Ready to Move In v/s Under Construction Flats

Almost all home buyers are riddled with the same question – whether to buy a ready to move in flat or opt for an under-construction property. Both these types of property suit different needs and purposes. Let us compare them to get a better view of suitability:

FactorsReady to Move In FlatsUnder-Construction Flats
AvailabilityThere is almost negligible waiting period. One is just required to make payment and work through the documentation for being able to get the property handed over.One does not get their hands on possession at the time of purchase.
PricingOne shot lump sum payment is required for possessing the property and pricing is a bit on the higher side comparatively.The burden on pocket is lighter as it does not require lump sum payment at time of purchase and is slightly cheaper in comparison.
DiscrepanciesThere is no risk of discrepancies as the promised layout is open for inspection before payment and possession.A slight risk of discrepancies in terms of the final promised amenities, layout etc might exist.
GST ImplicationsLeft out of ambit of GST.Attracts a 12% GST on the Total Cost of Property.
Property AgeA ready unit might not always be brand new and might have been on sale for a while.Brand new constructed flats are handed over after completion.
RERA CompliancePromoters of old ready to be sold units having Occupancy Certificate as on 1st May, 2016 are not mandatorily required to make information available on a public platform.Freshly under-construction properties which will have Occupancy Certificate post 1st May, 2017 onwards are mandated to register under their state’s RERA and to provide all information.
Alterations and DécorAlterations are not possible on a completed unit. One has to opt for the readymade décor.Non-structural alterations can be done during the construction process. Interior decoration can be as per buyer’s preference.
RiskA ready unit does not hold much risk when it comes to possession.Slightly more risky since there might be a possibility of the project getting delayed or even stalled owing to unforeseen circumstances.
ConstructionOne cannot obtain a full understanding about the construction materials used, strength of foundation etc in a ready unit.A buyer can keep a check on the materials being used for construction and inspect the site from time to time in order to gain assurance regarding proper construction.

Both ready to move in flats and under-construction flats have their own pros and cons. Each and everyone have their own set of preferences when it comes to buying a house. A buyer must consider his/her financial condition, choice of location, timing etc among other things before making the final decision.

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