Why Home Buyers Are Opting For Ready Homes

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Why Home Buyers Are Opting For Ready Homes
Mar 2018
In Green Homes
The home buyers are more than being ready to buy
properties on the immediate basis rather than
waiting for the construction to be completed.
There are numerous great reasons for the home
buyers to look for properties that are ready to
move in or OC ready in present market environment.
Cost differences
The realty sector has certainly gone through the
downward phases in years which basically results
in the lower new launches, higher unsold
inventories as well as rate deduction. The
dynamics induced by developers to proffer
attractive deals, freebies, and discounts to
attract the buyers. Even though the real estate
market is slowly recovering, the dynamics are
still at the play. Thus, it makes a sense for
property buyers to invest in the ready to move in
projects rather than wait for fresh projects to
come up over the protected periods of time. While
rates are starting to rise again on the back of
the gradual recovery of the market, this dynamic
is yet in its beginning stages. This certainly
makes present time optimal for the buyers as well
as the investors to focus on the ready to move in
property options. Cost of rentals Most of the
recent projects will be patronized by the
property buyers who make use of the bank loans,
implying an important financial burden. Not do
the property buyers have to pay the EMIs but also
rent on the present homes while awaiting the
completion of the project. Paying some extra to
acquire the home right now is much cheaper than
paying the rentals over longer periods. Delivery
date The under-construction projects in India are
not famous for their completion delays and that
certainly leads to the property buyers paying the
cost double- EMIs and higher rentals while
awaiting the possession of the property. Even
though the delayed project delivery is due to
various factors plaguing the realty sector,
numerous buyers' financial situations don't
permit them to actually wait beyond the point in
time. The EMIs plus the rental expenses take the
toll on the property buyers who actually have
invested in the under-construction projects that
are delayed so decided to invest in the OC ready
or ready to move in projects making a lot of
sense to them. Rental income Numerous investors
buy homes with the objective of earning the
rental income with the eye on eventual resale to
cash on the appreciation of capital. Buying a
property in completed project basically helps
them to instantly begin earning out of it through
the rentals rather than waiting some years as
well as locking the money away in non-income
generating projects. The diminished incidence of
dubious deveLopers The Indian real estate sector
is fragmented and there has historically been lot
fly by night operators who duped the property
buyers of the hard-earned money by collecting the
beginning sums and then vanishing into the thin
air. With RERA dubious developers or builders
will diminish in numbers over the longer term,
the strict guidelines will make sure that only
genuine and serious players
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operate in the real estate market. For the time
being though, the buyers still believe vulnerable
and want assurance that finished the project
offered to them. Supporting infrastructure Numerou
s new projects are coming on peripheries of prime
cities where the supporting infrastructure such
as electricity, roads, water connections, etc.
are not being developed. Only they promised when
the projects are completed but the
under-construction projects have to certainly
wait much longer for the deployment of the basic
infrastructure. This automatically puts off the
buyers who want to move into the new homes and
begin living life with the decent facilities
instead of waiting for these to be provided. GST
Impact GST implementation has basically resulted
in the reduced tax burden on the property buyers
buying ready to move in homes. The tax on the
complete cost of the project including the land
will basically be levied at 12- this should be
enough for the developer to claim input credit,
therefore making the OC-ready projects economical
for property buyers.
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