The Indian Real Estate development industry has gone through its share of enormous ups and downs over the past few years. But has it stopped development?  Not by a long shot. Pandemic or no pandemic, constructions are going on. New launches are happening albeit without much fanfare.

The main reason?  A more positive trend is being noticed in  the home-buying  market. The recent strife we have gone through has made people realize the importance of having one’s own home, which is the safest investment. This of course is to the advantage of builders.

A homebuyer is always in a quandary whether to buy a fully constructed apartment or a newly launched, under-construction one. While both have advantages and disadvantages, the benefits gained  by going for an under-construction property far outweighs the advantages of completed property.

First let us look into the most important concern of any buyer – Cost. No matter what type of home you are interested in, the very first thought will be the affordability of the investment. Let’s look at how the cost has a bearing in your decision.

Cost Advantage: At the time of a project launch, it is usually offered at a low cost as an incentive, in order to garner the initial funds required for the project. The lower cost may be offered for a specific period of time, after which it will shift to the prevailing price of the respective locality. The  incentive price will periodically keep rising, as per the construction progress.

This means you have already saved quite a substantial amount, especially when you compare the rate at the time of project completion. This is true for any type of property – whether super luxury, niche market product or mid-level ticket price.

Flexible payments: Most good developers offer payment plans which are convenient for buyers. Schemes are offered where even EMI is paid by builder. Long periods given between payments, etc. This is obviously a better bet for a buyer who, in the absence of such schemes will have the financial burden of monthly EMI to banks from his side, including possibly rentals for his current accommodation. With lower cost per sft and less EMIs to pay it is a double savings for you.

With a completed project, you have no opportunity to gain in such schemes, apart from having to pay a much higher price per sft.

Selection: As per RERA rules brochures, plans etc are to be ready before the launch of property. As a privileged initial buyer, you have plenty to choose the apartment that suits you best. If you are a vastu believer, you can get best vastu-compliant unit.

As been observed, most vastu units are sold earliest. The latter buyers have very little choice and sometimes have to compromise on their beliefs.

Customization: As is obvious, customization is easiest during the early stages of construction, or as the project is being built. Although customization will be allowed only in the internal side of the unit. You may not want a wall, you may want to shift the doorway to another location, you may want an open kitchen, etc. Whatever suits your need and wherever the builder’s policy will accommodate, it can be done to your instructions.

You can also choose your own sanitaryware, flooring/wall tiles etc., instead of accepting the default designs given by builder. It’s almost like binding your own home.

In a completed unit, there is no scope of any changes. Once built, it is not advisable to knock off walls etc, to safeguard structural strength.

Value Appreciation: From the point when you enter a project in its launch stage, to the point of its completion and handover, the value of your property would have  grown considerably. You have gained a great deal within a short period of time. You may have even broken even. Compare this with buying a property fully finished. It will be a long wait to get a similar % of value increment.  Added to the fact that you have not enjoyed initial savings through a lower special price.

Luxury of time: After the initial booking amount etc, you have enough time to do all the research about whether your decision in a particular project is worth it or not. If you change your mind, it is only a small loss while getting your refund from builder. If you decide to go ahead,  you have ample time to plan your interiors in the best possible design. You can scout around for interior designers, see their work before zeroing in on one.

On the other hand, when you buy a readymade home, you will want to move in at the earliest, leaving you very little time to design interiors to the best level. Moreover, you will have to undergo the enormous inconvenience of having interior work done while you are living in the unit.

Although these are just a few advantages listed, these are the most important aspects to consider while buying a home. Isn’t it worth opting for an under-construction property?