Everyone deserves the sense of security & stability in the life; and owning a home of choice could be the best thing to derive that. The benefits of living in such homes are multifold. They not only offer bigger spaces, lifestyle amenities, like minded togetherness and ample external space in the form of parking, balconies or lush green landscape, but also makes one happier.
However, whether to choose a ready to move in project, project nearing completion, or newly launched project, the choice depends on the customer’s purpose of buying the apartment (end use or investment), their financial ability, and the time of purchase. A customer signs the biggest cheque of his life while buying a home, be it for end-use or investment, hence it is a big financial, emotional, and social investment.
Nevertheless, it is always helpful to know the essential factors before making the final decision.
| Parameters | Construction Not Started | Nearing Completion | Ready project |
| Possession timelines |
The project takes time to complete due to various approvals, unexpected changes in rules & regulations | As all approvals in place & construction in full progress, the home buyers get the comfort of confirmed possession timelines | The home buyers can get the possession immediately |
| Payment schemes |
Projects offer several financial/payment schemes | Projects offer stage wise & flexi payment schemes | Projects offer non-flexi payment scheme |
| Time period to make payment |
Homebuyer gets the flexibility to make payments over a period of time | Homebuyer gets the flexibility to make payments in a specified period of time | Homebuyer has to make the payment immediately before moving into the apartment |
| RERA compliance |
Projects are RERA complaint (if applicable) & hence offer complete transparency | The home buyer is fully aware of the title, ownership, & legal status of the project; At the same time, projects are RERA compliant (if applicable) | The home buyer is fully aware of the title, ownership, & legal status of the project; As the project is completed RERA compliance is not compulsory |
| Apartment selection |
Homebuyer can select the apartment of their choice in terms of view, floor, Vastu etc. | Homebuyer has to select apartment only from the available inventory | Homebuyer has to select apartment only from the available inventory |
| Customization | Home buyers get the option to customize their apartments in select internal fittings & fixtures | Home buyers get the option to customize their apartments in select internal fittings & fixtures depending on phase of completion | Customization of internal amenities is not possible as the construction is complete |
| Price factor | The customer gets the benefit of appreciation of the property | The customer gets the benefits of balanced price with confidence of being able to get the apartment as seen during construction | As the project is already complete the homebuyer has to pay the appreciated price |
| GST | Buyers have to pay GST for the property | Buyers have to pay GST for the property | No GST implication |
| Home loan | Home loan facility depends on the projects legal & approval status | Easily available | Easily available |
Buying a home is a dream come true and the new trend clearly implies that homebuyers are specifically looking for spaces that offer quality life, cherishable memories, and likeminded togetherness.
Since the onset of pandemic, the need to have a safe and secure environment for one’s family has naturally become the top priority for every home buyer. At Heda Buildcon, Happy Home gives a guarantee of quality construction, promise of delivery, and an upgraded lifestyle.
Author – Adv. Sapna Heda