The outbreak of novel coronavirus has impacted the real estate sector across the country. The real estate industry has been unprecedented with property transactions dipping to near-zero during the nationwide lockdown.
However, the pandemic has also opened a new era of selling real estate which was being under-utilized to date. Due to the uncertainty, preferences of home-buyers are changing as they are now inclined towards owning a home. With construction coming to a standstill across the nation and ambiguity over project completion, home seekers are now looking to invest in ready-to-move-in homes. Here are a few reasons why there’s a rise in ready-to-move-in homes.
1. Less Risky
Under construction and new launch, projects are considered riskier due to delay in the project, price escalations, change in the layout plan, and other factors. Ready-to-move-in homes can help you avoid uncertainty in terms of the timeline of delivery and quality of construction.
2. No GST Applicable
Ready-to-move property doesn’t attract Goods and Services Tax (GST) while the government has imposed 5% GST on under-construction properties as the purchase of it does not attract immediate registration charges and stamp duty.
3. No construction and possession delays
The lockdown period has resulted in the halting of construction activities nationwide which will lead to a number of litigations and further delays of the project. Ready-to-move-in homes possess no such delays as you can move in immediately.
4. New project launches are meager
Due to a significant drop in the number of new residential project launches, a lot of buyers are making an investment in ready-to-move homes.
This is why there is a rise in ready-to-move-in homes. What do you prefer, ready-to-move homes or under-construction property?