Post-RERA, under-construction projects have got a new lease of life and therefore potential home-buyers should not shy away from investing in them.
Post-RERA being implemented almost in all the key leading states and Karnataka along with Maharashtra, leading the pack, it is extremely crucial to understand how such a big reform will have an impact on the sector. And therefore we spoke to realty experts, to get a broader perspective on why should a home-buyer focus on new realty projects and under-construction properties; since for the longest time, they have shied away from investing in such homes leading to a lull in the market.
Areas on the outskirts and beyond the city have seen massive developments in the recent past. "New locations, especially those adjoining industrial areas have changed the city's landscape and are offering a range of property and township options across categories of affordable as well as luxury units,"
Place your bet on new residential projects:
"RERA empowers buyers as developers are accountable and have to deliver whatever is promised, and within the timelines promised. A lot of potential buyers would earlier stay away from under-construction projects since they felt that their interests would not be protected. However, this is all set to change with RERA being introduced. A large portion of buyers will now be more willing to purchase under-construction projects, which will increase demand and hence, price, thus making this the perfect time to buy before prices go up,"
Things to keep in mind while buying a home in new projects:
It is very important that home-buyer don't throw caution to the wind and exercise due-diligence when investing in their new abode. And with RERA a reality, RERA compliance is the first box that should be ticked. Besides, reputation of the builder; his past record; adherence to government norms and timely-delivery are some other criterias, which should not be ignored.
"Investing in the new projects by established players is likely to yield higher resale value. When you buy properties constructed by established players, you are likely to adhere to all the key criteria for an ideal home,"
Minimise the risk:
If you are considering buying a home, ensure that your developer has applied for RERA registration as it will not only minimise the risk, but also help you secure your dream abode without any hassle.
So, if you too have been delaying your purchase decision, do not sit on the fence any longer but take the plunge and invest in new projects.
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