The Benefits of Pre-booking Homes in Indian Real Estate

Bangalore: Nowadays, Indian Realty market has witnessed an increased number of residential projects. Easy availability of Home loans with less interest rate, improved economic earnings for IT professionals has acted as a medium for buyers’ interest for investing in Residential property. Buying a home for the first time is a tricky chore for first time home buyers. Pre booking homes from pre launch projects is one of the best options for end users to safeguard their fiscal interest in the property. The majority of end users will adopt this Pre booking homes option to get financial rebates but all should remind that this is a twofold edged sword.  

Pre booking for any home/apartment can be done in three stages one is pre launch, at the stage of launch and another midway through the project. Here are the few possible benefits of investing in pre booking homes.

Usually, at the pre launch stage the real estate prices of any home will be low. The buyers choose these types of Homes to attract some initial interest. At this stage, to increase the initial sales figure to potential stage, the developers/builders offer absolute minimum costs. Pre-launch stage can be isolated into two categories such as soft launch and pre launch.

Soft launch is done when the real estate developer does not have all the basic construction approvals from authorities and is simply looking for the initial thrust to evaluate user response and to manage some cash flow for promotion and to oversee construction.

In this stage,  the buyers of pre booking homes can get a monetary benefit which implies per sq ft value lesser than dispatch offer may be up to Rs 500-1000 per sq ft. This awesome deal can ensures the buyers saving towards investment. Once the project is launched, the pre booking home buyers can offer their property rights to the new buyer and can make a quick buck as it makes the appreciation rate of the property. Another major benefit is that buyers can be able to choose a home of their choice.

After soft launch, the next stage is pre launch. At this stage, most of the builder will be ready with all required approvals for the commencement of the project. This is the stage where the business sector buzz will be done around the property. At this stage, the builder will proffer various discounts on pre booking homes to exert a pull on users. The prices will be at least Rs 200-300 per sq ft lower than the final price of an apartment.  The end users are also keen to invest on pre booking homes as it offers good discounts if the project finishes on time.

Under construction stage: At this stage all the required documents will be clear and satisfactory. However, the scope of negotiation on pre booking homes will be lowered. This is the stage where the buyers should be prepared for an ascent in the price. For pre booking homes, in each stage there are benefits as well as pitfalls. To be safe from pitfalls at any stage, while obtaining pre booking homes every buyer should make inquiries about the history of builder such as old projects, approvals, delays before making an offer.