Under construction flats refers to the properties that are in the process of being built and not yet completed. They are usually sold by the developers or builders before the completion of construction. These properties can be purchased at a lower price compared to completed flats, as they are still in the process of being built, and the final product may not be exactly as shown in the plans or brochures. The buyers make payments to the builder in stages, as the construction progresses. The possession of the flat is handed over to the buyers only after the completion of the construction and obtaining the necessary approvals and certifications.
When considering purchasing an under construction flat, it’s important to keep a few things in mind:
- Check the builder’s reputation: Make sure to research the builder’s reputation, and look for any complaints or issues they may have had in the past.
- Review the plans and specifications: Carefully review the plans and specifications of the building, and make sure it meets your needs and preferences.
- Understand the payment schedule: Make sure you understand the payment schedule and the terms of the contract before making a purchase.
- Check for any legal issues: Review the legal documents and make sure that the builder has all the necessary permits and approvals to construct the building.
- Site visit: Visit the construction site and get an idea of the progress of the construction, and the timeline for completion.
- Review the warranty and after-sales service: Make sure you understand the warranty and after-sales service offered by the builder, in case of any defects or repairs.
- Consider your financing options: Make sure you have enough funds to pay for the property, or consider your financing options such as home loan.
What are the benefits if buy a Under Construction Flats?
There are several benefits to buying an under construction flat, including:
- Lower price: Under construction flats are usually sold at a lower price than completed properties, which can make them more affordable for buyers.
- Flexibility in payment: Many builders offer flexible payment options, such as booking a flat with a small down payment and then making payments as construction progresses.
- Customization options: Buyers may have the opportunity to customize certain aspects of their flat, such as the layout, flooring, and finishes.
- Potential for appreciation: As the construction is completed and the flat is handed over to the buyers, the property’s value may appreciate in the future.
- Tax benefits: Some countries or states may offer tax benefits for buyers of under construction properties, such as deductions on interest paid on home loans.
- New property: Buying an under construction flat means you’ll be getting a brand new property that’s never been lived in, which can be an advantage for some buyers.
- Loan Availability: Many banks and NBFCs offer home loans for under-construction properties, it can be easy to get a loan for the property.
However, it’s important to keep in mind that there may be some risks involved in buying an under construction flat, such as delays in construction, changes in design, or issues with the builder. It’s a good idea to carefully research the builder’s reputation and review the plans and specifications before making a purchase. It’s also a good idea to consult with legal experts and financial advisors to ensure that you are making the best decision for yourself and your family.