Do you know where India stands in terms of the real estate market? Wondering what kind of property investments to make in Hyderabad? From the perspective of the nation’s economy, there is no question about this, the real estate industry is the second biggest market in India, contributing an estimate of about 13 percent of the country’s GDP by 2025.
Let’s keep aside all of these stats and figures for a second, and consider the other side of the equation. Buying a home is a big deal. Sure, the thought of investing in real estate has been in mind for a while. You do all your market research, build your ideal home in your mind, have your interior decorations picked out, and probably even have an idea of what the kitchen of your dreams should probably look like, but somehow you simply cannot choose what kind of property you want.
You are not alone in this property-hunting journey. The sheer number of choices and understanding what type of property best fits you can be a little confusing. Yes, the Indian real estate market has quite a lot to boast about, however, buyers are often overwhelmed by the sheer number of choices available. There are several options available, including under-construction projects to ready-to-move properties.
How do you decide whether an under-construction property in Hyderabad is the best choice? What are some things you need to keep in mind when you are buying under-construction properties? Let’s break it down together!
Why should you consider investing in under-construction properties in Hyderabad?
There are several advantages associated with investing in under-construction properties in Hyderabad. Here’s the thing: intent matters. If you are buying a property on a whim to move into immediately, a ready-to-move apartment is your saving grace. However, if you have some time on hand, do your research with diligence, and familiarise yourself with the project, market, location, and price, under-construction properties have quite a lot to offer.
Here are some benefits of investing in under-construction properties in Hyderabad:
Lower cost: This is a no-brainer. When you invest in any property, the cost is probably the first thing you will look at. Under-construction properties are most likely to cost less than ready-to-move-in properties. At the end of the construction, you are left with a property that you are content with.
Higher appreciation: This is something you get to boast about later; once the property you purchased is delivered to you. While properties under construction are lower in cost, as the construction progresses, the price will also go up depending on the amenities available inside and outside. Clearly, it’s a win-win situation!
Flexible payment: When buying a completed project, you are usually expected to pay the full amount, along with the miscellaneous expenses. However, properties under construction operate on a different timetable. You will most likely be paying a part of the money as a booking amount, which allows you to manage your finances without burning a hole in your pocket.
New property: It’s as simple as this: you get to make choices about your property! When you pick a ready-to-move-in apartment for yourself, you have a property that has been designed to fit the needs of a group of people. That is not necessarily bad, but with under-construction properties in any city, especially Hyderabad, you have a chance to redesign your space to make it your own. Once the flat is in your possession, you can immediately move in instead of spending yet another month or so renovating it.
Checklist for buying an under-construction property in Hyderabad
RERA Compliance: One of the first things that you need to check off your research list before buying an under-construction property is its RERA compliance status. If your chosen property is RERA registered, you do not have to worry about the construction status and keep rushing towards the site in a blind panic and incessant worry. You can track all the progress on the RERA website. Additionally, RERA compliance also guarantees fail-safe approvals from the municipal corporation and water and electricity departments.
Legal aspects of the under-construction property: If the property you are interested in is already RERA registered, you can forget all about this. However, if it is not RERA registered, check with the builders and verify with a legal advisor that all the documents and permissions are in place. Do not jump into this venture unless you are sure that all approvals and other criteria are met.
Stalk (or “Research”) the builder: Yes, you heard that right. Stalk your builder thoroughly before you invest in one of their under-construction properties. Run a background check, look at their current and finished projects, check their financial declarations, and read some customer and employee reviews. This should give you a well-rounded review of whether or not a builder is someone you want to invest in. The easiest way to do the same is to find a few trusted names in the industry and invest in their under-construction projects.
Visit the project site and verify timelines: Once you are done with all the necessary documentation and paperwork, go down to the construction site once or twice. You will learn quite a bit about the under-construction property and all the amenities available close by. Make sure to enquire about the timeline for the completion of construction from the get-go.
Getting the financials together: If you want to apply for a home loan to invest in your property, make sure all the documentation and details are readily available to you. Banks offer loans for under-construction properties, however, they will verify the validity of the project first. Make it easier for both them and you by doing all the necessary research in the first place!
Investing in an under-construction property in Hyderabad is a big deal, possibly a huge leap of faith. However, it is a good investment decision, one that will pay off well if you play your cards right and do the research. Visit our website Tripura Constructions for more information on buying property under construction in Hyderabad.
