The residential real estate market comprises two key property types - under construction and ready-to-move homes. While it is easy to tell the fundamental distinction between the two from their names, they have some more crucial differences. Not many new prospective buyers are aware of these differences, causing confusion about which property is the right one to invest in. Therefore, one must grasp these concepts properly to make well-informed purchasing decisions.

This article will help you understand whether you should opt for under-construction apartments or ready to move flats in Mumbai. Read on to learn the meaning of each category and their key differences!

What are Under Construction Properties?

As the name suggests, under-construction properties are real estate projects that are still in the process of being constructed. Since the building construction has not finished, the flat you buy is not yet ready for occupation and use. The completion timeline can vary from developer to developer, so it could be months or years before you can finally take possession of your new apartment.

What are RTMI Homes?

RTMI stands for 'Ready to Move In' - which implies that the apartment you buy is a part of a fully constructed project. These homes are also referred to as ready-possession flats because you can avail immediate possession of the property as soon as all your purchasing formalities and paperwork are wrapped up. From the flat interiors and features to the project amenities and common facilities - everything is ready for the residents to move in and utilise. Developers of such properties obtain all critical certifications and legal approvals from the local authorities and municipal corporations before they hand over your apartment to you.

Key Differences Between Under Construction and Ready to Move Flats in Mumbai

Now that you know what each property type means, let us delve into the key points of difference between them:

• OC and Other Regulatory Approvals

  OC (Occupancy Certificate) is an important document signifying that a property's construction is complete and meets all legal and regulatory guidelines. An OC-received real estate project is considered safe for residents to occupy. Since the local authorities grant the OC only to completed projects, under-construction properties don't receive it as long as any development work is still pending. You must check the developer's history and verify the RERA registration details before investing in under-construction projects.

  On the other hand, developers offering ready-possession homes for sale already have the OC and other required clearances. Thus, you can have a much more confident home-buying experience with ready to move flats in Mumbai.

• Waiting Period for Project Delivery

  There is always a certain waiting period involved when you buy an under-construction apartment. You have to wait for the estimated duration the developer gives for the project's construction to be completed before you can take possession and shift into your flat. You will have to find and pay for rental accommodation if you don't have another place of your own in the meantime.

  Conversely, the delivery is instant in the case of ready to move projects. Once the transaction is complete and all the paperwork is done, you will immediately have possession of your flat. Therefore, you can move into your RTMI home without any delay!

• GST and Pricing

  For under-construction properties, the overall price may still rise due to the applicable GST (Goods and Services Tax). But although ready to move flats in Mumbai seem costlier, no GST is levied on them. Besides, if you let out your ready-possession property to tenants, you can immediately start earning a supplementary income through the rentals.

• Potential Risks

  Generally, a lower risk factor is associated with ready-possession properties than under- construction projects. This is because the former's construction is complete, and they have an OC and other approvals that make it stress-free for you to go through with the deal. However, you could face unforeseen challenges with under-construction homes, including delivery delays, changes in building plans, the developer 's financial problems, etc. Although RERA safeguards the consumer's interests and protects them from these issues, buying an under-construction home carries these potential risks.

• Inspecting the Property Features, Amenities, and the Neighbourhood

  Before finalising your buying decision, you can inspect a completed project to see if the ready home's features and amenities match the developer 's claims. You can also check out the neighbourhood and talk to existing residents to gauge if the building is the right fit for you or not. You cannot do this when you buy an under-construction flat in Mumbai, leading to uncertainty surrounding these aspects.

Conclusion

Ready-possession homes are the clear winner due to their various benefits, such as their OC- received status, no applicable GST, instant possession, low-risk factor, etc. K Raheja Realty, one of the nation 's top developers, boasts the finest RTMI residential properties in its portfolio. Contact us today to know more about our exceptional ready to move flats in Mumbai!

Disclaimer

The content of this blog is based on information available to the public for general use, and any references/sources if mentioned. While we take care to refer to reliable sources as far as possible, we do not claim any responsibility for the accuracy of the given information whatsoever. The article is to be used for general informational purposes only. Please note that it neither constitutes legal advice nor does it intend to. If any individual(s) take/s any decision based on the information in this article without verifying the genuineness of the facts, we expressly disown/disclaim any potential liability that may result due to the same. We encourage readers to get guidance separately pertaining to any specific information given herein.