Under Construction vs Ready to Move in - Which One is Better For You?

There are many options that you will encounter when you will start your house hunting. These different options will dangle your mind in different directions as you start questioning everything and start having hard times. When it comes to flats in Mumbai then you face one of such difficult situations and that is whether to opt for ready to move in apartments or invest your money in an under construction project. Real estate is and will always be the greatest financial commitment for everyone. You just can't make such decisions as you need to have proper knowledge of the subject, especially when it comes to buying a flat for sale in Gurgaon.

If your mind is jammed with this question of whether to go for ready to move in apartments vs opt for an under-construction building then we might have some answers for you. Before you can say Jack Robinson let us find out which one is better.

Budget

Budget is always one of the major concerns when it comes to investing in real estate. And your decisions are largely affected by your budget. In this context, the under-construction homes or apartments are always priced cheaper as compared to ready-to-move-in. You will definitely see a difference of 20%-30% on the final price and it will also impact your commitment and loan tenure. So, if you are on a tight budget and not in a hurry to find a new place then you can get a better place than what you had anticipated in the first place and at a better price.

Handover Date

After reading the first point it might seem to buying one of the flats in Mumbai in an ongoing project seems a better option. But everything has its pros and cons. With the ready move in there is no waiting period. As soon as you make the payment or loan is processed you are ready to move in. On the other hand, under-construction projects will take time to complete especially those who are just starting. If you have also taken a loan then you may need to start paying the EMI before you even move in and it can dampen your month's budget if you are living at a rented place.

Tax Benefits

Another major point to consider before finalizing these two is tax benefits. Ready to move in becomes a great option if you are ready to occupy homes by taking a home loan. As per the Income Tax Act India, under sections 24, 80EE, and 80C the ready move-in flat for sale in Gurgaon will get tax benefits. On the other hand, the under-construction property has to pay extra stamp duty and registration charges separately.

Endnotes

These are the top three factors that we think you should consider before investing in the above-mentioned options. On cutting the rope everything comes down to an individual's preferences, financial situation, and time constraints. Everything is right in front of you, talk to a consultant, think wisely and you will get the answer.

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