Investing in real estate is a significant decision, and for buyers in Pune, the choice between ready-to-move flats and under-construction properties is a crucial one. Both options have their own pros and cons, but in recent years, ready possession flats in Pune have become a popular choice due to their convenience and reduced risks. This blog explores the key benefits of ready-to-move flats and why they may be a better choice than under-construction properties.
1. Immediate Occupancy
One of the most compelling advantages of ready-to-move flats is that buyers can move in immediately after purchase. This eliminates the waiting period that comes with under-construction properties, making it an ideal choice for those who need a home urgently or are currently paying rent.
For buyers who are paying both rent and home loan EMIs, ready possession flats offer financial relief as they can save on rental expenses from the moment they take possession.
2. Freedom from Construction Delays
Under-construction properties are often plagued by delays due to regulatory hurdles, labor shortages, or financial issues faced by builders. With ready-to-move flats, there are no such uncertainties. Buyers receive a completed product, ensuring peace of mind and timely occupancy.
3. What You See Is What You Get
One of the biggest risks with under-construction projects is the gap between expectations and reality. Buyers often rely on brochures or sample flats, which may not reflect the actual property. With ready possession flats, you can physically inspect the flat, check the quality of construction, and verify that the amenities match your expectations before making a purchase.
4. No GST Implications
Another significant advantage of ready-to-move flats is the exemption from Goods and Services Tax (GST). GST is applicable to under-construction properties, which can add up to 5% or more of the property’s cost. Since ready possession flats have already been constructed and received an Occupancy Certificate (OC), they are not subject to GST, resulting in considerable savings for buyers.
5. Established Infrastructure and Amenities
Ready-to-move flats are often located in fully developed neighborhoods with existing infrastructure such as roads, schools, hospitals, and shopping centers. Buyers can immediately access these amenities, ensuring a smooth transition into their new home.
6. Immediate Tax Benefits
For homebuyers who rely on loans, ready possession flats offer immediate tax benefits. Borrowers can claim deductions on both the principal repayment and interest payments under Section 80C and Section 24(b) of the Income Tax Act from the year they take possession.
Why Not Under-Construction Properties?
While under-construction properties might come with lower initial prices, they carry certain risks and drawbacks:
- Construction Delays: Regulatory issues or financial constraints can postpone the possession date.
- GST Charges: Under-construction homes attract GST, increasing the overall cost.
- Quality Uncertainty: The final property may not match the initial promise or design.
- Market Fluctuations: Changes in the real estate market during the construction period can affect property value.
Conclusion
For homebuyers in Pune, ready possession flats offer a range of benefits, from immediate occupancy to savings on GST and tax benefits. They provide a hassle-free buying experience, making them an excellent choice for those looking for certainty, convenience, and peace of mind.
As Pune’s real estate market grows, the demand for ready-to-move flats in areas like Kharadi, Baner-Balewadi, and Undri continues to rise. If you’re considering buying a home in Pune, a ready possession flat might just be the perfect investment for you.