Date: October 16, 2007
Ref. No. /Prop./0020/2007

 

Book the Property Under Construction

There are many benefits to book the property, which is under construction. However, there are few cautions required to take the decision to book the property under construction.

A) We are highlighting below the benefit of booking Property Under Construction

  1. Lower Price: Since the builder wants money. He encourages the investor by offering lower price.
  2. Payment under automatic installments: you are required to pay as per schedule agreed with the builder in proportion to the work completed.
  3. Pre-construction Loans from the banks: The banks are releasing loan for approved clients and approved builders even through it is under construction.
  4. Income Tax Benefits: Interest amount paid for pre-construction loan amount is allowed as a deduction from income. However, this benefit is available only upon completion of loan.

B) Precautions for booking of under construction property -

  1. Go for most reputed builder: Check their past performance.
  2. Go for projects that have been approved by bigger Financial Institutes like HDFC, ICICI or SBI. The Fls usually do a through due-diligence such as checking title of property and various approvals and permissions.
  3. Ensure proper documentation of Amenities, Facilities, Quality of Construction, Registration of Agreement, etc.

Just Summary:

  • Typical payment schedules for an under-construction 13-storey residential building is shown in percentages in the following picture.
  • Stick to reputed builders
  • Go for approved projects that has received CC from municipal authorities
  • Price for under-construction flats will be lower than ready-to-occupy flats
  • Premium for amenities like lagoon pool, basketball court can't be more than
    Rs. 500 per sq ft
  • You can avail of tax benefits for the interest paid during pre-construction period only after the completion of work.

Our Proposal at Navi Mumbai -

We have an excellent property under construction.

  1. Location - Kamothe*, Navi Mumbai
  2. Total number of flats in the building - 72 flats
  3. The availability of flats - 2 BHK (1050 & 1055 sq. ft.)
  4. Current Rate - INR. 2700 per sq. ft.
  5. Current status of construction - 3rd slab completed
  6. Estimated month of completion - December, 2008
  7. Approved for Bank Loan - By HDFC and IDBI
  8. Estimated Rate on Completion - INR 3500 per sq. ft.

P. S. - 10 NRI's have already booked property in this building through us.

*Kamothe is before Panvel and after Kharghar, Belapur & Vashi. It is about 50 kms from Victoria Terminus /C.S.T train station and only 10 kms from the new International Airport at Navi Mumbai, which will be ready by at 2012.

Log on to our website www.mideastproperties.com or click here for more details of the building.

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Thanks & Regards,

For Mideast Properties Pvt. Ltd.
Nidhi Shah/ Sanjay Bhatt

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