For a middle class individual, the mere idea of buying a property creates a financial stir in his lifestyle. And the down payment that makes a significant part of the property purchase can eat up the entire savings of a middle class homebuyer. Since the property prices are always racing for the sky, it becomes indispensable on the part of a buyer to find a home at much lesser cost. But a less costly home does not necessarily mean that it has to be small and simple. Buying a home at the right construction stage can also save you as much as 30% of the property’s cost.
Take for example the New Launch Projects in Greater Noida. A number of people are interested in investing in properties in various localities of Greater Noida. Why? The reason is that most of the projects in the location are in the pre-launch or new launch stage.
As a smart buyer, you should understand that there is a price and risk cycle related to the construction stage of a property. In the pre-launch stage, the price of the property is least but the risk factor is highest in this stage. As the construction time line moves towards completion, the risk lessens and price increases. So, if you want to pay lesser for a better home, pre-launch and new-launch stages are the best times to buy a home.
The new-launch stage itself can be divided into soft launch and pre-launch. In the soft launch stage, the risk factor is highest as the developers do not have all necessary approvals in place. And in lieu of the buyer taking a risky deal, developers offer their homes at very low rates which might make a difference of 500-1000 per sq. ft. as compared to the pre-launch stage. After all approvals are in place, the project shifts to the pre-launch stage. This is when the promotion of the project starts and a market buzz about it is created. In order to attract more customers, builders offer heavy discount at this stage. As the construction is on the go, prices start escalating.
So, if you want to avail a better property at lesser price, you have to undertake some risks and go for it at the pre-launch stage only. Research about the previous records of the buyer, his construction timeline and project approval scenario. Make sure you are dealing with a reputed developer with clean track record and a good market standing. Ask the right question, get everything in writing, be a smart buyer.
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