Pune Flats: Your Guide to Ready-Possession Apartments
Are you currently in search of a flat in Pune? Finding the perfect apartment can prove to be an overwhelming task, given all the available options. Not to worry! This article aims to assist you in navigating through the process. Pune stands out as a highly sought-after city in India, as the second-largest IT hub in the country, along with being a prime destination for Foreign Direct Investment.
Professionals moving to Pune often desire a luxurious life and a high standard of living. Consequently, the demand for flats for sale in Pune continues to rise. The desire for upscale living has kept pace with available housing, which is causing developers to innovate and move beyond established norms to meet the needs of residents.
Prime Locations
In key areas, including Baner, Aundh, Hinjewadi, Balewadi, and Bavdhan, Pune has evolved into a model neighborhood focused on sustainability and livability that aligns with international standards.
For most people, purchasing a home represents a significant and emotional decision. Many questions arise during the process. In a city like Pune, where the cost of living generally remains high, making this decision can be even more challenging.
Advantages of Buying Ready-Possession Flats in Pune
Every prospective homeowner faces a choice between purchasing a unit ready for immediate occupancy and one still under construction. Deciding between these warrants careful consideration. While ready-possession apartments may require a bulk of cash upfront, they also provide distinct advantages.
Cost Considerations
Ready-to-move-in apartments make financial sense because individuals can immediately occupy the space and avoid rental expenses. The builder may also offer a price reduction and waive additional costs. Therefore, the buyer may find that they are getting a better overall deal.
Immediate Possession
With under-construction homes, buyers typically wait to take ownership of their dream home. It creates uncertainty and the concern about a blocked investment if developers encounter issues. However, with ready-possession flats, the process generally goes more smoothly, where you complete the paperwork, pay the agreed-upon amount, take possession, and move in at your convenience. No need for a delayed delivery.
Quality Assurance
When clients purchase ready-possession apartments, they get to see the finished product firsthand. One can assess construction quality, space allocation, necessary amenities, and other essential details before committing. This eliminates worries about overstated features, layouts, or amenities.
Immediate Return on Investment
Those who purchase these apartments as an investment and choose not reside there, they can sell the property once it is suitable to do so. Families, young professionals, and students frequently seek ready-possession apartments. Your rental income subsequently begins and contributes to your EMI payments.
Downsides to Purchasing a Ready-Possession Flat
Strict Payment Obligations
The payment plans for ready-to-move properties tend to be more rigid compared to projects still on the drawing board. All payments, like down payments, stamp duty, registration fees, and maintenance charges, must be completed in one single transaction.
Extensive Paperwork
Acquiring an apartment that one can immediately move into entails dealing with extensive legal work compared to purchasing a property during construction.
Limited Customization Choices
Customization is possible with new construction to adjust the rooms and home to suit one's preferences. However, the ability to customize is unavailable to those who purchase existing structures.
Higher Prices
Ready-to-move-in units often come with inflated prices, if you compare it against projects still in the planning stages.
Reasons to Invest in Ready-Possession Flats
Low-Risk Investment
It can be difficult to sell an under-construction property, especially if projects face delays or legal challenges. You can avoid this risk by purchasing a ready-to-possess flat. Developers usually do not sell until completion nor will they charge a premium.
Rental Savings
With ready-possession homes, you can start collecting rent immediately if you do not plan to move into your new home. Also, for those investing outside their city, they can rent their homes accordingly. Each location has a fixed rent structure based on the amenities available and construction age.
No Down Payment
Typically, paying home loan EMIs occurs whenever prospective buyers move into their new residence. Since an under-construction home loan's EMI fluctuates based on the rate, a buyer might abandon purchasing the construction.
Required Documents
Moving into a ready-possession flat requires the confirmation of essential documents. It is the best choice to remain aware and prepared beforehand.
Tax-Paid Receipt
Confirm that all payments have been settled by the seller. Confirm the taxpayer and owner by requesting to see the original tax-paid receipts. As buyers, always verify that all documents and bills, including water and electricity, are current and include names and area codes.
Sale Deed
Make it a point to go over the fine print and confirm the accuracy of the terms and conditions before signing the contract.
Occupancy Certificate
Confirm that the builder has obtained approval on the property, which grants the homebuyer the ability to apply for a mortgage.
Completion Certificate
Ensure that the project meets all requirements with this document and meets all other requirements and regulations when looking for a mortgage and purchasing real estate.
Best Locations for Ready-Possession Flats
Kondhwa
Kondhwa is among the most valuable locations in the southeast due to its closeness to important city destinations and IT companies. Also, some nearby places of Kondhwa include Mohammedwadi, Undri, and Wanowrie. Finally, there is National Institute of Bank Management, a range of schools, colleges, hospitals, clinics and superstores present here. The civic amenity adds value.
Hinjewadi
Hinjewadi, Pune’s largest IT hub, provides MNC corporate offices, like Infosys, Wipro, and Cognizant to bring benefits like improvements to real estate, connectivity, social, infrastructure and amenities.
Tathawade
Located near Hinjewadi, Tathawade offers lush green surroundings, social infrastructures, and features for homebuyers. New upscale urban living projects are being constructed in this suburb daily as a result. Its locational advantages have resulted in unrivaled capital appreciation.
Balewadi
Situated in Pune’s northwest, Balewadi is most famous for housing the Shiv Chhatrapati Sports Complex. Those living in Balewadi can easily get to Baner, Aundh, and the Mumbai - Expressway. Plus, there exist many restaurants and bars with the addition of a number of hospitals and surrounding nature.
Know Your Surroundings
Learn about the designs, layout, and potential neighbors you will have when reserving ready possession flats in Pune. It is also important for having a say on your environment and neighbors; make sure that you agree with their lifestyles. Also, consider the accessibility to local schools, amenities, shopping malls, parks, and other essentials.