Before we look at these benefits, let’s understand what defines a ready-to-move-in property. Essentially, a ready-to-move-in property is the one that has received occupational certificate (OC) from the relevant municipal authority. It is issued when the property is found to have complied with the approved plans. Receiving an OC is a must before the house can be handed over to the customers. Hence, in case you’re buying a property that is said to be ready, then you must check if it has received an OC.
One of the biggest advantages of a ready-to-move-in house is that you actually get to see the house that you would be paying for. You can inspect the property to your satisfaction, check the views from the rooms and ensure that everything the developer promised is in place, before making the payment.
It’s easier to get a loan for projects that have received an OC as the bank has ready collateral. If you book in an under construction project while staying on rent then you will end up paying monthly rent, as well as the EMI. Whereas in a ready-to-move-in house you will save the rental expense.
When you buy a house in a project that has received OC, then you don’t have to pay GST. You will only have to pay the stamp duty and registration charges. Additionally, when you buy a ready-to-move-in property, you can straight away claim the yearly income tax deduction on repayment of the principal component of EMI.
With RTMI there is no risk of delayed possession, you can move in pretty much immediately. Not only will the house be ready to live in, but you and your family can start enjoying the new lifestyle the amenities provide rather than wait a few years for it.
Typology: 2, 3 Bed Residence
Price: ₹ 4.93 Cr+ | 0 GST*
Location: Worli, Mumbai
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Typology: 1, 2, 3, 4 BHK & Duplexes
Price: ₹ 1.65 Cr+
Location: new Cuffe Parade, Mumbai
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Typology: Studio, 2, 3, 4 BHK
Price: ₹ 51 Lacs+
Location: Mumbai-Pune Expressway, Pune
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Typology: 1, 2 & 3 BHKs with deck
Price: ₹ 43.96 Lacs+ (All-in#)
Location: Palava City
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A dilemma often faced by home buyers is whether to opt for an under construction project or go for a ready-to-move-in (RTMI) property. Increasingly, buyers are opting for the latter owing to the sheer number of benefits it offers.
December 05, 2019 | By Times Of India
Of all the things people ever dream of, having the key to their very own home is most supreme. There are so many sentiments attached to buying a house and turning it into a home. This feeling echoes across the globe and is evident in the surge in the home-purchase numbers.…
December 13, 2019 | By Economic Times
Ready to move in homes - this is a term that every new and experienced homebuyer is often seen studying. In a country like India, home buying is much more of an emotional and personal milestone than an economic one.…
December 17, 2019 | By Times Of India
Earlier, people used to go for under-construction homes as they were cheaper, but, along with narrowing price gap, these factors make the ready-to-move properties a better buy. Earlier, people used to go for under-construction homes…
