READY TO MOVE IN FLATS IN PATNA

The property prices in Patna keep fluctuating year by year. However, in the last three years, the property prices in Patna have been stagnant. Despite of this no change in the price, home buyers in Patna are still in two minds about buying new apartments in Patna. One of the basic reasons behind these two thoughts is due to delay in the delivery of existing residential projects in Patna, which eventually creates a lack of confidence in the minds of buyers. Why not! when the delays are greater than three years. Yes, years and not months. This is also affecting the decision of investors in Patna who may consider it as loss of investment. The after effects of “Kuldeep Narayan era” in Patna real estate continues.

Now with the GST coming into the effect, this has further affected the decision. Under GST, the tax for under-construction project has shot up to 12 per cent. The developers in Patna will be bearing the burden of GST, which will certainly pass on to the home- buyers in Patna.

This is one of the reasons why home buyers in Patna are choosing ready-to-move projects that are less risky in all terms. These ready-to-move homes carry a good resale value also offering less risk compared to under-construction properties in Patna.

Let us evaluate why ready-to-move homes in Patna are the better choice than under-construction residential projects in Patna:

Tax Benefit:

One can avail the tax benefits from the first day of purchase of the property.

Save on Rentals:

This is the primary benefit the home owner will earn by investing on ready-to- move homes in Patna. If you're not planning to move soon and would like to wait for more years, then you can start earning by renting the home. The house rents are fixed according to the location, amenities available and the quality of new the project. Many home owners usually end up renting the home, especially if invested in Patna.  This will also help you to repay the EMI for loan taken for the flat in Patna.

No Waiting Period:

One of the prime advantages of ready-to-move homes in Patna is that there is no waiting period. With the project already completed, you just have to complete the procedures of buying a home and other things related to the purchase.

EMI and possession starts simultaneously:

The best thing about possession ready flat in Patna is that you have to pay only EMIs on home loan immediately, and would include no other payments. In case of under construction property, EMI usually starts after completion of construction. However, if there is any delay in the construction, then the EMI will start once the home loan gets disbursed. However, in some cases, the buyer may cancel the property in Patna due to financial strain .

You get what you see:

Since the housing complex is in ready possession, you will find no changes in the property as seen in the booklet or images. In many cases, the under construction project design may change during construction than what you have seen in the booklet or brochure. In case of ready to move flats in Patna, you can get feedback from the residents, examine the location and learn about the residence first hand.  

To conclude we will add that if you're planning for ready-possession property in Patna, evaluate your financial condition, documents required to purchase and about the developer in Patna. If the developer is esteemed, then banks will surely approach you to get yourself a loan. Home buying is a lifetime affair, but buying after good research and considering the long term return will be fruitful.