RESIDENTIAL

Know the Perks of Purchasing Property in a Newly Launched Residential Project!

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“The early bird catches the worm” has been a classic proverbial saying for ages, which is certainly applicable when it comes to residential real estate. If you are on the lookout for residential property, you might be advised to explore properties which are in their “launch phase”. This is the point where the project has been announced but its construction has not commenced. Whether you are looking at the upcoming residential projects in Mumbai or any other city, this is a very good idea, and we at L&T Realty have put together this blog to help you understand why.

Don’t Snooze, So You Won’t Lose!

Benefit from Low Pre-Construction Rates In cases where a residential project has only just been announced, chances are that not a lot of people are aware of it. This is the point of the project where construction has not even begun, and the developer has only just received approval from all of the relevant authorities. This could mean that it is at a point where the developer might also offer some good offers and discounts, allowing you to purchase a unit early and at an “early bird” rate. While this is often done by builders to attract homebuyers and create a sense of urgency, you will be in safe hands if the developer is a trusted name. However, the nature of the schemes which are offered will differ from builder to builder. You’ll Be Spoilt for Choice One great advantage of being one of the earliest buyers is the fact that there will be much more variety of residential unit options for you to choose from. This means that you can choose an apartment unit that is suited to your liking and requirements, whether it is with regards to location, view, configuration, as well as which floor. Within your set budget, you will have a lot more different choices to pick, and you will have the best opportunity to get your dream home. This is a very useful perk to help bring your vision of home to life, whether you are looking at flats for sale in Seawoods or any other place. Steer Clear of the Rising Prices It is common for a residential property to experience a rise in prices as time goes on, even before the project construction is completed. By buying a unit during the launch phase before construction starts, you avoid this hike in price while everyone else who becomes interested in the project will have to pay much higher rates than you did. The further the project moves towards completion, the higher the prices of the units are likely to be. This, along with the potential that the surrounding area will also be growing in infrastructure and connectivity, means that you will have made some substantial savings by buying early. The Best Bang for Your Buck The residential real estate market is among those which involve the most substantial investment, but it has also proven to be the one of the most lucrative markets in terms of returns in the long-term. Which is why there are clearly some impressive returns to be reaped by buying a residential unit during the launch phase, and the potential profit margin for such an investment will be at its maximum. However, while it is much easier to get a good price for the property during the pre-construction phase, it does not necessarily mean that it will not be possible to negotiate a similarly reasonable price later on. It is also very much possible for the developer to offer a discount or scheme during a later phase of the project, but this will wholly depend on the developer. Finding a new residential project which suits your liking is already great, but finding one which you can get for its lowest rates, and customize to your liking before it has even reached completion, is truly a golden opportunity. It is even more so when you know you are dealing with a reputed builder with a successful track record of projects. That is exactly what you get with any soon-to-be launched or under-construction projects by L&T Realty, or even with our ready to move flats in Powai or property in Bangalore. Disclaimer: Image used for representational purpose only.

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