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May 17, 2019

Advantages of Buying Homes in Mumbai at a New Property Versus Resale Apartments

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Indeed, no one wants to risk their hard-earned money especially while buying a home, whether a new property or a resale – what’s best is always a big query. Therefore, there are many factors, which when compared might eliminate the perplexity while choosing. The initial anxieties fade away with little research and information, perhaps the below comparison will clear your doubts.

The confusion in potential buyers are usually regarding the financial risks involved and contrary to popular belief, there are fewer risks in investing in new properties.

The risks associated with cash payments exist more in the resale market if the seller has any dues pending with the builder or the enormous charge of the transfer fee. Whereas, in New Property the payment schedule is pretty flexible and it is usually construction-linked and enables the buyer to pay in installments. In the resale market, you may have to pay the entire amount upfront, or over a short period of time. Moreover, the cost of a resale apartment will invariably be higher, than the cost it commanded during its construction. Thus, you might need a high amount of money upfront, in the resale market.

Buying a house in the resale market may also involve unfair brokerage, while in a New Property there will be no such hassles. Renowned builders such as Suraj Estate Developers have a thorough and clear paperwork mechanism, with the involvement of established Banks, to get loans for preferred terms.

Construction Safety is non-refutably more with new constructions. These days the government norms are strict and are mandatory to be followed by builders. Modern technology, the latest construction methods, and branded high-end value material are used from pillar to post. The developers are extremely vigilant and make sure that no compromise is made when it comes to the strength, security, durability, and designer looking architecture of the building.  New buildings such as the Tranquil Bay, Mangirish, The Palette and Louisandra at Dadar and Prabhadevi deliver luxury with safely enveloped with breathtaking views. Resale buildings are devoid of safety features such as earthquake resistant material or fire alarms and the refugee floor. They are mostly cramped up offering less outdoor space and a compromised view, while new properties with very well planned and spacious indoors and outdoors are a major reason to prefer new property over the resale flats.

Amenities like lobbies, gymnasium, swimming pool, Vastu compliant homes, and play areas are hard to find in resale flats, whereas most new projects come with state of the art designer facilities by award-winning architects such as in The Palette at Dadar ( West) and Mangirish and Tranquil Bay at Prabhadevi. The Sea View from these high rises is another big reason to invest in new properties versus resale Apartments.

Perhaps having a car is a problem, if there is no parking space. When looking at the purchase of residential property one must focus on the parking facility of that establishment. Most New towers come with 2 to9 levels of lower level or basement parking thus giving us the liberty to buy cars and park them in the safety of our building, unlike on roads or open compounds, where the cars are usually damaged by callously playing children or sadistic car harmers and thefts.

The green cover is a mandate by the government since the last 5 years has made sure all new constructions are eco-friendly and gives its residents a clean green environment, conducive for overall growth. Resale flats may or may not experience this new benefit thus looking at the above parameters and measuring the advantages of New properties versus the resale, it is evident that – where there is less to zero risks involved, that is a more preferably buy.

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