Save your time and effort with Ready to move in Apartments
February 18th, 2019
Ready-to-move-in apartments help buyers save on important time resources, reduce the probability of them getting duped, provide tax benefits, and bring in a plethora of other perks to create more value for money. Here, we list some important benefits of ready-to-move-in properties to guide your purchase.
More Informed Buy
You have fewer chances of getting duplicitous information while searching for your dream home in the form of a ready-to-move-in apartment. The view from the apartment, size of rooms, actual availability of space, construction quality, raw materials used, etc. can be properly gauged when you are checking out the apartments in person. As you can inspect all aspects of the property closely before signing on the dotted line, the chances of paying for something less worthwhile is significantly reduced.
The main benefit of purchasing a fully furnished home is that the Goods and Services Tax (GST), which amounts to 12%, is not applicable on it. The GST is levied only on under-construction properties and is charged on the property value. Say, you are looking to purchase an under-construction property worth ₹ 60 lakh, then an additional ₹ 7.2 lakh becomes payable as GST. The financial outflow is reduced in case of a ready-to-move-in apartment as no GST is levied on the same.
Deduction u/s 80C
In addition, as per Income Tax Act, 1961, borrowers are permitted to claim deduction u/s 80C in lieu of principal repayment against home loan. The overall limit applicable to this deduction is
₹ 1.5 lakh and may reach up to ₹ 2 lakh in case of payments made for interest u/s 24(b) for buyers opting for self-acquired housing. These benefits can only be claimed once the construction of an apartment is complete and the registration and ownership related documents are handed over. As no possession amounts to no tax benefit in case of home loan repayment, it makes good sense to acquire a ready-to-move in apartment if you have opted for a home loan.
No Waiting Periods
Last but not least, if you are in a hurry, you will find it easy to move into your new home if it is ready to be occupied. For instance, if you are looking for a new place to move in with your family in your own or another city/ town due to a job transfer, medical concerns, or for any other financial reason, a ready-to-move-in apartment will help you go about the act in the shortest possible time. This is not possible in case of under-construction properties.
Fortunately, in 2019, Indian towns and cities are flush with such ready-to-move apartments that are rubbing shoulders with those in the under-construction categories. Be it in Ahmedabad, Bangalore, Kolkata, Mumbai, the National Capital Region (NCR), Chennai, Hyderabad, Metropolitan Region (MMR), Pune or other urbanised pockets in the country, there is no dearth of 2 BHK, 3 BHK, and larger-sized ready-to-occupy apartments to choose from. Given this, the right time to invest in these flats is now, and where better than with Adarsh Group, one of the leading developers in Bangalore. Find homes that are built to cater to your every need with a wide range of apartments and villas in Bangalore.