Find out the advantages of ready-to-move-in flats

01 Mar 2016

With uncertainty in the realty market, heavy funds required to buy a home in Mumbai and delay in possession for under-construction properties, people are aggressively opting for ready-to move-in flats. In the prevailing market situation, the home buyer's key priorities are a timely delivery of possession and fund security and in both these aspects, a ready-to-move-in property, is the best choice, say experts.

"Ready-to-move-in flats are amongst the safest options, given the current market scenario. In the past, there have been many cases where developers were not able to complete projects due to which buyers had to lose their money. Recently, there have been cases where people have collectively complained against developers for the delay in the delivery of projects. The delay is in the range of six months to four years in some cases. Also, a ready property guarantees delivery as projected on the blueprint. At the same time, one can save lots of money, which would have been otherwise spent on rent," says Sandeep Ahuja, CEO, Richa Realtors.

Experts believe that it is primarily the end-users and not necessarily investors who are looking for ready-to-move-in options. Home buyers are being cautious about their investments and prefer to invest in ready-to-move-in properties or in projects where construction is at an advanced stage of completion.

Ramesh Nair, COO business and international director, JLL India suggests, "There are many roadblocks that a buyer may encounter depending on whether the property is a new one being marketed by the developer or an old one in the resale market. The property may be unreasonably overpriced, not well-maintained, could lack the presence of a reserved parking space or worse, could be without a completion certificate. In fact, the legality of the entire project may be questionable. Banks may be unwilling to extend a home loan to the property for one reason or the other."

"A ready-to-move-in flat should allow the buyer to move into his home immediately without having to construct anything new. This would save him time, effort and money from not having to go through the entire design and construction process. However, space, materials and finishes are aspects the user will have to tackle with on a daily basis. A slight error in design and execution in any one of these aspects would cause functional problems for the user. Make sure the basic layout of the flat uses the space efficiently; the use of materials is effective and ventilation and natural light are in abundance," suggests Burgis Daruwalla, chief interior designer, Rustomjee Urbania.

Ready-to-move-in flats have great advantages as the waiting period is short, the risk of construction delays is low and they are not burdened with having to service home loans while at the same time paying house rents for long periods. One receives an immediate ownership of an apartment, which is an added benefit.