Over the last few years, Gurgaon has become one of the most favored residential cum commercial destinations. It’s is the market that is witnessing the demand on both the residential real estate and commercial real estate fronts.
Also known as the Millennium City, Gurgaon witnessed a high rise when Maruti Suzuki set up its factory in the 1970s. Since then, many multinational companies have set up their businesses here and created millions of jobs. This has led to the increase in demand for residential projects.
Despite being the most costly city in the National Capital Region, the residential flats in Gurgaon are in high demand. That can be possible due to the rapid commercial development and proximity to the national capital. Let’s discuss why buying ready to move-flats in Gurgaon is better than under-construction property.
1. Price Stability
Recently, buyers can easily find bank-approved properties from reputed developers in the heart of Gurgaon – even in good locations. These properties are available for possession at prices. Previously, the same properties were available to customers willing to wait for two years or more for possession. Unlike two to three years back, hardly a jump in the price can be seen after the completion of construction owing to the excess build-up of inventory.
2. Financial Implications
There are too many financial implications of the delay. The double whammy is put on the buyers, as they have to pay rent on their current accommodation as well as shell out EMIs on the home loan. Other than this, if they don’t get possession within five years of getting the loan, they stand to lose out on a chunk of tax benefits on interest payment towards their housing loan.
3. Erosion in Premium
Until recently, there has been a considerable jump in inventory in the resale market. This has made buying a quick-possession property a more viable option now. Experts figure out home-buyers have the opportunity to grab good deals in the resale market rather than from developers. According to a report, never in the history of the Indian real estate market have properties ready or almost ready for possession been so cost-effective.
4. Real Estate Bill
The introduction of the new real estate bill is another reason for tapping into ready to move flats in Gurgaon. The Bill pushes developers to complete their projects faster, adding to the inventory pile. Projects that were held up two to three years ago are now coming through thick and fast as the real estate companies rush to ensure they don’t fall foul of the Real Estate Regulatory Act (RERA).
5. Save on Rent
The primary reason for owning a possession-ready property is that it lets you save on rent. And, in case you don’t want to live in it, you can let it out on rent. This is how you can be able to start earning an income right away. With an under-construction property, chances are builders don’t handover the possession on time.
6. Affordability of a Property
Your choice to move into a new home also depends on many other things such as availability of funds, the affordability of a property and the possession timeline. Opting for an under-construction property is the better option if you don’t have funds and you can wait for some time. But, if you are financially ready, and want to see yourself as a landlord, go ahead and buy a ready-to-move property.
As said earlier, Gurgaon is one of the best places to own a home. Lots of ready-to-move flats are available. You just need to do research and find a reputed builder. If you have funds, it makes sense to invest in a possession-ready home. You shouldn’t wait even a single hour.