Why Ready to Move in Flats in Mohali are in High Demand?

The real estate market in Mohali is flooded with numerous residential segments, including new, under construction projects and ready to move in flats. But, post RERA implementation, under construction projects are witnessing a reduced sales velocity. Furthermore, due to the rising instances of delays in project constructions, investors and developers are observing preference for ready to move flats in Mohali over the under construction ones.

According to Economic Times, the housing market, specifically the brand new, ready to move in segment offer both the home buyers and investors an opportunity to reverse the risks of purchasing under construction projects that are likely to cause unexpected delays. Many real estate experts also agrees to the fact that during the last one year there has been a sure resurgence in the number of ready to move flats in Mohali over the under construction ones. This happened mainly due to growing uncertainty in the real estate industry.

As per the statement of Vikram Goel, Chief Executive Officer, HDFC Realty Ltd, an advisory arm of HDFC, “Most of the home buyers who falls in the mid-income range are prone to buy, mainly ready to move in flats”.

Given the latest market dynamics, ready to move in flats are a perfect choice for the home buyers who are either risk averse or in a hurry. While in big cities like Mumbai, Bangalore and Delhi, ready to move in flats is beyond the reach of mid-income buyers. On the other hand, emerging real estate market in Mohali is witnessing a great demand of ready to move in flats due to their low or affordable costs.

In contrary to under construction flats, a ready to move in flat assures that a buyer does not have to deal with any risks and can take the home possession immediately once the home buying process is over.

Benefits of ready to move flats in Mohali:

Tax Benefits:

With ready to move in flats, you can avoid at least one form of the taxation. This is so because the new GST laws have exempted completed projects from Service Tax. Also, if you close the purchase before the end of the year, you will be eligible to claim deductions on interest tax, mortgage interest and property taxes.

Complete Satisfaction:

In case of ready to move in property, there are less chances of being slammed by the developer. As you can see each and every aspect of the property, be it interiors, exteriors and maintenance. It makes the decision making process easier so that there are no room for assumptions and you are clear on whether you have liked the property or not.

Savings:

In a ready to move flat, you don’t need to pay any rentals you will readily occupy your flat and use these savings to pay your EMI charges. This will greatly reduce your loan burden.

Neighborhood Knowledge:

Ready to move in property let you check the occupants or neighborhood in the area, community and decide accordingly whether to opt for this property or not. Such kind of property saves you from any kind of nasty surprises so that you won’t have to regret later.

Zero delivery risk:

Dealing with under construction property can be very challenged in case of an unexpected delays. Whereas, as the name suggests ready to move in flats ensure that you don’t have to wait at all for receiving possession.

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