Buying a residential property on sale is a big decision for many people and therefore, taking all factors into close consideration while making such a large investment decision is extremely important. Developer prominence, locational benefits, and amenities provided are some of the most essential things homebuyers keep in mind while assessing property decisions.
With the real estate sector slowly picking pace post the dreaded lockdown, Ready to move in residential properties are becoming very popular. Homebuyers can forgo the cloud of uncertainty that envelopes construction projects, which often gets delayed due to several factors such as setback in acquirement of raw materials, permit issues, labourer shortage, or other legal roadblocks. With ready to move in flats, you can invest in a residential property today and simply move into your new house tomorrow.
Here are 4 major reasons why you should opt a ready to move in apartment:
- No delays:
The most important advantage of choosing a ready to move residential apartment is that there is no risk of a project delay. There is no need to wait for the conclusion of the whole project and other amenities. You can move as and when you prefer, according to your needs. This spares a lot of time, especially for those who are looking for a new house immediately. Project delays can happen due to several reasons. Some of them include:
- Defects in budgets often lead to delays. Such inaccuracies lead to projects being closed down for weeks and months, depending on how long it takes to procure the required funding. It’s often frustrating for new homebuyers.
- Labour shortages especially during current COVID is a major reason why projects are getting postponed. This can make or break the finalization of a project on time.
- Getting all the required government approvals and legal permissions is time-consuming.
- Weather and other environmental factors that act as roadblocks during construction.
With ready to move in apartments, even if the amenities and other facilities are not ready, your house is entirely equipped for you to move in. So, there’s no risk of delay.
- No uncertainty:
Buying a new house under construction comes with a lot of ambiguity. Often, in the introductory stages, there are a lot of questions you find asking yourself about the project. Some common questions include:
- What sights can I expect from the apartment?
- How can I assess the construction quality of the project?
- Do housing conditions support good health?
- How good is the natural lighting?
- Can I trust the developer to invest in good quality construction materials?
- What are the accessible amenities in this building? Do they look as alluring and interesting as they do in the brochures?
In a ready to move in flat, you’ve seen how most of the project has turned out and have made a choice based on a significant level of certainty.
- No GST and freedom from rent/EMI
Does the thought of GST free residential property make you happy? With ready to move in apartments, you can happily bid adieu to GST because it is only applicable to under-construction houses. It is a huge expenditure that you can minimize while opting to move into apartments.
Generally, even after the cutback of GST, developers are allowed to charge a 12% GST with or without a 5% Income Tax Credit. For housing projects that are more economical, builders could charge a GST of 8% with ITC or a rate of 1% without the ITC. But since all these provisions only pertain to under-construction projects, you have nothing to worry about when you opt for a ready to move in flat.
A post-paid home also helps you avoid paying both rent and EMI together.
- Tax Rebates
As per the Income Tax Act of 1961, you’re qualified for tax deductions on home loans under Section 80C against the principal repayment of the residential property up to Rs. 1.5 lakh and up to Rs. 2 lakhs on the interest. Ordinarily, however, you can claim these benefits only after entire possession of the house under construction. After possession, you can claim tax benefits on the interest in 5 equal installments. But if the project gets postponed by more than 5 years, the interest that is reduced to Rs.30,000 from Rs.2 lakh per annum. What’s worse, the principal payment desists to be eligible for a tax deduction during a 5 year+ project delay.
With ready to move in apartments, there is no hazard of losing tax benefits due to unanticipated circumstances. Since you have complete possession of the residential property, you become eligible for tax benefits right away.
Shree Balaji Group is now offering ready to move in apartments at never before prices. You can book a ready to move in home across top Shree Balaji Group properties such as Shree Balaji Skyrise, Shree Balaji Windpark, Shree Balaji Status.
Ready to move in residential apartments by Shree Balaji Group offers an unmatched integrated living experience that aims to provide residents with the utmost level of comfort and luxury. Situated right in the middle of prominent locations, these ready to move in homes are ideal for families and millennials looking to move into a new house quickly.
Avoid the hassles of an under-construction house by moving into a ready to move in home today!