1.
Get what you see:
The major thing in favor of ready to movie in property is that ‘You get what you see’. There are no
surprises, no charts, no “artiste’s impressions”, no brochures for you to guess
what will you be moving into 1 or 2 years down the line. It’s right there in
front of you. No guessing the built-up area, super built-up, how much area you
will actually get is right in front of you
2.
More space:
All new
constructions have a whopping 50-60% loading. It means that if a flat is for
1000 sq.ft., the actual carpet area will be around 500-400 sq.ft. So while you
pay for 1000 sq.ft, you live in half of that area. This is on account of the
amenities being divided per flat in a building; if the building has a gym or a
garden or a swimming pool etc, then all that area is divided among flat owners
and the total area is put across as ‘saleable’ area which is, as mentioned
before close to half of the actual area.
This
is not the case in older buildings as loading is pretty low, close to 20-30%
and hence the flats are larger and ‘value-for-money’. This is one of the major
reasons that ready possession, resale flats are selling more off late, compared
to under construction ones
3.
Maintenance is affordable:
If you
come across an even slightly older property maybe a couple of years old, even
then the maintenance would be pretty lower compared to under construction
properties. The under construction properties have higher maintenance these days
as even if the building has any one – a garden, podium parking, gym etc, the
maintenance is pretty high. In comparison to that a 4-5 year old building will
at times have almost half the maintenance. This is also a factor that works in
favor of resale properties.
4.
You may not be paying separately for parking:
The under
construction properties will make you shell out extra cash for parking space.
Yes, you may argue that the courts have ruled that the builders cannot sell the
parking space, but unfortunately it hasn’t changed the reality. Just go hunting
for property and you will know the ground reality. In contrast, the flats that
are older will invariably have a reserved parking with the society of the
previous flat owner and you would be able to get it by paying a nominal rent in
your maintenance charges. In some cases you may come across
sellers who would sell the parking space separately, but even in that case the
charges will be lower than what the builder will ask for.
5.
Save on builder’s maintenance, service tax and VAT:
With under
construction properties the other factor is the added cost in terms of taxes
and other charges. This adds close to 10 to 15% to your actual property cost.
Service tax, VAT is applicable on new properties. Also you will have to pay a
lumpsum maintenance charge upfront to the builder as maintenance for the first
two years, till the society is not formed and a monthly maintenance fee is not
fixed. These costs do not exist for ready to move-in properties that are
resale. If you choose to buy a new property from the builder even in a ready
possession flat, these charges will apply. However, if the property is resale
then you save these costs.
6.
No anxious thoughts of completion:
The resale
or ready to move-in properties are there for you to see and you do not have to
anxiously wait to see the building rise from the foundation to completion. The
times are tough in the real estate market and at times, a lot of projects are
delayed or stuck for various reasons leading to anxious waiting days, months
and even years and still sometimes the building is just frozen in time. All
this is not the case when you choose ready possession or resale properties.
7.
Know your neighbors and locality:
When the
building is under construction, you do not know what kind of neighbors you
would have, and it matters to a lot of people.
This issue is taken care of in case of resale flats since your neighbors are
for you to see and while you do not know how they are in person; it does give a
fair idea of the demographics of your neighborhood.
8.
Easier to check all the legal documents for ready possession property:
The major
advantage with a ready to movie in or a resale property is that all permissions
can be checked since, once the property is complete and ready for possession,
the documents like the Clearance Certificate, Occupancy Certificate, society
formation certificate etc should be in place. In case they are not you would
know it. If certain certificates like OC are pending then the application receipt
can be checked. In case of new properties the documents you can check are the
CC and while the builder may produce the certificate for a certain level of
construction, you never know if while completion, he may violate some norms and
then the remaining clearances may never arrive. So many examples come to mind
and the more famous being the CampaCola
Society which was in the news recently for its ‘illegal’ constructions.
Regards,
Komal
housing
9930014722
Visit our
office-
Shop no 16, Ground Floor, Palacia Complex, Opp bhoomi Acres, hiranandani Estate, Ghodbundar Road, Thane West
Shop no 16, Ground Floor, Palacia Complex, Opp bhoomi Acres, hiranandani Estate, Ghodbundar Road, Thane West