 when you are taking a loan to buy a home. It is applicable against the principal repayment of the home loan with an overall limit under Section 24 (b) for a self-acquired property. Then there are additional deductions as well for first-time home buyers. However, these tax benefits are only available when the construction of the property is complete.
You can save on GST only when you purchase a ready-to-move-in property. GST is only applicable on under-construction properties. Developers in regular housing projects usually charge 12 percent GST with Input Tax Credit (ITC) or 5 percent without the ITC. This is a huge relief that comes along with purchasing a ready-to-move-in property.
There has been a remarkable jump in inventory recently in the resale market of the housing sector. This boom has made purchasing a ready-to-move-in property more viable now. Experts reckon that home buyers as such will find good deals in the resale market as well.
Never in the history of the Indian real estate market have ready-to-move-in properties been so cost-effective. And properties from reputed developers in good locations are now available for occupancy at lucrative prices.
Such properties previously were only available to buyers willing to wait for two or three years for possession, Excess inventory in fact has helped check prices. The rise in the cost for properties following the completion of construction is no longer palpable these days.
The provisions in the new real estate bill have also pushed developers to complete projects faster. This has added to the piling of the inventory. Projects now are coming through thick and fast as developers rush to ensure they conform with provisions in the 2016 RERA Act.
The primary benefit of buying a ready-to-move-in apartment is that you save on rent. Moreover, you can let it out on rent immediately. And start earning an income right away if you do not plan on using it as your residence.
The financial implications of the delay earlier were mind-boggling. You had to shell out EMIs on the home loan and pay rent on the concurrent accommodation as well.
Home buyers also stand to lose out on a chunk of tax benefits while going with under-construction projects. Interest payment towards the housing loan was yet another concern. And things worsened if you did not get possession within five years of having availed of the loan.
The importance of location in real estate is yet another factor that fuels the demand and price of the property. Especially when land is scarce in an urban setting, it directly affects the return on investment.
However, reputed developers thoroughly research and evaluate potential sites before taking on a project. And then, there is nothing like it when you get a ready-to-move-in apartment offer from a well reckoned real estate brand like Vertex Homes.
Hyder Nagar at Kukatpally in Hyderabad is a luxurious residential locality situated in the northern part of the city. With markets, malls, schools, colleges, and banks in close proximity, it is well connected to other bustling areas.
Vertex Pristine is a thriving gated community luxury apartment complex spread over 3.9 acres of land in Hyder Nagar. It is a GHMC-approved project featuring 309 premium-quality apartment homes. Showcasing a new frontier in living, Pristine offers a host of modern amenities and vast open spaces for residents to enjoy.
Life at Vertex Pristine is seductive and charming. It is purposefully designed to strike an ideal balance between work, life, and play. Hitech City from Vertex Pristine is just over 9 km and takes about 15 minutes by road to get there.
Yes, you heard that right. Offering 2 & 3 BHK ready-to-move-in apartments, Vertex Pristine is poised to be more than an address. Every day here is worth living and making the most of your time. All homes here are Vastu-compliant and dedicated to bringing joy and prosperity to resident families.