By Gunjan Goel, Director, Goel Ganga Developments
Pre-launch refers to the period when the building project is announced. It is definitely a good proposition for the buyers and even investors to purchase the property in its pre-launch stage. Many developers offer pre-launch properties to raise funds before final approvals. This way, they avoid having to borrow money from the market at a higher interest rate. Because the property hasn’t been built yet and you’re unsure of the final design, there may be some risks involved. However, there are many advantages to buying a property in the pre-launch phase.
Some of the benefits are listed below.
- 1. Customised Choices
When you buy a property in its launch phase, you get to make your own choice with respect to the desired floor, unit, view, direction, and much more. Buyers can also get interior modifications at this stage. This brings the dream home or workspace closer to expectations. Once the building is fully done, making changes is not easy. There are clearly more choices available during this phase and compromises can be avoided.
- 2. Smart Investment
Buying a property in the pre-launch phase opens up the opportunity to get the best return on investment. We can take the advantage of price escalation that trickles in after pre-launch. Once the building is up for possession, the prices tend to rise. So if we plan to sell off, we can make huge returns. If we plan to allocate more funds to real estate investment, this is just the right phase to put in our money.
- 3. Enjoy Best Deals
During the initial phase of the project, real estate developers offer attractive prices discounts on pre-launched or new-launched projects to attract homebuyers and investors. If you are planning to invest or looking for a home, this is the best time to book your dream home at the lowest prices. So if you want to invest in a budget property, look no further than a new launch project.
- 4. SImplified payment options
Homebuyers can live the dream of owning a home without money constraint with the help of tax benefits that come along with taking a home loan. Several newly launched projects also have offers or schemes where homebuyers do not have to pay EMI until they take charge of the home, which can be a significant financial relief. Furthermore, if you buy a newly launched project, you will only have to pay the builders 20-25% of the total cost. Because the builder is responsible for paying the interest on the loan, it may motivate them to complete the project as soon as possible. This is another advantage of purchasing a property during its initial launch period.
- 5. Securing Property before the price hike
The other benefit of purchasing a property during Its launch phase is the privilege to block the price before the market opens and the rates go up. The unexpected price increase for properties following RERA certification is a fairly common occurrence in the real estate market, and the ability to pre-book and own a newly launched property is undeniably advantageous. Other factors such as rising demand for housing properties, infrastructure developments, rising labor costs, raw material costs, and revised laws all contribute to a property’s price increase; therefore, choosing a newly launched project will save you a significant amount that you can use for future expenses such as registration and interior design.