Here’s Why You Should Buy An Under-Construction Property.

While buying a property, there are several questions that crosses every home buyer’s mind. And at which construction stage to buying Property for sale in Bangalore is just one of them. Before we begin, let us tell you that there are three major stages at which you can buy a property. 

These include pre-launch, under-construction and ready-to-move-in. While, today, majority of the buyers prefer ready-to-move-in properties, there are still a few who invests at under-construction stage to gain monetary benefits.

Thus, here are a few more reasons that are most likely to motivate you to buy a property at this stage.

● Monetary Benefits: 

Under-construction property, in most of the cases, is relatively affordable when compared to ready-to-move-in property. While buying, you will have to pay the booking amount that is generally 20 per cent of the total property cost and rest can be paid in installments.

● More Options to Select From: In addition to the cost benefit, under-construction properties also lets you select the floor and unit of your choice.

● A good bet for Investors: Since prices are relatively less, one can fetch decent returns on investment.

● Scope for Customization: At this stage, there are a few developers who allow customisation (to some extent) as per buyer’s requirements.

● Flexibility in Payment: In under-construction stage, usually a buyer gets a plethora of payment plan options. The popular ones include construction-linked plan, down payment plan, 30:70 scheme, 20:80 scheme, to name a few.

While there are several pros of buying an under-construction property, it is advisable to look at the cons as well.

● Delayed Possession: The problem of delayed possession has marred the real estate sector adversely. Hence, this is the biggest risk while investing at under-construction stage. And it can be really troublesome if you have opted for the home loan route as you will end up paying rent as well as EMIs, which can impact your financial situation. Moreover, in case of delayed possession, you should also be prepared for paying the EMIs without tax redemption.

● Additional Taxes: 

Service tax and VAT are two taxes that you need to pay while buying an under-construction property. For properties valued below Rs 1 crore, the effective rate of service tax comes up to 3.50 per cent (14 per cent on 25 per cent of property value), while for properties valued above Rs 1 crore, it is 4.2 per cent (14 per cent on 30 per cent of property value). 

VAT, on the other hand, varies from city to city. For instance, VAT is charged at around 5.5 per cent in Bangalore. However, if you are looking to buy a flat in Noida, Chennai or Kolkata, there is no VAT applicable.

● Exit Clauses: Developers usually have certain clauses pertaining to the exit. For instance, there could be a clause of no exit for a certain period or even if it is there, you will have to pay the transfer charges that could be very high.

4 things to know before buying a property in an area you don’t live in!

Are you planning to buy a new home? Or upgrading your existing home? If yes, make sure to list your priorities right to get the most out of your investment. While buying a home, personal preferences play a vital role, knowing about the real estate market in a locality of your interest will be an additional plus point. Thus, here are four vital things that you should definitely check before searching a property for sale in Bangalore in an area you don’t live in!

·         Social and Physical Infrastructure

Infrastructure of a locality makes a huge difference in a person’s lifestyle. Thus, make sure that requisite amenities such as grocery stores, banks, hospitals, schools, park, and shopping centres are in the vicinity. You should also check on the avenues for physical infrastructure such as provisions for garbage disposal, roads, water and power supply, etc.

·         Daily Commute Time

Before finalising a locality, make sure to calculate the distance you will have to travel on a daily basis. Knowing the traffic conditions today, it is always advisable to estimate how much time will it take for you to reach your office or how long will your kids be on the roads to reach school.  Also, see accessibility to public transportation such as nearest bus stop or metro station.

·         Know your Neighbours!

This is another important aspect that should not be ignored. See if the profile of the neighbours matches with your lifestyle. You definitely do not want your kids to grow up in an environment completely different from your way of living.

·         Are there any upcoming infrastructure projects?

Whether you are buying an apartment for self-use or for investment purpose, knowing about the upcoming infrastructure projects in the vicinity is always a good idea. An upcoming metro station or a flyover can significantly enhance the value of your home.

Silicon Valley of India – Bangalore

Bangalore is popularly known by several epithets and Silicon Valley of India is just one of them. The IT revolution in Bangalore, which made the city what it is today, gave it the title of Silicon Valley. It is a comparative reference to the original Silicon Valley in San Francisco Bay Area, California, which is a major IT hub in the United States of America.

Bangalore, on the other hand, has carved a space for itself in Indian map as a major technology hub. In fact, Bangalore was the first city in India to jump the IT/ITeS bandwagon. It was only later that cities like Hyderabad, Pune and Delhi followed its footprints. 

With rapid expansion of IT and dotcom companies, the real estate in these areas have also recorded a decent growth in the last couple of years. As several youngsters migrate to Bangalore for better job opportunities, the demand for apartments for sale in bangalore in these areas have gone up significantly. The rental market in areas in and around the IT hubs is also flourishing due to huge demand from the techies.

Today, Bangalore is known for various firms in research development, electronics, software production and manufacturing units. With this, the city has become the second fastest growing metro city in India with economic growth of about 10.3 per cent. As per Forbes, the city is one of the ‘Next Decade’s Fastest Growing Cities.’

So, when did it all started? Well, back in 1970s, RK Baliga, the first Chairman and Managing Director of Karnataka State Electronics Development Corporation came up with a proposal of developing the electronic city. For which, about 18km south of Bangalore, 335 acres of land was bought. And the rest, as they say, is history!

At present, Bangalore is home to over 5,000 IT/ITeS companies including multinationals and start-ups. Several areas in the city have developed into self-sustaining IT hubs. These include Electronic City, Whitefield, Hebbal, Sarjapur Road, to name a few. 

Bachelor Life In Bangalore

Due the presence of several IT/ITeS companies, Bengaluru aka Bangalore is one of the most favourite destinations for the youth in India. This well-structured cosmopolitan city offers a comfortable lifestyle to youngsters due to the year-round salubrious weather, stunning parks, and tree-flanked avenues.

 The city also offers a perfect blend of traditional and modern lifestyle, fascinating culture, good infrastructure and smart connectivity. From apartments for sale in Bangalore to houses for rent to paying guest in Bangalore, there are a plethora of options to choose from.Their are many option for Property in bangalore.

There will be lifetime memories gathered with enriching experiences for every individual who migrate to this city with aspirations to enhance their career.

Life in Bangalore is at its best for the bachelors due to the following reasons:

·        Being home to more than 4,000 IT/ITeS companies, Bangalore offers immense job opportunities for bachelors. As per stats, about 35 per cent of the IT/ITeS employees work in this city. Moreover, being the breeding ground for start-ups, job-seekers have a plethora of options such in various fields such as e-commerce, bio-techs, creative agencies, etc.

·        There are innumerable options to choose for your higher education. The city houses some of the prestigious institutions like Indian Institutes of Management (IIM) & Indian Institute of Science (IISc). It is also home to several institutions related to medicine, design, law, aerospace engineering, agriculture, biotechnology, business management, and nanotechnology.

·        Bachelors might face the problem of finding a good eatery in other cities but not here. Bangalore doesn’t leave you hungry, as there are thousands of food joints to choose from depending on type of cuisine, your budget, and the location. Some of the top rated places are Central Tiffin Room – Malleshwaram, Mavalli Tiffin Rooms in various locations, Vidyarthi Bhavan in Basavanagudi and military hotels all over the city. Then, there is also a full-fledged food street in the city- VV Puram food street.

·         When in Bangalore, you will never be subjected to boredom. The entertainment options in the city are endless. The city is one of the most happening places in the country.  Events such as stand-up comedy shows, music performances, workshops on different interests, flea markets are conducted all over the city. In addition to these events, there are many shopping malls and multiplex theatres to beat the loneliness.

·         Last but not the least, if you are an adventure or nature lover, then Bangalore offers many getaways from trekking to white water rafting. There are parks, sanctuaries, beaches, hill stations, historical monuments that can be explored over the weekends.