Ready to buy your dream home? You'll likely face a decision between two options: under construction or ready-to-move-in property. While both options offer a path to homeownership, they come with distinct advantages and considerations.

An under-construction property often promises affordability and the flexibility to customise your living space, but it requires patience. On the other hand, a ready-to-move-in flat provides immediate possession and convenience – though at a higher cost. Your choice will ultimately depend on your financial situation, personal preferences, and long-term goals.

In this article, we'll dive into the key factors that can help you compare under-construction vs ready-to-move-in properties, making it easier to make an informed decision.

1. Possession of Property

A ready-to-move-in property offers instant possession, allowing you to move in without delays. You can skip the long waiting periods typical of unfinished buildings. If you need to settle quickly and don't want to rent, this is a great option.
For an under-construction property, possession is not immediate, as it is still being built. You'll need to wait until the promised construction completion date. This option suits those who already have a residence or are renting and don't need to move in right away.

2. Costs

Ready-to-move-in properties generally cost more than under-construction ones due to their availability and lower construction risks. The final price is determined by factors such as market value, amenities, special facilities, and customisation options.

For under-construction properties, developers may offer booking discounts in the early stages of development, helping ease the financial burden.

3. Customisation

Under-construction properties offer more customisation options than ready-to-move-in ones. You can select floor tiles, bathroom fixtures, kitchen amenities, wall paints, and even modify the floor plan to suit your preferences. This option is ideal if you want to add a personal touch to your new home.
If customisation isn’t important to you, ready-to-move-in properties may be the better choice. In this case, you’ll need to carefully review the property’s plans and amenities before making a decision.

4. Property Appreciation

Understanding a property’s appreciation potential is key to making a smart investment.
An under-construction property may appreciate in value by the time it’s completed, influenced by factors such as location, market demand, supply, and overall property condition. Therefore, an unfinished property could be a valuable long-term investment if you decide to sell it later.
For ready-to-move-in properties, appreciation potential is generally limited once the property is built. However, these properties can provide immediate rental income, making them a solid choice for those looking for immediate returns or stable investments.

5. RERA Compliance

The RERA (Real Estate (Regulation and Development) Act) is designed to protect the interests of both buyers and sellers. Properties must comply with this regulation for a safe purchase.
Ready-to-move-in properties may not always be RERA compliant, depending on their registration date. Units developed before May 1, 2016, may not be covered under RERA, so it's important to verify the registration status of older properties, especially if they are resales.
Most modern under-construction projects are RERA-compliant, ensuring transparency, legally binding delivery dates, and protections for buyers.

Ready to Move Flats vs Under Construction: Things to Remember Before Buying   

Now that we’ve covered the basics of choosing between a ready-to-move-in or under-construction property, there are a few additional factors to remember before making your final decision.

Check Out the Locality

Before buying any property, thoroughly explore the locality. Consider the available transportation options, such as local buses, trains, and metros. Assess the proximity of stations, bus stops, and auto stands.
Additionally, check if the location is well-connected to essential amenities like flyovers, markets, hospitals, and schools. It’s also a good idea to talk to existing residents or neighbours to better know about the area and identify any potential issues.

Credibility of the Seller/Developer

It’s crucial to choose a reputable builder. Research their past and ongoing projects, as well as their market reputation.
Look for customer testimonials on social media platforms and forums related to their projects to get an unbiased view. Also, investigate whether the developer has been involved in any legal disputes in the past.
All of this will help you assess whether the developer is reliable, reducing the risk of projects being abandoned midway.

Validate Promised Details and Facilities

It’s essential to physically visit the property to ensure you’re getting the promised features and amenities.
For example, inspect the carpet area, check the quality of tiles, smart home facilities, and any other features that are important to you. Ensure everything is in order before signing the handover and legal documents.

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Conclusion

Before buying ready-to-move-in or under-construction property, compare factors like possession, costs, RERA compliance and customisation. This will help you make an informed decision and avoid legal or financial issues down the road.

Once you’ve made your choice, turn to SMFG Grihashakti for assistance in financing your property purchase. We offer tailored home loans of up to 90%* of the property’s value with attractive home loan interest rates. Apply online or visit your nearest branch for more information.