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Under-construction homes are still favoured by buyers

Posted on Oct 20, 2016

Under-construction properties are favoured by many due to their flexibility of payment; but while making a decision as big as property buying, beware! Here we get you its pros and cons.

The first and foremost thought that crosses a prospective buyer's mind after planning how to invest is when to invest and what to invest. Liquidity crunch, volatile economy and several such factors attract buyers towards under-construction property over ready-to-move-in properties. Although an under-construction property has its inherent advantages, don't make a hasty decision; consider its lows too.

Here we highlight the advantages and disadvantages of under-construction property to help you make an informed and suitable choice. Ideally, the decision has to be taken considering individual position, need of property, capability for finance, whether that particular property is mere investment or is being taken for end-use, such factors determine your choice.

When you book a ready-to move-in flat, there are fewer options to choose particular apartment with desired location, view and floor. These are already there. You have to accept them as they are.

While in case of under-construction property, one gets an array of options to choose from. Flexibility for payment is the biggest advantage of under construction property.

A buyer has an option to make the payment in chunks stage wise as the building gradually constructs. Buyer pays the down payment, which is mostly 20 percent of the booking amount and rest is paid in the form of the EMIs in case of loan, else they can pay the money in instalments as per the construction schedule.

This makes buying an under construction property a comparatively affordable option.

In case of under-construction home, usually a buyer gets several payment plans, which includes construction-linked plan, down payment plan, 30:70 scheme, 20:80 scheme to name a few.

Investing money in an under construction property is ideal for the ones looking it as an investment. Since prices are lower, one can garner good returns. Thus, the scope of price appreciation due to future development is high in these newly launched projects.

However, to avail this benefit of price appreciation, one must do a basic study about the proposed and ongoing development plans in the region before buying a property.

While it isn't all milk and roses, there are few loopholes that have to be deterred. The most basic issue when buying an under construction property is pos session. The incidents of delay in completion of projects have increased tremendously in the past three to four years.

In certain cases, developer starts the construction before getting all the requisite approvals. Thus, it is imperative to check that the particular developer is really committed to complete the project or else you may have to pay extra expenditure on EMIs, interest on EMI and rent. Many a times in past it has occurred that the builder uses the collected money to finish some other project and the buyer here keeps waiting, so credibility of builder is must. Another important step is to keep a check on whether the quality that is promised is met with. Sometimes the layout is changed, while sometimes no adequate storage space is provided.

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Gotri: New realty hub

Posted on Sep 02, 2016
AhmedabadThe picturesque suburb has not left its rustic charm despite being one of the hottest selling properties.To the west of Race Course and Ellora Park Road, the 1-km stretch Gotri Road compasses the finest high rise architecture in Vadodara. Once a sought-after land to invest in farmhouses, Gotri Road has of late seen construction of giant pu ...
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Affordable options galore

Posted on Sep 02, 2016
AhmedabadState's commercial capital has many affordable housing schemes in far-fledged areas.A number of residential projects in Ahmedabad are coming up in full swing with realty developers offering affordable houses in a big way.Affordable homes are meant for those who have a limited budget and unlimited dreams to fulfil. More or less, it is consu ...
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Growing realty hotspots

Posted on Aug 18, 2016
AhmedabadWith a number of new projects being launched in various localities in Ahmedabad, the city is set to attract more investors as well as homebuyers.Ahmedabad is emerging as a big option when it comes to investment, be it commercial or residential. With the official announcements about the proposed Metro rail, new and renovated railway station ...
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Cost of luxury homes jumps 9 per cent in Ahmedabad, highest in country

Posted on Aug 02, 2016
For the last three years, Siddhi Developers has been struggling to sell a 72-unit-luxury-home-project on the SG Highway. The sales especially after Diwali last year were the poorest, where the real-estate developer Deepak Patel managed to sell only three units, each costing over Rs 1.25 crore. However, during the last two months, Patel has started ...
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Ahmedabad ranks 5th in unsold housing inventory

Posted on May 10, 2016
AHMEDABAD: Despite prices remaining stable, the real estate market in Ahmedabad seem to be gaining little traction. A latest study by Associated Chambers of Commerce of India (Assocham) ranks Ahmedabad fifth in terms of having the highest unsold residential inventory.The study claims that the city has 57,500 unsold units, which is 20% of under-cons ...
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Ambli locality grows skywards

Posted on Apr 28, 2016
Vertical structures are filling its landscape in the city, the Next Gen property destination.Unlike the other city areas, the once deserted Ambli locality is taking giant strides in construction as buildings continue to rise vertically. A number of residential as well as commercial schemes are lined up for completion with project activities on in f ...
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Buyers find array of options at Times Property Expo 2016

Posted on Apr 25, 2016
Ahmedabad: The 10th Edition of Times Property Expo kicked off to a great start on Saturday, April 23 with prospective home buyers making a beeline from the morning. Over two dozen prominent developers have showcased both residential and commercial projects in the mega realty show being held at Grand Bhagwati in Ahmedabad.Nearly 150 residential and ...
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Average 4.5% rise in property prices in Ahmedabad during last two years:Study

Posted on Feb 19, 2016
AhmedabadOver the last two-year price trend analysis indicates an average increase of 4.5% in property prices in Ahmedabad city, which is also known as the commercial capital of Gujarat, a study by real estate portal Magicbricks today said.The city has however witnessed higher growth in rental values as compared to property prices. The rental value ...
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Real estate prices on the upswing

Posted on Dec 24, 2015
All India HPI increased to 219.5 in the second quarter from 215.3 in the first quarter mainly due to index increase in Delhi, Ahmedabad and Chennai, RBI said.India's Housing Price Index - a barometer for home prices - released by the central bank, has grown 13.7 per cent year-on-year for the three months ended September quarter versus 14.5 per cent ...
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Prahladnagar: A commercial & residential hub

Posted on Jun 22, 2015
AhmedabadPrahladnagar, an excellently planned area comprising of a consolidated four town planning schemes, has developed quite well over the years. The area is known for extensive road network and well planned streets. The area also boasts of community facilities. The planned allotment of plots has helped in balancing of resources such as well man ...
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Prahladnagar: A commercial and residential hub

Posted on May 15, 2015
AhmedabadAhmedabad, traditionally well-known as the educational hub in the country, is now emerging as an ultra-progressive commercial destination in the state.As a result, the real estate of Ahmedabad is certainly on an upswing with the growth of industrial activity in and around the city.Not only the commercial but the residential realty market i ...
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Piramal Fund invests Rs225 crore in Ahmedabad realty project

Posted on May 07, 2015
P iramal Fund Management Pvt. Ltd will invest in an upcoming real estate project in Ahmedabad, the first of several such investments it plans to make in smaller cities, a top executive said.Under the debt transaction, Piramal will extend Rs.225 crore to Ganesh Housing Corp. Ltd. Out of this, Rs.200 crore will go into land purchase and Rs.25 crore f ...
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Ahmedabad sees 25% decline in construction of new housing units

Posted on Apr 27, 2015
In three months between January-March 2015, only 1750 new housing units were built in Ahmedabad. This is 25 percent less than the number of houses built during the same period last year, stated a report released by global consultants Cushman & Wakefield (C&W) on Thursday.“Western peripheral locations such as Bopal, South Bopal and Ambli comprised o ...
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Radisson Red to launch its few properties in India soon

Posted on Apr 14, 2015
Global hospitality company Carlson Rezidor Hotel Group has announced the launch of its new Radisson Red hotel brand in India.The launch of this upscale Lifestyle Elect brand is part of Carlson Rezidors aggressive expansion plans for India, which are aimed at extending the groups lead in a country where it currently has 74 hotels in operation and ...
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Vastrapur: Realty growth at its peak

Posted on Mar 25, 2015
Ahmedabad is moving at a rapid pace of development with the improved infrastructure of the city. Gujarat in general, and Ahmedabad in particular, is seen as a good investment destination, in terms of realty as the Return on Investment (ROI) is very good as compared to other markets like Delhi, Mumbai, Bangalore etc., where huge investments are invo ...
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Realistic markets high on investors' wish list

Posted on Mar 24, 2015
Ahmedabad“The enquiry levels with various developers across the cities of Ahmedabad and Vadodara have increased. The transaction volume is also much better this year than in the last three years and it seems that the two property markets are on their way to revival. The two are an ideal market for both the home buyers and the developers since even ...
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Ahmedabad: An investor’s hub

Posted on Mar 17, 2015
Gujarat is witnessing an upsurge in housing demand and to fulfill this, many new projects are coming up in cities like Ahmedabad which serve as perfect strategic destination for making huge investments. Here are some of the most prominent and promising areas of the city which are increasingly gaining the attention of the investors:NaranpuraThink of ...
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High demand for offices in Ahmedabad, tepid for residential

Posted on Feb 24, 2015
AhmedabadOffice spaces in Ahmedabad seem to be selling like hot cakes while residential is getting a lukewarm response. According to a report by JLL India, Ahmedabad office market continued showing traction in January 2015 with select companies from automotive and manufacturing companies having executed the transactions. On the contrary, residentia ...
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Evolution of the Waghodia Road

Posted on Feb 14, 2015
AhmedabadAt present, Waghodia Road offers excellent connectivity by virtue of regular bus routes and a much improved road network. It can be easily reached from the highway, airport as well as the railway station and this is one of the most powerful selling points of the area. One can also reach here from the vibrant New VIP Road.Affordable yet lux ...
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