Is it right to Buy a Ready Possession Flat?

A few years back the answer to the question- Do ready-for-possession homes make more sense than properties which will be delivered only 2-3 years down the line?- was that it makes sense to wait for the new home rather than paying more for a ready to move in property. The reason behind it was the cost of a ready to move property was around 30-35% more than an under construction property.

Although this may still be the right choice to wait for your dream home, due to the recent changes in the real estate market tells a different story. Due to the sudden change of air in the real estate market, the inventories are kept piling up. Hence there has been a change in the pricing strategies that resulted in low prices even in the ready to move in properties. This seems logically right because the only way you can fund your future projects is by selling the existing inventory.

There has never been such a time when the prices of ready to move properties lowered and became so much cost effective. The Indian Real Estate market has stabilized and a number of projects are available from reputed developers at better locations which were only possible if the buyer was ready to wait for 2 or more years.

Even after everything, choosing between ready to move and under construction property is still under debate. The final decision is obviously of the buyer and their preferences. In the existing market, the sellers offer attractive cost-cutting for faster sales. The buyers must play safe and try not to step into any trap.

HomeCapital, a new fintech company, offers a step by step guide for the first time buyers on the entire process of home buying. They have made a platform where developers, financial institutions and buyers come together to expedite the home buying process.