Money is the most dominant driving force and it is a well-known fact that it is difficult to hold the same for a longer period of time. Investing in any property requires a good amount of capital. With a large number of demands for the availability of the houses there arises a question as to whether to invest in a newly launched affordable project or ready to move in.
Just like a coin has a flip side, there are both pros and cons of both kinds of projects. However, being a wise investor one must be aware about these points. The new affordable housing project is more preferred instead of ready to move in. Here is the list of reasons why-
A newly launched affordable project under affordable housing property will be under construction while it is not the case of ready to move. Thereby, there will be a huge gap between the prices of both kinds of projects. Considerably, the price of a project which is fully developed will be more than the rate of a project which is under construction. It costs 20-30% more than an under developed property.
The affordable housing policy came into existence in 2013. An aim to provide ‘housing for all’ in urban areas is what the government endeavored towards. In the beginning the flats used to be of a smaller size than now. The policy was revised in 2019 so many changes were made in the policy. Accordingly, the number of benefits have increased. However, the ready to move flats available for purchase now will not be of the bigger size.
On the affordable housing project which is newly launched, there is a loan available easily up to 90% of the total selling price of the project. The loan amount makes it easy to buy a home as the financial burden is not to be borne by the buyer.
The time linked payment plan makes it easier to pay the amount at defined intervals. At the time of booking 5% of the total sale price is paid. Then the 20% of TSP is paid at the time of issuance of allotment. Thereafter, at the interval of 6 months 12.5% of TSP is paid for the consecutive 6 months.
This facility is somehow available on the newly launched Affordable Project instead of Ready to Move.