Benefits Of Buying An Under Construction Flat in Thane
There are multiple benefits to investing in Thane’s newer under development projects and here are the reasons why.
Investing in a new property is a daunting task for buyers. If the buyer is a first-time investor, there are a lot of factors that get overlooked in the due process which can result in many more hassles in the long run. One of the ways to allow yourself time to figure out the intricate details and legal formalities is to invest in the area of Thane, especially in under-construction properties.
There are multiple benefits to investing in Thane’s newer under development projects and here are the reasons why. Pay attention carefully, for your apartment hunting and investment experience is about to change forever!
- The first and foremost advantage of choosing a location like Thane is its excellent connectivity to all the major business hubs such as Mumbai, Pune, Nashik, Surat and Ahmedabad.
- Another reason why you should invest in Thane is that the town has major potential and rich cultural history that has thrived even after decades.
- Thane is the great blend of eco-friendly and tech-savvy community with the perfect balance of growing infrastructure and environmental awareness. The City of Lakes has everything to offer to its audience and holds nothing back.
- Another factor is investing in the under-development properties; it allows a new buyer to overlook multiple factors of the investment, prepare for future finances and handle money matters according to the plan.
- One of the major benefits of investing in an under construction flats in Thane is that it allows the payment of the loan in the duration of the construction and at least the interest can be paid off before your home is ready for your enjoyment.
- There are also some tax benefits for the buyers under section 80C of the Income Tax Act.
- It states that if you have a home loan for an under-construction property, then it is possible to claim for tax deductions.
- A tax deduction of up to ₹2 Lakhs on the interest payments made in a year and up to ₹1.5 Lakhs towards the principal amount is possible according to the above-mentioned act.
- Purchasing the under-construction property is a cost-effective way. The price of the property is a major concern for the buyer and developing property comes at a lower price.
- When the property is ready for possession to be sold, the prices of the current market rate apply which are usually higher than when actual construction began.
- The biggest advantage is that developing properties can be bought at lower prices and the investment value of the property keeps growing over time.
- While buying completely developed properties, the buyer has to pay the entire amount at one go. The registration cost and other miscellaneous expenses are also to be paid at that time, which becomes difficult.
- Buying developing property, however, allows the buyer to pay for the property in the form of monthly EMIs and makes availing housing loans easier.
- There is payment flexibility in place which allows buyers to be free from the burden of bearing a huge amount of cash at the same time.
- With RERA in place, developers and builders are bound by a legal contract to provide details of the project and handover the possession at the said time. Failing the terms of the agreement, customers are legally allowed to demand compensation and developers, accountable for their actions, have to pay the amount.
- Applying for the loan of under-construction properties requires legal papers and the RERA number of the project. At some point, OC certification plays a vital role.
- Since all the required legal papers are needed to complete the process, it is difficult to miss any formalities and legal documentation.
- Buyers prefer a new home with the latest amenities to enjoy the experience. Buying under-construction homes allows them to avail the best amenities at affordable pricing rates.
- Another important aspect of investing in an under-construction property is that the developers usually provide discount offers to advertise the project in process. It allows the buyers to avail added benefits and discounts which is not possible while purchasing the fully developed property.
- Since the property is in the developing stage, some of the changes to the amenities provided, barring major plan changes, are possible.
- The interiors of the house or the office can be designed side by side to perfection.
- Some developers provide internal interior designers and wall colours; the flooring can be decided as per personal choices for some charges.
- Sometimes, if the area of the property is not well populated by the time the building is ready to be occupied, it is enough time for the area to be populated.
- Under-construction properties allow you to be involved in the home building process brick by brick and provide you with the unique opportunity to cherish the moments.
It is always a good idea in every sense to invest in a good under-construction property and avail all the benefits that come with it. Enjoying the home buying process can be truly appreciated by investing your hard-earned money in purchasing under-construction property in Thane.