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Considerations Of Investing In Upcoming Projects
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Whether it is for residential purpose or investment one, pre-launch projects can prove helpful by saving considerable amount in your pocket. Pre-launch properties are generally 15-30% lesser priced than the completed projects or the projects in considerable stage of construction.
However, there are certain disadvantages as well that are related to pre-launch projects. But they can be easily nullified by being a little careful and open-eyed. Let's check out what are the considerations one need to take into account while investing in a pre-launch project.
1. Check for builder's track record- While pre-booking a project, be very sure to check, research and know well regarding the builder and their track record. Take extra care to check the profile of the builder and their past projects, creditability, performance and delivery record.
2. Check whether the builder acquired necessary approvals and permits- Check if the project has been secured with all the necessary approvals and permits. The two main permits required are Intimation of disapproval or IOD which carries all the conditions that the builders need to abide by while contructing the buildings. The second one is Commencement certificate or CC which is issued by the local authorities and it is the approval to begin the construction.
3. Check out if the project is a mortgaged property or not- Normally it is. Builders mortgage the properties and take loan for construction from banks and NBFCs. Therefore, if the builder fails the payment to them, they may ask the buyers to vacate the property as it now belongs to them. Therefore, before buying mortgaged property receive NoC from the bank it is mortgaged to. In that case, even if the builder fails payment, your property cannot be taken over by the bank.
4. Opting for home loan is advisable- The reason is title search. The loan departments do the necessary title search and verification before leashing out the money. There are cases when the buyers enters into agreement with the developer who doesn't wholly have the ownership of the property. Therefore there stand a chance when the agreement can actually go null and void.
In case you are interested in pre-launch projects, get in touch a trusted broker who is marketing such projects. Akshay Argade is one such trusted broker that envision 'to provide the best, to the best'. Established in 2012 by a management graduate, Akshay Argade is now a specialist real estate dealer. The firm presently is markering for upcoming residential projects in South Mumbai. Get in touch soon to grab the best deal.
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