Investing in real estate is a big decision. It needs deep research and understanding of the market trends, attention to detail, and proper budget analysis.
Like if you plan to invest in Flats in Lucknow, you’ll have to look for –
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The best areas to invest in like Shaheed Path, Hazratganj, Gomti Nagar ,etc.
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Choose amongst thusted developers like Migsun, Rishita Developers etc.
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Prices in different locations as per your budget.
While location is the prime factor when investing in real estate, the other most important thing to consider is whether you should invest in under-construction or ready-to-move property.
Let’s understand why investing in under-construction property is a profitable bet-
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Lower Prices- The prices of under-construction property are lower than ready-to-move property. The difference can be around 10%-30% in cases where location, area, type, and developer are the same.
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Value Appreciation- Property prices increase as the infrastructure in the area grows, which means there’s a higher price appreciation rate.
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Easy payment process- There’s flexibility in payments as the buyer can pay the token amount and book a property initially. The remaining amount can be paid until the construction is completed. Like in Lucknow, Rishita Mulberry Heights is a premium project with 2 & 3 BHK with an easy payment process.
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Customization- In under-construction property, you can give a Personalised touch to your property. You can get the latest designs, products, and interiors as per your choice and comfort.
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Attractive Offers- There are various offers and incentives available on under-construction properties as compared to ready-to-move.
This is about the benefits of investing in under-construction property. However, during the buying process, there are some important factors that you need to consider when investing in an under-construction property.
1- RERA registration– If you are investing in real estate, check whether the property is RERA registered or not. As per the RERA Act, every developer has to register their project.
For buyers, the complete project details are available on the official RERA website.
2- Location- While investing in an under-construction property, look out for what developments are there near the property.
Additionally, check out all regional developments coming in the area with their timelines, as it will help you know the value of your investment in the future.
If you are looking for flats in Lucknow, Rishita Mulberry is a good opportunity. Developments around the project include the famous International Cricket Stadium and the upcoming Lulu Mall.
It is also close to the International Airport and famous hubs like Hazratganj and Charbagh.
3- Developer’s track record- Consider the credibility of the buyer before buying an under-construction property.
You should check how many projects have been delivered by the developer in the past and whether they were delivered on time or if there was any delay.
Also, check whether there are any cases against them in consumer courts due to defaults.
4- Sale Agreement- This agreement is made between the builder and the buyer. It has all the terms and conditions concerning the said commitments about the property.
Make sure you go through all the clauses carefully and ask for clarifications where necessary. Also, check for the possession date and penalty amount if there’s a delay in possession.
5- Reviews and ratings- Moreover, while buying an under-construction property, check Google ratings and reviews.
Like if you are buying flats in Sushant Golf City, Lucknow, you should check with the residents about the amenities and pros and cons of the property.
6- Estimated costs- Calculate the total costs that you’ll have to pay till the possession of the property. An under-construction property is liable for GST on agreement value.
Moreover, some builders also charge maintenance costs to maintain the property until final possession. All these costs should be considered when investing in under-construction property.
7- Account for delays- There are several reasons due to which the property’s possession can be delayed. It would be best if you always consider a buffer of a few months due to reasons beyond the builder’s control.
This is important for people who live in rental apartments and are also paying EMIs as well. If you have an extra liquidity of a few months, it would be a smooth ride.
Why Invest in Lucknow’s real estate?
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Growing Rental Market because of the influx of population due to rising job opportunities
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Affordable prices as compared to other cities like Delhi, Mumbai, and Bangalore
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Tax Advantages such as deductions on home loan interest, property tax, and depreciation of the property
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High ROI prospects
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Multiple investment opportunities that can diversify your portfolio
The Final Comments
Earlier, investors and homebuyers used to prefer ready-to-move properties to avoid possession delays. However, after the implementation of RERA, the trend has changed.
Investors and homebuyers can invest in under-construction property if it has an RERA number and the project is being developed by a trusted developer like Rishita Mulberry Heights in Lucknow by Rishita Developers.
If you are looking for under-construction flats in Sushant Golf City, Lucknow, you can contact us for details on the same. Our representatives will get in touch with you to guide you through the process and make your buying journey smooth and hassle-free.
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