5 Reason to opt for Ready to move flats in Greater Noida
Recently the demand for ready to move flats has increased because of the excuses made by property developers. As the homebuyers are now thinking smartly and want to escape the possibility of delay in ...
Recently the demand for ready to move flats has increased because of the excuses made by property developers. As the homebuyers are now thinking smartly and want to escape the possibility of delay in project completion, which is a normal trend in the real estate industry. According to the developers, ready to move flats in Greater Noida are in high demand not only in Greater Noida but all over the nation ready to move flats are on demand because they provide the investor's protection on their investments, cost advantage, and instant possession of homes to the homebuyers.
Here we discuss 5 reasons to opt for Ready to move flats in Greater Noida
No-Risk of Project Delay
Buying a ready to move apartment saves you from the delay of your project, which in the real estate project is currently the biggest risk. At the beginning of the developers' projects, it is always seen that they give the project a positive deadline, but they will not finish the project on time. Owing to the delay in the completion of the project, costs are overrun and constructors ultimately take a lot of debt to complete the project.
Previous builders used to set a time limit of three years, but after introducing RERA in 2016, developers are giving a longer time limit of up to five years to avoid paying a penalty in the event of any delay. But buying a completed project will save you from this risk.
Often the builders promise one thing, but they deliver another thing. It is also shown that there is a large difference between what the builder is promising to produce and what it actually achieves (on qualitative aspects). Builders charge their customers a premium that guarantees to offer a quality product. They do not, however, produce the advertised quality at the time of actual delivery. But these risks—insecurity about the area of the carpet, the size of the rooms, the view from the apartment, the nature of the building, the facilities and fixtures available—are not present in the case of a completed project. Here you pay for what you're having so you can be more positive in what you're buying.
Buying a finished flat ensures that it's ready for use from day one. You can either use the apartment for your own living or rent it as soon as you get hold of it. So you're going to get a return on your investment from day one.
You also get a cost-benefit if you purchase a ready to move flat as GST does not extend to ready-to-move properties. In the case of under-construction land, developers charge 12 percent of GST with an input tax credit (ITC) or 5 percent without an ITC. In the case of affordable housing projects, developers either charge 8 percent of GST with the advantage of ITC or 1 percent without ITC.
Under the Income-tax Act 1961, homebuyers can assert the benefit of Section 24(b) (up to Rs 2 lakh deduction on home loan interest payment) and Section 80C (up to Rs 1.5 lakh deduction on home loan principal repayment) only after completion of the project once they have taken possession of the flat. Interest paid during the construction time can be claimed in five equal installments after possession. But if construction takes more than five years, the maximum deduction permitted for interest payments will be reduced to Rs 30,000 instead of Rs 2 lakh per year. Often the principal sum repaid after the building period is not all available for any deduction.
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