Home is a place which not only offers shelter but also provides a different status in the society. Therefore almost every individual dreams of a good home that helps him to live with pride and dignity.

Investments in real estate is not like buying a retail product every now and then and should be done with necessary due diligence, considering one’s personal needs and budget, while keeping a long term view in mind. One should also be careful while analyzing pros and cons with reasonable weightage on both cost and quality without compromising on legalities. There are many tricky issues that one has to analyze thoroughly and only after proper research, one should decide.

One such question is, whether one should go for a ready possession property or under construction property?

However, both ready possession &under construction properties offer unique benefits, which the buyer must consider. Foreasy decision of the buyer, here are listed a few of benefits of both options:

Benefits of ready possession

Immediate ownership: Buyer can enjoy all benefits of ownership and possession from day one with elevated lifestyle in his own home.

Saving on Rent and Bank Interest: Buyer saves on rental spending from day one or can earn rental income sooner. Buyer also saves on either huge hidden costs like Pre-EMI Interest on loan or notional interest on self finance which at times is very high if one considers costs incurred during total project duration.

Time saving on account of ready possession: Buyer need not wait for the completion of the project on account of many uncertainties in real estate projects, where a lot depends on the strengths& merits of the Developer and a lot also depends on uncertainties which are beyond the control of Developers too.

Check the quality: Buyer gets what he sees and there are no uncertainties and no ifs and buts.

Transparency: Buyer get’s what he sees and need not be much dependent on the transparency and future uncertainties on account of various reasons.

A good option for investment also: A ready to move in property may be a worth option for investment, as one can simply rent it out.

No false commitment risk: As in ready possession it is a simple transaction of pay and get, there is not much scope for any false commitment.

Income tax benefits: Buyer starts availing applicable tax benefits from day one.

Benefits of Under construction property

Easy payment options: As the property is yet under construction, one does not have to bear the load of entire payment. With the development of the scheme, one can schedule payments as per his convenience.

Modification: Within certain limitations, it is cheaper for buyer to get modifications & upgradations done in the property while under construction.

Higher appreciation: In an appreciating market conditions, it makes sense to invest in an under construction property by investing small amounts in installments while enjoying the benefits of appreciation on the entire value of the property.

Options: More options may be available at the initial stage of the project vis a vis what may be available while buying a ready to move in property. However one has to pay for in terms of time , which could be few years before one can move in.

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