Things To Remember While Investing In Under Construction Residential Property.

India’s Real Estate market is the second-largest in the country, and it accounts for a significant portion of the country’s GDP. According to current estimates, the industry’s share of global GDP will be 13% by 2025.

Investing in real estate may be something you’ve considered thoroughly, but the issue comes when there are so many possibilities accessible in the market, from under construction projects to finished residences. For investors, properties that are still under construction may present a greater investment opportunity because of the risks they carry.

Checklist To Follow Before Investing In An Under Construction Residential Property:

1. Verify The Credentials Of The Builder:

It’s a perk of buying pre-construction property that you can conduct a variety of checks before deciding on a final location. The builder’s credentials can be checked out before you decide on an under-construction property.

You must conduct thorough research into the company’s historical and present projects while exhibiting. In order to do your due diligence, you must verify the builder’s financial statements. It is important to follow these measures if you want to invest in the project or property with confidence.

2. Under Construction Project – RERA Compliant:

The first step in the process of purchasing a construction property is to verify if the property is RERA compliant. With RERA registered projects, you don’t have to worry about when the project will be finished, or when you’ll actually have ownership of it.

Additionally, RERA-compliant projects are required to obtain approval from the municipal corporation, water and power departments prior to beginning their work.

3. Under Construction Home Loans:

Prior to advancing to property investing, you should also consider your financial situation. If you’re considering a house loan for an under-construction property, make sure you have all the necessary information before making a decision.

Financial organizations check to see if a property or project is legitimate before issuing house loans for it. As a result of the builder’s prominence, loan applications are processed more quickly and more easily.

4. Ensure That The Project’s Legal Requirements Are Met

As they are standard aspects of RERA, municipal approvals are not a concern if the under-construction project you choose is already RERA compliant.

It’s also a good idea to get in touch with the builders and verify that they’ve got the proper permits and paperwork in order. You can only proceed with this enterprise if you are absolutely certain that all necessary approvals have been received.

5. Keeping Tabs On The Progress Of The Project

Make numerous visits to the project site to monitor its development before signing the contract. Take the developer’s project progress plan and see if they’ve made the deadline. Instead of just one building or apartment, a comprehensive project schedule is required.