One of the first questions that come up while considering property purchases is whether to go for an under-construction project or a ready-to-move-in one. Depending on what your requirements and expectations for the property are, and how soon you want to move in, both options have their pros and cons.
If you are not in a hurry to move in immediately, buying an under-construction property could be a good investment as these are often priced lower than a project that is complete and ready to move into. Thus you would be able to afford a larger home within your budget or a home that is located in a more upscale area. The resale value of such a purchase would also appreciate significantly once the project is complete and you have taken possession of the property.
For those looking for flats for sale in Chennai, there are numerous new exciting and interesting projects coming up in sought-after areas that would give you many options for your dream home. One such area is the residential area of Manapakkam. There are many projects coming up that offer flats for sale in Manapakkam and houses for sale in Manapakkam.
You can browse the various options available in Manapakkam on online real estate sites like Magic Bricks, 99acres, housing.com, no broker, Common Floor, and many more or even check out the websites of the real estate developer directly. On these platforms, you can look through schemes of the under-construction properties and begin a dialogue to get more information regarding the project.
One risk that is constantly associated with buying an under-construction property is that the project completion date could be delayed, which the buyer has no control over. To mitigate this risk, it is advisable to go for reputed real estate developers with a proven track record of timely project completion.
Why you should buy under-construction properties:
1.Lower Prices
Prices vary between 10-30% between possession-ready properties and under-construction properties. This is true assuming the location, the property area, the building type, and the builder are identical. The price difference would make your wait worthwhile, whether you plan to stay there or rent it out.
2. Appreciation of the price is higher
As a property’s construction advances, its price rises as well. The development of the surrounding infrastructure also enhances a property’s value during this period. With so many residential, commercial and infrastructure projects coming up in Manapakkam, the value of an under-construction house here is sure to shoot up once these projects are completed. In contrast, a ready property’s price would not see such a steep increase.
3. Flexible payment options
A property under construction offers more payment flexibility. Real estate developers are more agreeable to taking a token amount upfront, so the buyer can secure a property and pay the rest over time (until construction is complete).
4. New Construction
Under-construction properties are brand-new when they are finished, and they have no maintenance issues for a long time if the real estate developer is reputable and dependable. Furthermore, you will have access to the latest amenities and facilities available on the market. In case of a ready to move in property with older construction, the wear and tear on a home may not be immediately observable until you start living in it.
5.Offers
Under-construction properties are usually accompanied by offers by the real estate developer. Ready to move in properties, on the other hand, are rarely on a huge sale. With the designs and plans of an under-construction property available to you, you could even modify your apartment to a certain extent while the construction is ongoing.
A Trusted Real Estate Partner to Buy Your Home in Chennai
The real estate market in Chennai is one of the most dynamic in the world. Chennai’s primary demand for housing was ready-to-move-in units and nominal housing. Chennai’s growing industry and commercial activity has been attracting more and more people to the city. Manapakkam is a well connected and quiet residential area to buy house for sale in Chennai that has great infrastructure and upcoming projects that would make more facilities and amenities available. Hence, it is a perfect market for purchase of an under-construction property.
With more than 110+ landmark properties across the southern states of India, Casagrand Builder Private Limited is a Chennai-based real estate enterprise with a strong presence in the residential market. Casagrand was founded with a vision of delivering value while building aspirations. More than 21,000 families have found their dream homes and investments at Casagrand properties, which have done the amazing job of developing over 30 million square feet of space featuring a number of luxury residences across Coimbatore, Chennai, Bengaluru, and Kodaikanal.
