A Quick Guide to Choose Between a Ready Possession and Under-Construction Proper

Posted by 34 parke state goregaon on November 25th, 2020

When choosing a property in Goregaon, should you choose ready-possession flats in Goregaon West or under-construction? Tough question! We know that buying a property is not an easy task, and the other decision that compounds the dilemma for the home buyer is that should they choose ready-to-move-in or an under-construction?

Both options have their advantages and disadvantages; the final decision depends on various aspects such as the buyer's requirement, whether he/she is buying for an investment purpose or end-use.

In this blog, we will explain the crucial difference between the two that will help you decide.

Under-Construction Property       

Purchasing an under-construction property is one of the easiest ways to realize the dream of owning a home these days. This proposition in real estate certainly comes with risks, and the most common is delayed possession. Let us have a look at it in detail.

A few disadvantages of investing in an under-construction property

1)    Higher Risk

In under-construction properties, there is an element of high risk. There have been some cases when the builder has failed to deliver the property on time. Even in some cases, they fail to deliver due to funding crunch, rise in the material cost, increase in lending cost, and much more.

2)    The discrepancy in the Final Layout

It is one of the most common glitches that is associated with an under-construction property. There is a high risk of not getting the promised product at the time of possession. You might get a changed layout, deficient amenities, or lesser usable areas than promised.

3)    GST Implication

When you purchase an under-construction property, you need to pay a tax incident of 5% on the property's total cost. Also, stamp duty and registration charges, you will have to pay separately.

Ready-Possession Flats in Goregaon West

Due to the continuous delays in project deliveries during the last few years, homebuyers have started preferring ready-to-move-in flats in new residential projects in Goregaon West. Let us check it out in detail.

Instead of investing in an under-construction property, ready-to-move-in flats offer the following advantages.

Benefits of Buying Ready-to-Move-in Property in Goregaon West

1)    Immediate Availability

One of the prime advantages of a ready-to-move-in flat is you do not have to wait for a long time. All you need to do is make the payment, clear all the documentation work, and move in.

2)    You Get What You See

In ready possessions flats, you will get what you have paid for. As the apartment is ready, you can inspect it before you finalize the purchase. Therefore, there is no risk of discrepancies with the promised layout, features, amenities, and other essential things.

3)    No GST Implication

If you purchase ready properties, then you do not need to pay any GST. Nowadays, almost most builders offer NO GST charges scheme to the consumers as they pay the GST to the government on behalf of the consumers.

4)    Reduced Cost

Properties prices in Goregaon Westare high, but when you purchase a ready-to-move-in flat in 34 Park Estate, The Chandak Group provides you with some tax benefits. These benefits will help you in reducing expenditure.

5)    Save On Rentals

It is one of the essential benefits of ready-to-move-in flats. It will save you from the double burden of paying rent and the EMIs if you are not planning to move into your new home anytime soon.

Signing Off

In a nutshell, ready possession flats offer tremendous advantages as the waiting period is short, low-risk of construction delay, no rent burden, and one receives instantaneous ownership of a flat, which is an added benefit.

If you are looking for exclusive new residential projects in Goregaon West, 34 Park Estate - https://www.chandakgroup.com/34parkestate-goregaon/ by The Chandak Group is worth to check once. They are offering affordable ready-to-move-in properties in Goregaon with lavish amenities