Buying a home is a crucial milestone for any person. Purchase of a home, especially in a newly launched residential project, involves a considerable amount of capital . So, it is quite apparent that it takes a lot of research and financial planning to undertake a suitable decision. This makes home buying a time-consuming process and creates a lifetime of experience for every home buyer. If you wish to invest in a property in Bangalore then a new home in one of the ultra luxury apartments in Hyderabad is a viable option since you get to make a planned decision as you have time on your hands as the project is newly launched.
4 Home Buying Alternatives
The real estate market offers a varied choice of new properties. There are multiple home buying options that a homebuyer can choose from, such as the following:
- Ready to move-in homes
- Pre-launch or New launch properties
- Ongoing projects or Under-construction properties
- Resale properties
Although there are so many options available in the market, not every option is lucrative for every type of home buyer. So, you must map out your personal needs as a homebuyer to get the best property available within your budget.
What is a New Launch Project, and How is it a Viable Option?
As the name suggests, a new launch property is a property that is recently launched in the market. A new launch property is a viable option as it is cost-effective. Since it is at the stage of inception and conceptualisation, it is easier to plan your financial budget & make an informed decision. When a new project is launched in the market, the builders and developers often offer discounts and lucrative schemes for pre-booking the residential properties.
Difference between Ongoing Projects & Newly Launched Projects
A new launch project, as has been discussed above, is the phase under which the project is conceptualised, and the area plan is mapped out. Then, the project is introduced in the market once all the approvals for construction are taken. On the other hand, an ongoing project is under the process of construction and can be at any stage, from the laying of the foundation to the final furnishing of the project.
Advantages of Buying a Newly Launched Project
A newly launched project has many advantages as the builders and promoters offer a lot of early bird offers to attract homebuyers and get initial funding for laying the foundation and starting with the construction. The price reduction gives you a lot of leverage to get better properties with high-end amenities in your budget.
The new launch phase buying helps you steer away from the price hikes due to the market appreciation of:
- Location
- Raw materials
- Logistics costs
- Labour costs
Another great option available at your disposal is the customisation of the unit as per your convenience, making newly launched projects a viable option.
Disadvantages of Buying a Newly Launched Project
It is important to note that newly launched projects are not foolproof of market dynamics. Moreover, the developer’s track record and due diligence are essential since the goodwill of the builder plays a huge role in property purchases. You should do appropriate market research to ensure that you buy the property that has all the initial approvals and is free from encumbrances. In addition, you must choose an established builder with financial backup to carry out the project successfully. Or else you may be in trouble if the builder is not able to raise enough funds or if the project lacks mandatory approvals. Otherwise, if the builder defects or lacks funds to construct the building, they will be in trouble. Hence always go for the best builders and developers of the city you want to buy from!
Conclusion
A newly launched project gives you the double benefit of getting discounts on the property and the satisfaction of owning a home according to your needs and customisations. You may not get this in ready-to-move-in homes or resale homes. A newly launched project gives you a memorable first-time experience of getting the home of your dreams. So, if you are looking for ultra luxury apartments in Hyderabad, then there are many upcoming residential projects in Hyderabad by the trusted real estate giant BSCPL Infrastructure Limited. Bollineni Panache is one of the prominent residential projects in Kondapur, with strategically planned projects for seamless connectivity throughout Hyderabad. It is a one of a kind luxury residential projects in Hyderabad that offers all the world-class amenities. So, this is your time to invest in a newly launched property and have all the customisations and discounted deals in your hand. Hurry up! Book your luxury apartments while the offer lasts. For more information visit our website.
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