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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:
|Factors||Ready to Move In Flats||Under-Construction Flats|
|Availability||There 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.|
|Pricing||One 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.|
|Discrepancies||There 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 Implications||Left out of ambit of GST.||Attracts a 12% GST on the Total Cost of Property.|
|Property Age||A 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 Compliance||Promoters 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 Décor||Alterations 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.|
|Risk||A 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.|
|Construction||One 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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