The ‘pre-launch’ or ‘new launch’ phase of a project is the phase when the developer announces their residential project but has yet to receive administrative, legal, and other requisite permissions from the Kerala real estate authorities. The builders in Kerala may not yet have started the process of obtaining the approvals. This may translate into a series of perks and benefits for the buyer. New launch projects can be a blessing for those who have a tight budget but want the benefits of a contemporary residence in a particular locality. What are these?
Let us understand by taking out a few pages from our home-buying guide:
At this stage of the project, the developer wants to market the project so that getting approvals and loans for the project is easier. The prices are, hence, much lower compared to ready-to-move-in homes available in the market. Another reason is that following the RERA certification, flats in Kochi see a sharp increase in their prices. If the property you are interested in is locked in during the new launch phase, you will be able to avert this price hike.
We often see so many apartments for sale in Kochi offer easy payment options during new launch phase. There are offers where a small part of the total price is paid immediately, and the rest could be paid during possession. By taking a mortgage you can get a tax benefit and a substantial breather period before the EMI payments start. The builder will also be motivated to finish the project as soon as possible to reduce the cost of the project.
Original article published at https://www.ezeebiz.in/why-you-should-buy-a-property-in-its-new-launch-phase-in-kerala/