If you are familiar with the real estate market, you might have heard terms like ‘pre-launch’, ‘new-launch’, etc. All these refer to projects which are newly launched. These are common terms that are used to market the property among prospective buyers. Investors show great interest in buying properties that are in the new-launch phase since they will be economical as compared to completed or ready-to-move-in homes. Hence the buyers can get maximum price advantage if they buy properties in the new-launch phase. Also, if you wish to buy a property in a particular locality of your choice, it is better to search for newly launched projects in the area. Apart from these, there are many other benefits of buying a new launch property. Let us find out what are the advantages of buying a property in its new-launch phase.
Early Birds Get the Best Price
Most of the builders will give attractive price offers during the initial launch phase. As real estate is a very competitive market, the players will try their best to attract buyers by offering such early bird discounts. Aspiring homebuyers can make the most of this opportunity to book a new home at the lowest prices. Whether you are planning to invest in a property or looking for a new home to stay, newly launched projects are a perfect choice any day. By doing a market research, you can find out that ready-to-occupy homes and semi-constructed projects will be priced on the higher side than newly launched projects. So if you want to invest in a budget property, look no further than a new-launch project.
Book Before the Price Hike
Another benefit of buying a property that is in the new-launch phase is that you can block the price before the rates go up. Price hike for properties following the new-launch phase is quite common in the real estate market. So considering this, investors mostly prefer buying properties when they are in the new-launch phase itself. Price hike can occur due to various reasons like increasing demand of property, new infrastructural development in the area, rising labour costs and cost of raw materials, revised laws, etc. Opting for a newly launched project will let you save a considerable amount for other future expenses. Also, you can consider selling the property in future when it is in the ready-to-occupy stage at a higher price and earn a high profit.
Customizations & Extra Features
If you are choosing a completed project, chances are less that you will get to own an apartment that offers the best view or with your preferred layout. But if you are buying a property in a newly launched project, you can very well choose from a lot and decide which unit best suits your requirements. You may want to get a customised interior layout or want to make minor changes in the design, all this becomes practical when it comes to a project in the new-launch phase. The same applies to gated villa projects as you can choose your custom design during the initial stages and create the home you have envisioned. And the good news is, you can get all these customizations done within your budget.
If you are planning to expand your investment portfolio, the safest bet is to go for a newly launched apartment project or villa project. It doesn’t matter whether you are an experienced investor or a first-time homebuyer, buying a property in the new-launch phase will help you to save a lot of money and make a worthy investment. You should always choose a reliable and trusted builder with proven experience in the real estate market to avoid getting into unexpected financial and legal turmoils. Check for the RERA registration number and other legal documents mandated by the government before buying a property in India.