Is it Profitable to buy a Ready-for-Possession Apartment
Mar 10, 2017 Home Trading Steps
Duration for delivery of the project from the date of purchase is one of the key factors that decides the cost of the property. While many developers do sell apartments with ready-for-possession flats, there also exist projects with the delivery of flats ranging from two to three years.
So which is the most profitable buy among ready-for-possession and possession after 2-3 years properties? Let us discuss this in detail.
While it is true that the general tendency of the market over the years has been to sell ready-for-possession properties at a higher price than yet to be started projects, this trend has seen a considerable change off late.
Thanks to the economic slowdown and its adverse effects in the property market across India, the country’s real estate market has been experiencing discouraging business since the last couple of years. This has resulted into piling up of inventories of the developers. Statistics suggest there are millions of apartments unsold in major metros of India. This slowdown in the property market has apparently changed the pricing pattern of the apartments making way for cheaper ready-to-move properties. Major developers in Pune have considerably reduced the prices of ready-for-possession properties so as to sell their existing inventories and paving way for future projects. As a result, people are opting for ready-to-move apartments as they are getting immediate possessions of the apartments at relatively no extra cost.
Which is better? Read-for-possession or waiting for 2-3 years for possession apartment:
Although it is a debatable topic to choose the better option, one must consider the current scenario, personal prospects, financial capability before coming to a decision. It depends on whether there's an urgency for buying an apartment or it is to be a long-term investment. People who need benefits in paying EMIs should opt for under-construction projects. Nowadays, various builders have come up with different financial schemes such as pre-payment of EMIs to attract more buyers.
If you have the required funds to buy a property and are particularly in a hurry to move into it to avoid paying further rentals to your landlord, then, you do have the choice of buying a ready-for-possession property. In rapidly growing areas of Pune such as Balewadi and Baner, there are many developers who are offering read-to-move as well as delivery within six months apartments. The slowdown has pressed these developers to reduce prices of these properties too.
Things to remember for Buyers:
The slowdown in the property market has made developers to reduce prices of residential properties. Developers are even introducing various offers and waivers in order to attract more and more buyers. However, buyers must consider their personal preferences before closing any deal. Also, it is always advisable to conduct a quick background check of the developer, his previous projects before spending your hard-earned money.
So which is the most profitable buy among ready-for-possession and possession after 2-3 years properties? Let us discuss this in detail.
While it is true that the general tendency of the market over the years has been to sell ready-for-possession properties at a higher price than yet to be started projects, this trend has seen a considerable change off late.
Thanks to the economic slowdown and its adverse effects in the property market across India, the country’s real estate market has been experiencing discouraging business since the last couple of years. This has resulted into piling up of inventories of the developers. Statistics suggest there are millions of apartments unsold in major metros of India. This slowdown in the property market has apparently changed the pricing pattern of the apartments making way for cheaper ready-to-move properties. Major developers in Pune have considerably reduced the prices of ready-for-possession properties so as to sell their existing inventories and paving way for future projects. As a result, people are opting for ready-to-move apartments as they are getting immediate possessions of the apartments at relatively no extra cost.
Which is better? Read-for-possession or waiting for 2-3 years for possession apartment:
Although it is a debatable topic to choose the better option, one must consider the current scenario, personal prospects, financial capability before coming to a decision. It depends on whether there's an urgency for buying an apartment or it is to be a long-term investment. People who need benefits in paying EMIs should opt for under-construction projects. Nowadays, various builders have come up with different financial schemes such as pre-payment of EMIs to attract more buyers.
If you have the required funds to buy a property and are particularly in a hurry to move into it to avoid paying further rentals to your landlord, then, you do have the choice of buying a ready-for-possession property. In rapidly growing areas of Pune such as Balewadi and Baner, there are many developers who are offering read-to-move as well as delivery within six months apartments. The slowdown has pressed these developers to reduce prices of these properties too.
Things to remember for Buyers:
The slowdown in the property market has made developers to reduce prices of residential properties. Developers are even introducing various offers and waivers in order to attract more and more buyers. However, buyers must consider their personal preferences before closing any deal. Also, it is always advisable to conduct a quick background check of the developer, his previous projects before spending your hard-earned money.
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