5 reasons why home buyers prefer ready to move homes

The Indian realty scenario has been in the throes of a massive transformation. A number of factors have caused under construction properties to loose sheen in favour of possession – ready homes. Policy changes and incessant delays in project completion have triggered home buyers preference.

1. Cost Differences:The implementation of several pro-market reforms such as demonetisation, RERA and GST in the last couple of years precipitated the Indian real estate sector, resulting in restricted new launches, price correction and higher unsold inventories. These market dynamics promoted builders to come up with attractive deals, offers and discounts to home buyers. The real estate prices being to rise again, it is practical for home buyers to invest in ready homes rather than waiting for new projects.

2. High Rentals add to financial burden:Most of the under construction projects are funded by homebuyers who opt for home loans, which puts a substantial financial burden on them. In addition to paying EMI’s they need to pay for their current accommodation. Apparently paying a little more to purchase a ready property right away is better than paying rentals over long periods.

3. Delayed possession: A number of under construction projects have been delayed. Hence the decision to purchase a ready move-in is considered a better choice.

4. Rental Income:Investors invest money in real estate with the aim of rental income. However going for an under construction property is no longer a good decision as investors might have to wait for a years before renting it out.

5. Lack of basic infrastructure in peripheries:Due to high prices and non – availability of land in the city, developers are launching new projects in suburbs of the city which lacks supporting infrastructure roads, social amenities, electricity and water connections. Generally, under construction projects have to wait for longer period for basic infrastructure.

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