33.33 Ready-to-move vs Still in Construction. Which one should you go for?

You would have heard stories of people buying units when they were still in construction and then witnessing a 2x growth in a matter of months.
Similarly, you would have also seen news of people not getting possession of their property and getting a majority of their wealth stuck for years.

Ready-to-Move Properties or Still in Construction. That’s what we will try to cover today:
At what stage should you consider purchasing an apartment?

To get an answer to these important doubts, you should be absolutely clear about:

Whether or not you are going to get possession of your flat TIMELY?

And THIS will depend on your contract terms.
My personal experience has helped me learn:

[1] Be absolutely clear on whether you will get possession of the property in a timely manner.
Read the contract carefully. Be clear about what you are buying.

[2] When it comes to Real Estate, be clear about the type of property.
Not the showcase, not the sample flats with stellar interiors - but the end product with no fancy lights.

[3] Price Increase
Yes, the price increases after the flat's completion or near-completion stages. You can get a lot of gain by pre-buying it.
But you should only do it if you can 100% know that the project will be complete.

There are numerous cases where projects are left incomplete, and retailer's money is blocked in such deals.

Case Study

According to a report by Anorak in 2022, as many as 500,000 homes worth Rs 4.48 lakh crore are stuck across seven micro markets in the country.
They further mentioned that:

These are some of the projects that were delayed:
|800

|800

Link to more such projects:
https://www.moneycontrol.com/news/indias-most-delayed-residential-projects/

There are even cases of defects:

|700

We will take a deeper look at such scams in the following newsletters.

The idea is not to scare you but to remind you that you need to protect your downside risk.
Ideally, I prefer to buy the property when it is near completion and when I am certain about my end product.

This is my perspective. The opinions can certainly differ from person to person.
It's up to you to learn and make an informed decision.

Source

Thoughts 🤔 by Soumendra Kumar Sahoo is licensed under CC BY 4.0