Ready Possession Properties or Under Construction Properties: Which one is better to buy?

Prescon tries to clear the biggest dilemma of many would be buyers. As we feel that taking an informed decision is always beneficial than repenting later.

It is obvious for you to taken every decision meticulously while buying a home for you and your family. For you, as a first home buyer, there will always be two options before you. However, confusion arises whether to go for a property under construction or to opt for ready possession property.

Each of these options has its own pros and cons and it is extremely important to be aware about the advantages and disadvantages of Under construction and Ready to move property.

Advantages of Under Construction Property:

Payment can be made slowly & conveniently:

The exciting part of Under construction properties is that it is affordable for most of the people through a home loan. Here, ‘affordable’ is in the sense that from payment perspective, your life is easy. You make a down-payment which is generally 20% of the property price and then start making the monthly EMI’s each month and this is how a lot of people are able to own the house easily. Later after few years, a lot of people feel comfortable as their salaries go up, but the EMI’s value is very much the same. Without taking home loan also, one can pay the money in parts as it can be construction linked payment.

Liberty to Choose

While buying an Under construction property, one has a freedom to choose.New Projects are coming up in various locations like Ghodbunder Road, Thane. So the choice in terms of location or which floor you want are generally high. Example: If you are not happy with 12th floor, you can pay more and take the 3rd floor, but in case of ready-to-move-in apartments, if 12th is available, then that’s all you have. There you have no choice left!

Scope of Price Increase

Under Construction properties are generally in the outer area’s of the city and hence the price appreciation due to its obvious future development is good. Though it's not true in certain places. Its better for you to look at the location and do some ground work. It is heard that soon Metro services will be launched in Ghodbunder area i.e 4-5 years from now. It will be stretched from Ghodbunder to Ghatkopar. Under Construction Property Projects have more potential for price increase compared to ready to move in apartments.

Disadvantages of Under Construction Property:

Delay in Project

Delay in the Project for several reasons is one of the top most issue with under construction properties.

You may not get what you see

The biggest issue - You may not get your flat as same as what you’ve seen as a sample one.

So concluding the disadvantages of Under construction Property, if you still decide to go for Ready Possession Residential Property Projects nearby Ghodbunder Road.

 Advantages of Ready Possession Properties:

Relief from Rent

People who are usually paying high rents would like to move in a readymade property than under construction as they want immediate relief of paying high rents and travels costs. This can get by moving in ready to move properties.

You buy what you see

You exactly know what you’ve seen when you go for ready-to-move-in properties. So you can be sure of that there is no chances of getting duped at least in those things which you can feel and experience. You can also do some groundwork from the neighbours in these kind of properties for better understanding of services provided.

Know your surroundings

The big beneficial factor of ready-to-move-in properties are you know who your neighbours are. For that matter which kind of community you will belong to and if you would like to be with them or not. This you would surely will never experience under construction properties.

Disadvantages of Ready Possession Properties

Tedious process of legal documentation

In case of ready to move in property there’s a lot of legal work and documentation required. The sole reason is there are no ‘fresh documentations’ but a lot of ‘transfer of ownership’ documents which requires time.

Relatively Costlier than under construction homes

For this, in some cases, ready to move in property 20-25% higher than the under construction homes. It also depends on the locality and surroundings.

Limitations to choose your flat

As elaborated earlier, it generally happens that you won’t get your flat on the desired floor or position whatsoever matter. So this is one drawback you might face in Ready to move in flats.