Why are Ready-to-Occupy Apartments in High Demand?
17 Mar 2019
Buying a home is one of the most important decisions, and being a long-term investment it requires thorough research and study before making a final decision. Buyers consider multiple apartment projects based on its features and facilities, but most of them prefer ready-to-occupy apartments due to its array of benefits and advantages.
Following are the key reasons why ready-to-occupy apartments are in high demand:
One of the most influencing factors among all, ready-to-occupy apartments are in high demand because of its ability for quick possession. In the case of under-construction properties, the waiting period until property handover may not be feasible for every homebuyer. Especially for those who are planning to move in to new cities in a short time period, it is easy for them to find a home of their own at the earliest.
2. Pay for what you see
Ready-to-occupy apartments are very much transparent wherein the home buyer actually gets to see all the features, amenities and facilities in person. This aids decision making process as the homebuyer can make a comparison of his expectations with what is being offered and pay only for what he sees. Prior to booking a ready-to-move-in apartment, they get to experience every nook and corner, check the amenities and facilities, thereby preventing any uncertainties regarding the space, view, quality and features of the apartment.
3. Tax benefits
Buying a ready-to-move-in apartment can help you yield certain tax benefits when compared to that of under construction or just launched projects. Although, an under-construction apartment project may comparatively fall under economical slab there are certain income tax benefits that are exclusively applicable for ready-to-occupy apartments. As per Section 80C of Income Tax Act, a homebuyer can avail up to Rs.1,50,000 from the total taxable income for the repayment of principal housing loan. And according to the new rates, GST will not be charged on ready-to-occupy apartments, further increasing the demand for the same.
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