Ready-to-move-in apartments offer immediate occupancy, making them an ideal choice for buyers who are financially prepared and seek a hassle-free homeownership experience. These properties eliminate the uncertainties and delays associated with under-construction projects.
While under-construction properties often come with significant risks, such as construction delays and cost overruns, ready-to-move-in apartments provide a safer and more reliable investment option. Additionally, the recent reduction in the price premium for ready-to-move-in homes has made them even more attractive to homebuyers.
By choosing a ready-to-move-in apartment, buyers can avoid the long wait times and potential financial burdens that come with under-construction projects. It’s a wise decision to prioritize immediate possession and secure a comfortable home without unnecessary stress.
Advantages of Buying a Ready-to-move-in Apartment :
No Risk of Delay
One of the most significant advantages of purchasing a ready-to-move-in property is that you don’t have to wait for the project or its amenities to be completed. This eliminates the uncertainty and financial risks associated with delays, sparing you both the inconvenience and additional costs.
No Uncertainty
When you opt for a ready-to-move-in apartment, you can see exactly what you’re buying. There are no doubts about construction quality, room dimensions, views, amenities, or fixtures. This transparency simplifies the buying process, providing peace of mind and assurance to the buyer.
Immediate Occupancy
A ready-to-move-in property allows you to move in immediately, making it ideal for end-users. This option is particularly beneficial for those who would struggle to pay both rent and home loan EMIs simultaneously. It’s a practical and cost-effective choice.
Tax Benefits
By purchasing a completed property, you become eligible for tax deductions under Section 80C of the Income Tax Act, 1961, for principal repayment. Additionally, under Section 24(b), you can claim deductions on interest for self-occupied homes. First-time buyers may also qualify for additional tax benefits, which only apply once the property is fully constructed.
No GST
Another financial advantage of ready-to-move-in properties is the exemption from GST. Unlike under-construction properties, which attract up to 12% GST (with or without Input Tax Credit), ready-to-move-in homes are GST-free, offering significant savings for buyers.
Significant Reduction in Premium:
The resale market in the housing sector has recently witnessed a significant surge in inventory, making ready-to-move-in properties more accessible and affordable. Experts suggest that homebuyers can now find attractive deals in the resale segment as well.
For the first time in the history of the Indian real estate market, ready-to-move-in properties are more cost-effective than ever. Properties from reputed developers in prime locations are now available for immediate occupancy at competitive prices.
Previously, such properties were typically accessible only to buyers willing to wait two to three years for possession. However, the current excess inventory has helped stabilize prices, eliminating the steep cost escalation that often followed the completion of construction.
Positive and Negative Implications
The introduction of the new real estate bill has compelled developers to expedite project completion, resulting in an increased inventory of ready-to-move-in properties. Projects are now being completed at a rapid pace as developers strive to comply with the provisions of the 2016 RERA Act.
Positive Implications
For homebuyers, the availability of ready-to-move-in apartments offers significant advantages. The most notable is the elimination of dual financial burdens. Buyers save on rent immediately and can also generate rental income if the property is not intended for personal use. This ensures a quicker return on investment and financial stability.
Negative Implications
However, prior delays in project completion had severe financial consequences. Buyers were often burdened with paying both EMIs on home loans and rent for temporary accommodations. Additionally, those opting for under-construction properties faced the risk of losing out on critical tax benefits. If possession was not secured within five years of availing of the loan, the financial strain intensified, particularly concerning interest payments on the housing loan.
This shift highlights the positive momentum in the real estate sector while underscoring the challenges faced by buyers under the earlier system.
The Significance of Location in Real Estate
Location plays a pivotal role in driving property demand and pricing, particularly in urban areas where land is scarce. This scarcity significantly influences the potential return on investment.
Renowned developers conduct meticulous research and assessment of prospective sites before launching a project. Securing a ready-to-move-in apartment from a trusted real estate brand like Vasavi Atlantis is a rare and valuable opportunity.
Vasavi Atlantis @ Narsingi in Hyderabad:
Narsingi, located in the western part of Hyderabad, is a premium residential neighborhood known for its luxurious appeal. With markets, shopping malls, schools, colleges, and banks nearby, it offers excellent connectivity to other vibrant areas of the city.
Vasavi Atlantis, a flourishing gated community in Narsingi, is a GHMC-approved project featuring 2,199 high-quality apartment homes. With a focus on modern living, Vasavi Atlantis boasts a range of contemporary amenities and expansive open spaces for residents to enjoy.
Living at Vasavi Atlantis is both alluring and enchanting, purposefully designed to create the perfect harmony between work, life, and leisure. Located just over 9 km from Hitech City, it takes approximately 15 minutes by road to reach the area.
Ready to Be More Than Just an Address
That’s right! With 2 & 3 BHK ready-to-move-in apartments, Vasavi Atlantis is set to be more than just a place to live. It’s a lifestyle where every day is worth embracing and making the most of your time. All homes are Vastu-compliant, designed to bring happiness and prosperity to the families who call them home.
FAQs:
1. What are the main advantages of buying a ready-to-move-in apartment?
Ready-to-move-in apartments offer immediate occupancy, allowing you to move in without waiting for construction to finish. They come with no risks of delays or uncertainties, ensuring that what you see is what you get. These apartments also come with no GST, tax benefits, and are a more cost-effective choice due to reduced premiums.
2. How does a ready-to-move-in property differ from under-construction properties?
The primary difference is that ready-to-move-in properties are fully completed and available for immediate occupancy, while under-construction properties involve risks like delays, cost overruns, and incomplete amenities. Ready-to-move-in homes eliminate these concerns and provide certainty in pricing and quality.
3. What are the financial benefits of choosing a ready-to-move-in apartment?
Ready-to-move-in properties come with significant financial advantages, such as exemption from GST, eligibility for tax deductions under Sections 80C and 24(b) of the Income Tax Act, and no need to pay both rent and home loan EMIs simultaneously. The price premium for these homes has also reduced, making them more affordable.
4. Can I expect any delays in the possession of a ready-to-move-in apartment?
No, one of the main benefits of choosing a ready-to-move-in apartment is that there are no delays. The property is ready for immediate occupancy, sparing you from the inconvenience of waiting for construction or amenities to be completed.
5. What are the advantages of living in a location like Narsingi in Hyderabad?
Narsingi is a prime residential neighborhood in western Hyderabad, offering excellent connectivity to key areas like Hitech City. It is well-equipped with markets, shopping malls, schools, and banks, making it an ideal choice for homebuyers seeking a balanced lifestyle with easy access to both work and leisure.
6. Why is Vasavi Atlantis in Narsingi a good choice for ready-to-move-in apartments?
Vasavi Atlantis offers 2 and 3 BHK ready-to-move-in apartments in a premium location in Narsingi, Hyderabad. It’s a GHMC-approved gated community with modern amenities, Vastu-compliant homes, and excellent connectivity to key areas like Hitech City. The development combines luxury, convenience, and an attractive investment opportunity.