Ready-To-Move-In Homes are Becoming Popular Among Home Buyers These Days

The recent crackdown by the Government of India on the real-estate fraudsters has created a small burr in the sales and launch of new projects. The recent modifications in rules and regulations, such as Goods and Services Tax(GST) and Real Estate Regulatory Authority(RERA) has kept the home buyers in the dilemma for a very long time.

Now, as a matter of fact, there are many other reasons that these days, the home buyers prefer ready-to-move apartments over under-construction units. Some of the reasons have been listed below:

Delayed Possession:

This reason is the front runner among all the other reasons which prompt buyers to purchase ready-to-move-in projects. There are several cases in India, where projects have been delayed for several months and even years. This is the main reason why ready-to-move apartments are always a preferable choice for home buyers.

Financial Burden Due to High Rentals:

Now, when a person purchases an under-construction property he has to pay both rentals and EMI, thus making is a burden on the shoulder of a large number of buyers. This adds to the daily expenses of the buyers.

Tax Burden Because of GST:

Currently, the under-construction properties attract 12% GST whereas ready-to-move apartments are still kept outside of this new tax regime. This is another reason that the home buyers prefer ready-to-move apartments over under-construction properties.

Though the GST rate on houses under Pradhan Mantri Awas Yojana (PMAY) has come down to 8% but it is only a case with affordable housing. The industry bodies are still urging with the central government to bring the GST rate to half on most of the properties to boost the stagnant realty sector.