Advantages of Buying Under-construction Property

There is something magical about moving into a home that belongs to you. Becoming a homeowner is an incredible step in everyone’s life. Eventually, your home becomes a reflection of your personality. The liberty you get to attune the look and feel of your home to your persona is an exclusive advantage of an under-construction property.

While ready-to-move-in properties are a preference for some homebuyers, under-construction flats have their advantages.

Let’s explore some key benefits of buying an under-construction property in the city.

Cost-Saving Benefits

The low initial investment is one of the trump cards of apartments whose construction is underway. The prospect outranks the convenience of immediate occupancy as it facilitates a secured financial future that one may expect from ongoing real estate projects.

Developers offer flexible payment plans for under-construction properties, making it easier for buyers to manage their finances. The payment plans typically involve paying the purchase price in instalments spread over the construction period. It eases the burden on your finances and provides you with greater flexibility.

The tax benefit is an undeniable advantage that no buyers can overlook in this country. It lets them get a decent saving on the total amount they invested into the property. Here are some of the government incentives that help you save on your income tax:

• Under Section 24B of the Income Tax Act of 1961, individuals can avail of a tax benefit on under-construction properties of up to Rs. 2 lakhs per financial year. It allows them to deduct this amount from the interest rate of their home loan.
  
• Under Section 80C of the Income Tax Act of 1961, individuals can avail of a tax benefit on under-construction properties of up to Rs. 1.5 lakh per financial year. The section allows them to deduct this amount from the principal amount of their home loan.

Higher Appreciation Potential

For many, the property is an asset they tend to capitalise on for urgent future needs, making real estate value a priority while house hunting. The same factor makes an under-construction housing estate like Brigade Calista a great investment option. 

Typically, the value of an unfinished property keeps ascending on the price scale trend due to specific market forces and inflation. As a result, the final value of the asset is much higher than the initial money invested. 

For better returns, one must consider the location, connectivity and infrastructure significantly contributing to the property’s real estate value over time. Located on Hosur Road, Electronic City, a thriving IT corridor of Bengaluru, Brigade Valencia is an upcoming real estate project touted as an excellent investment opportunity. The relaxed and breezy lifestyle of the Spaniards in Valencia inspires its overall aesthetics. 

Customisation Options 

Buying an apartment in its pre-construction period allows buyers to personalise their future home according to their preferences. 

Based on the space and layout, buyers can work closely with the developer to make specific modifications or choose from various bespoke choices, such as interior finishes, fixtures, furnishings, colour schemes, etc. 

The customisation options ensure that your home reflects your style and meets your specific requirements, creating a space that genuinely feels like your own.

Conformity to RERA

One significant downside of buying a ready-to-move property with an occupancy certificate before May 2017 is its lack of legal liability to the Real Estate (Regulation and Development) Act. 

There are chances that dishonest builders take undue advantage of the situation and dupe buyers by handing over flats that may not include the promised features and amenities.

New or under-developed constructions fall under the purview of the RERA covenants. The act strictly compels builders to adhere to the approved layout plan and amenities. Conformance to RERA saves buyers from any unwanted surprises after they move into the completed residential project.

Conclusion

Good things come to those who wait. For buyers of under-construction properties, great perks come in the form of fiscal savings, personalisation options, income tax savings and more. 

However, every real estate investment warrants thorough research, a partnership with a reputable builder and a careful review of all legal and financial aspects. By doing so, homebuyers can ensure that they get to live in their dream homes hassle-free.

Learn more about Brigade Oasis, a highly sought-after plotted development in the thriving North Bengaluru neighbourhood.