According to the latest survey, over 18 percent of respondents prefer newly launched properties. Implementation of new real estate law that is RERA and lower GST rates have helped revive consumer faith in newly launched properties. Initially, buyers preferred to stay away from newly launched projects because of the risk associated with it. Developers start claiming bankruptcy, delay the on-going projects or even carry out unscrupulous activities.
One of the major reason that is driving sales for newly launched projects is the increasing demand for affordable and low-cost housing. Finally, the rapid decline in sales of residential properties has come to halt. Over the past few years, developers are mainly focusing on affordable and mid-range housing segments.
Few reasons why investing in newly launched property is a good idea
You get to customize your home - When you go to buy a new launch property, the biggest advantage one can get is they can customize their home the way they want. You have the liberty to decide upon the configurations of rooms according to your convenience. Since the development is not completed, you can suggest them with your preference for the wall paints, home decor ideas, patterns for flooring, furniture provisions, etc. It is always better to do the minor changes in the initial phase of development that is in the pre-launch phase. Once you move to your apartment, it is difficult to do any kind of alterations.
Early Bird Discounts - One of the greatest preferences of putting resources into newly launched projects is the wide scope of early bird discounts you can get profit from. Real Estate projects are usually completed in stages. Prior to the beginning of development, property developers begin advertising the project with good discounts for the purchaser. At least 10-15 percent discount is offered at the initial stage. Here and there this can go up to 20 percent for those projects that are still at the structural stage. In many cases, home purchasers can set aside to 30 percent of the all-out expense of the property. Moreover, the need of the property rises at the development stage itself. This naturally results in an increase in property rates.
Different options available within your budget - You get to explore various options when you consider investing in a newly launched project. You can make a wise decision by taking into consideration many many factors such as your budget, preferred location, all the amenities provided in the property. Nowadays, real estate investors are spoilt with various options with plenty of property alternatives spread over all the metropolitan cities. You also get a chance to choose between a penthouse with breathtaking views or an apartment which is facing south or east according to your preferred directions. This way your available options get doubled where you can also choose the floor as well as the number of bedrooms you want as per your requirements. To conclude, if you are planning to invest in real estate in near future to enjoy high returns or to actually live your dream of buying a property according to all your preferences, then opting for a newly launched project will be your smartest decision ever.