While buying a property is no mean task, another decision that compounds the dilemma for home buyers is whether to opt for a ready-to-move house or an under-construction one. While there are pros and cons for both, the eventual choice will depend on what exactly the buyer is looking for vis-à-vis factors like the location, his needs and also whether the purchase is for investment or end-use. It must also be borne in mind that the tax benefits enjoyed by the buyer differ in both the above cases.
Read on for some useful suggestions before you sign on the dotted line to avail a home loan.
Investment versus accommodation
Experts in the domain of real estate opine that an under-construction property is more viable if one is looking at it from the investment point of view. However, if in case any buyer is looking for instant and quality accommodation; ready-to-move-in homes are a clear winner.
A sense of security
While the cost of a ready-to-move-in property maybe a little more than the under-construction ones, in the case of the former, a buyer gets to purchase what he sees. There is no risk of any changes in the specifications in the future. The construction quality, social and physical infrastructure, as well as the home loan eligibility, can be ascertained before buying such properties. Moreover, there are no risks of delays or escalating costs that provide a sense of security to the buyer.
Instant tax benefits for ready-to-move-in homes
This is a critical point for homebuyers to consider. For under-construction properties, the tax benefits only begin once they are completed, whereas buying a ready-to-move-in house makes you eligible for such sops from day one. Other tax benefits enjoyed when you make a ready-to-move-in house your home are:
1. If the property is self-occupied, interest deduction up to Rs 2,00,000 is allowed under Section 24 under the IT Act, including 1/5th of interest accrued during the construction phase.
2. If the property is let-out, the deduction of interest will be allowed up to the interest payment, without any upper limit. The principal amount is allowed a deduction of up to to Rs 1.5 lakh under Section 80C.
3. If the property is sold within five years, the deduction on the principal is added to the income.
We understand your needs
Being a developer of repute and having been credited with building excellent homes in Kolkata and eastern India, Arrjavv understands the market as well as the needs of buyers. The group, tailor-makes projects to make the home buying process simpler for prospective buyers. One such ready-to-move-in project is the condominium complex Sonar Kella at Baruipur.
Spanning over six blocks, this G+4 structured residential marvel is a perfect place for you to call home. Enjoying its locational advantage on the main N.S.C. Bose Road, it is a stone’s throw from the Baruipur railway station, the Garia Metro station and basic needs like educational institutions, hospitals and shopping complexes.
This project aims to simplify your home-buying decision with its highest standards of construction and a plethora of world-class amenities. Rediscover the freshness of life with 60% open spaces, a landscaped garden and a natural lily pond at the centre of the complex. Workout in the high-tech gymnasium, run along the well laid out joggers track, dive into the blue depths of the swimming pool, indulge in any of the indoor games or meditate peacefully in the yoga room to keep yourself in the best of shape. There is also a dedicated adda zone and a play zone for children. Get high on life with other facilities like 24X7 security service, 24X7 power back-up, high-speed elevators and ample car parking facilities.
All in all, these ready-for-possession apartments are your perfect choice to celebrate the golden moments of your life in comfort and luxury!