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Buying a house would be a big leap. Given the ever-increasing number of real estate projects and the number of builders, it is often an inundating process to choose one. The purpose for which you buy would play a pivotal role in the decision-making process. There are some who buy a home for immediate occupation and then there are those that buy for investment. Whether the house would be your first house or just another additional house that you buy would also matter.
Then comes the big confusion of whether you should buy a resale property from a prior owner or a ready to move in new flat or book an ongoing property. When we talk about booking ongoing projects in Bangalore most people are skeptical about it. Given the lack of clarity offered by some builders and the long delays made by some the skepticism of home buyers is apprehensible. But if you understand the many benefits that ongoing projects offer you might change your mind.
Benefits of booking ongoing projects in Bangalore:
- Price discounts offered:
This is definitely the first advantage construed by home buyers when it comes to booking ongoing projects in Bangalore. The concept is to attract potential home buyers, to stabilize the cash flow and to establish the credibility, builders have the concept of ongoing or what is called “soft launch”. So if you book ongoing projects in Bangalore or any other city for that matter, you are sure to get great discounts. Most builders offer up to 30% discount on the final property value for those who book in the ongoing phase.
- You have more to choose from:
In the ongoing phase, only 10-20% of the flats in the property might be booked. This gives you better flexibility in choosing a home of your choice. Be it in terms of the Vaastu compliance, the floorplan choices, floor number or closeness to any of the flat facilities, you can choose a house to match all your requirements. But once few houses are booked, once the ongoing phase is over and there are more buyers, you would have limited choices.
- A great investment:
If you do not mind waiting for a few years to move in ongoing projects in Bangalore are great investments. Especially because of the appreciation value of the project. If you choose one in a potential location, you are sure to get impressive appreciation costs by the time the construction is fully done.
Factors and risks to keep in mind:
Given the many benefits, people still hesitate investing in ongoing projects in Bangalore mainly because of the risks associated. But if you analyze the results and diligently make a choice you can avert the risks involved.
- Track record of the builder:
Choose a credible builder. It is not simply about the flashy ads and the market presence. It is about the track record. Given the risks involved in ongoing projects it is best to avoid fledgling developers. Choose a builder who has a lot of experience. Choose someone who has a formidable reputation for completing projects on time. Look at the timelines of the previous projects and only choose those that deliver projects on time every time.
- Clarity of information:
In the ongoing phase, there might still be some approvals that are pending. But the basic land clearance and licensing might have to be completed. Discuss this with the builder. Now with RERA coming into picture, it would ease your decision making to some extent. Choose a builder who would be able to clearly present to you the proposed plan, and the precise time of completion. When it comes to possession dates, ideally choose one that is within 4 years at least. Anything beyond 4 or 5 years might be a bigger risk.
- Know the market and the price:
The beauty of the real estate market is that a property value that appears cheap in one area might not be so in the other area. So research the market price in the area that you are looking at. The price quoted for the ongoing property should ideally be lower than the current price in the market. How much the area would develop within the given time would also matter. Be circumspect about the real estate market trends in that locality before taking a step.
Know the risks and understand the benefits. ongoing projects in Bangalore, especially with the city’s flourishing real estate market is definitely going to make a great investment provided you choose the right builder.