What makes investing in under-construction property more attractive?

By : 360 Realtors

16 December, 2019

Presently, homeowners and property investors from various parts of India are looking for under-construction property. Given that this particular segment of real estate attracts a lower rate of GST, such properties are now coming up as a feasible investment choice. However, you need to check out certain aspects before buying an under-construction apartment.

RERA registration

RERA requires all the residential projects in India to be registered with it. This registration serves as the first stamp of approval. It also offers greater transparency as you can approach RERA for a solution in case you face any issue with a registered project like delay in delivery or other problems. However, the property owners cannot lodge a complaint against a project that is presently not registered with RERA.. In case the developer fails to provide the offered features upon completing the project, you can address the issue at RERA.

Financial strength of the developer

Simply because a project is registered with RERA, it would be wrong to assume that the developer will deliver it on time. The approval of RERA is necessary only to start a project. However, completing the same within the stipulated time involves the financial strength of the developer. The property buyers are recommended to check out the track record of the developer. You may have a look at their record in completing other projects. In case they have a clean record, you can go ahead and book your apartment.

Amenities and facilities

With lifestyles changing fast across the cities, people are interested in buying apartments that come with lifestyle and healthcare amenities. In case you are investing in an under-construction property, you should check out these provisions. For instance, you might want to buy an apartment with a swimming pool, gym and open spaces around. You should also have a look at the distance of reputed schools and hospitals from the complex.

Apart from these aspects, make sure that the timeline being offered by the developer is reasonable enough. Compare the price to those being offered by other builders around to get the property at the best value.