Lucknow is witnessing a considerable demand for commercial and residential real estate development. Many prominent builders showed keen interest in elevating this city as the next advanced hub after Noida and Greater Noida.
Industrialists and real estate developers are impressively shaping the city’s skyline. The introduction of engineering marvels in Lucknow has encouraged global businesses to step into an ever-evolving economy, which will transform the city’s overall business landscape.
Understanding the transformation concept of the city’s economy, property seekers, homebuyers, and real estate investors have started betting on Lucknow’s under-construction projects. They often show interest in investing in an upcoming housing project or buying commercial office space in Lucknow.
This is purely evident from the fact that an under-construction property brings a number of advantages for those who are ready to move in without wasting time and money.
Why Investors Seek Under-Construction Projects?
An under-construction property offers property seekers and investors a fantastic opportunity to own a brand-new property, customised per their preferences, at a more competitive price than a completed one.
High ROI is among the most crucial advantages of buying under-construction projects, where you compete for lesser purchase rates and sell the property at a higher price once construction is complete.
Let’s learn more about the advantages of buying Under-Construction Properties.
Advantages of Under-Construction Properties
Lower Acquisition Costs
An under-construction property brings significant savings when compared to ready-to-move-in properties. The typical price of this property type per square foot is 3 to 5% lower than the actual market price of a complete property.
Builders often offer properties at discounted prices to boost their sales. Using this opportunity, buyers can easily negotiate additional price reductions. Lower property prices result in lower stamp duty and registration taxes.
Future Asset Appreciation
Under-construction projects appreciate faster than completed properties as they develop the region and improve infrastructure. The lower pre-launch prices are subject to higher appreciation once the property is completely constructed. Its prospective market value rises when the property matures.
Purchasing under-construction properties, whether for end-use or mere investment, can yield substantial returns over time. After a few years, when the property is open for market, owners can anticipate higher profits when selling the property at the market range.
Investors are rushing to invest in the under-construction Migsun Janpath in Lucknow, which will bring valuable returns once completed. This project is best if you want to invest in premium commercial office space in Shaheed Path, Lucknow.
Flexible Payment Plans
The properties labelled incomplete or under-construction offer flexible payment options to the buyers. A well-structured and simple payment plan is better for milestone-based payments, where buyers get the flexibility to plan their finances effectively without disturbing their planned budget. Buyers need to pay a nominal fee upon booking. However, they must comply with the RERA guidelines while fixing a payment deal with a builder.
Timely payment of instalments helps maintain a positive relationship with the builder. Buyers are recommended to thoroughly understand the whole payment process and schedule their expenses accordingly while missing any penalties for delayed or missing instalments.
Top-Notch Amenities
New, under-construction residential and commercial properties come with world-class amenities and services often not found in older complexes. Architecture and the real estate industry are continuously evolving with time and introducing cutting-edge technologies with eco-friendly features.
Under-construction Migsun Janpath of Lucknow is a shining example of a marvellous construction with world-class amenities available at affordable prices. These features have increased the desirability of the property among businessmen and investors.
Customisation Opportunities
Owners of under-construction properties have the freedom to choose fittings, finishings, and floor plans. Buyers can modify their floor plan and select tiles, cabinets, and flooring styles. Customisation of the property allows you to create an ideal residential space that suits your lifestyle.
It is recommended to finalise customisation in the initial stages of construction. Modification suggested after the construction has just begun can lead to project delays.
Under-Construction Property vs. Ready-to-Move Property
| Under-Construction Property | Ready To Move Property |
| Property is under development or partially constructed | Property is fully constructed and is ready for immediate occupation |
| Builder offers discounts and makes it more affordable. Prices are appreciated as construction nears completion. | High prices as construction costs are already incurred. No available discounts. |
| Option of customisation where interior/exterior finishes, fixtures, layout, etc can be included per preferences. | Minimal scope for customisation since construction is already done. |
| Risk of completion delays and scheduled possession. Untimely project approval can impact timelines. | No risk of execution or approval as the property is already built. Ready for immediate occupancy. |
Summing Up
Under-construction projects are best for real estate investments as compared to ready-to-move-in properties. They come with many advantages, including affordable prices, flexible payment plans, customisation options, future appreciation, and more. The probability of maximum returns is high when an investment is made in an under-construction property in Lucknow.
However, you must be careful of some things before betting on an under-construction property. Don’t forget to check out the certainty of timely delivery of the property, as the construction process can be delayed. This will prevent you from paying additional rent or mortgage payments and reduce the additional risk of the project being cancelled altogether.
Recent Comments