Buying A Flat? Things That Your Real Estate Agent Won't Tell You
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- Опубліковано 15 гру 2022
- Buying a flat? Should you go for under construction or ready to move-in?
PDF guide: bit.ly/3jjYAms
we cover in detail whether you should go for an under-construction property or a ready to move-in property?
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If commencement certificate lapsed and not renewed by builder. How will it affect to OC. Builder says 80% work done and OC will come in 3 months. Is it good to invest in such property. Bank also provide loan and without checking, this document was not renewed by the builder. How safe are buyers to invest?
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Irony is people don't want garbage dumps near their property . And they end up throwing it away in empty sites
Do not litter!
Own garbage is better than other's garbage
Very well said!!
Buying is ready to move flat is definitely a safe move.
But buying an under construction flat has some benifits. One of the major benefit is, you get to choose from the best units available. At the fag end you will be left with not so good units to chose from, and that's why you will get it at a steal deal whe you compare price/sqft.
Yeah but at a premium
Also in expensive markets like Mumbai, buying an under construction flat helps save money.
Noida under construction properties seen 100% appreciation within last 2 years . Now it's unaffordable for buyers who waited for ready to move in.
Ready to move in property has far less options. You will mostly end up buying at lower floors where sunlight is impossible and noise levels are higher.
Apart from everything GST has been miss understood, if you buy under construction property you directly pay GST, and if you buy Ready to movie in falt you pay GST indirectly as in the builder or previous owner include the GST paid by them in the overall cost. No GST is just a marketing gimmick.
In New flat gst is 5 percent. Which does not considered in agreement value. Let's say u have flat cost of 70 lakh and assume gst is 5lakh on it. And if you sell your flat at 75 lakh after some time then 5 lakh will be taxed as short tern capital gain. Here appreciation is 5 lakh but u have paid gst in this case this gst is a big loss. This scenario won't come in resale you have bought in 75 lakh and if you sell it in 80 lakh then 5 lakh is an actual gain and you are paying tax on your gain
Good piece of information for the people who are living in a rented house.
But if you already own a flat and you wish to move in a new house for which you are looking to buy a new flat then whole POV towards all the points covered in this video changes.
Do not rely on RERA for buyer's security purpose.
RERA Is most useless governing body in the interest of small buyer's.
I was one of the buyers in HDIL it's been 5+ years it been past due date of getting possession of flat still didn't get any possession
as builder goes declared bankrupt, forget about penalty or interest we are not even sure that will get our money back.
So sorry to hear this, its painful
Very good video. Great work. Tanks to whole team.
how is this your "home" . You are paying 1.2 Cr and u r getting a 3 BHK which u can't pass it on to your next generation.
You don't have ur terrace , your parking , your privacy ..nothing . Its like living on a rent for next 30-40 years by paying all rent up front 🤣🤣. Na chat tumhari , na zameen tumhari (bs 1 Cr dekar hawa me latak rhe h ) ...basically u r putting up your 1.2 Cr in drain. Instead buy a land of say 60-70 lakhs in a tier 2 city . (this will appreciate by atleast 3x in 15 years) stay in these high rise apartments in Delhi , Banglore on rent (decorate it however u want) . You have all the luxury to shift to a newly created apartment evry 5- 6 years Always staying in new buildings. If u r paying 1.2 Cr why not purchase a land by yourself and construct an actual "Home"
Thank you so much for making this informative video 😍😍
actuallt true .. lot of delays in underconstruction ..... best to buy ready to move in ...
The loan you get for under-construction property is easier than the resale.
For resale, you have to put down atleast 20% of the agreement cost as down payment while the under construction will agree on as low as 5%.
The registration transfer charges 1% of the agreement value also applicable on resale.
The banks also do property assessment for resale properties beforehand. In my case SBI refused to give me the asked amount of loan as their assesssment value came out to be lesser than what seller was asking. And same was ready to give full loan amount for under-construction property in the new phase of the same project which was much higher than the seller was asking.
The banks, govt., rera all are in favour builders.
Inshort, for resale flat one should have atleast 25%-30% funds of the agreement value ready for disposal.
The price is gap between ready to move in vs under construction property is definitely not 3-5% in Bangalore. It is between 15-20% (from my personal experience).
The only cases where you’ll find the difference in price to be
That right! Ready to move in flats are at least 20-25% costlier than under construction. I’ve enquired in Adarsh society 3 years back which was 1.2-1.3cr. Now the property is far from completion and they’re quoting around 1.8cr and above.
Another great example is a under construction flat that I bought for x INR a year back is now being offered 1.2x and irony is that project has just started the construction by the time it complete, It will easily cross 1.8x. So 3-5% gap is completely untrue. Even in shady apartments, it will be at least 7% and above.
There is a 5-10% price jump between pre launch and launch phase itself... The ready to move in and pre launch price have a difference of ~30+%
Absolutely right, it might be more 25-30% now. Because of heavy demand in Bengaluru
Exactly
Is Kasavanhalli a good micro market?
Love watching you guys!
Very detailed video. I am searching to buy a home, this video is so helpful to decide what to do.Thank you🙏🙏
you are doing a great work keep up with it
Eye opener:
The difference between Pre Rera launch and Sample flat visit in New Gurgaon is around 30lacs(130-100) lacs.
Mind you, till now excavation is only done
Thanks a lot to you guys you made my job easy
I believe that's Vijaya bank apartment! For 50L + 5L it's a Paisa vasool purchase.
The locality is super expanding and 50L is a best bargin
You guys are doing such good work. Lovely videos. And very informative. So much easier to watch these than ask friends, who may or may not always provide the best info. And sometimes may not even like it.
Our pleasure!
Can you list for me the documents which I have to check while booking a flat in under construction.
Buy a plot in tier 2 city...complete the loan..buy a flat in tier 1 city..live in it..wait for 30 years for the plot rate go as high as u can't imagine. Get retired as crorepati..
With reputed developers in under-construction you get booking rate , choices on flat and get time to arrange payment.
True
Great job guys. 11:51 flat rates depreciate
RERA judgements are generally not enforced. That's the fact in many cases. Court orders, builders, cops, and politicians are on one side, and flat owners are on the other. Could you tell me who has got more power? They don't have a moral compass, and we should never expect more from them.
Never get trapped with a reputation of good builders. It's always the well-reputed builders that become the terrible builders. By the time they have the transition from good to bad, you're trapped. No builder is a good or wrong builder, and there is definitely a safer builder.
Under construction is a risky proposition, based on the past 10-15 years' track record, be it any builder.
Resale and ready-to-move-in are generally safer. But you can use all safety check channels before buying anything in the market. Some leaches have morphed them into angels and are ready to help you buy your dream house.
"Never get trapped with a reputation of good builders"
Correct. Other than levy fines worth a few lakhs, RERA won't dare go against big builders? Why? Simple... just look at how much money Prestige Builders' owners have donated to BJP in the past! A Congress MLA KJ George is one of the investors/owners of Embassy Group. These well-connected real estate companies are scared of RERA?! Absolutely NOT. RERA is mere eye wash.
Meanwhile most Mumbaikars buying houses in London and usa. Cuz those are cheaper than mumbai houses. As to buy house u don't need nationality of these countries. U can directly buy it. Im also going to do same.
To add that is not truly right for under construction, I bought 3bhk flat 2years back in 81 lacs now its selling worth 1.5 cr the difference is huge,
Choosing a flat few things should kept in mind
1.Builder previous delivered properties quality and review
2. Property location for example on highway property near to city centre
only possible because of property rate spike post covid. So, yes depends on timing. You won't be this lucky for next 10 yrs.
no, becoz u got lucky interms of delivery and liquidity during COVID
I agree the kind of growth pre and post covid we have seen is not common but the point was under construction property is safe bet with certain conditions location builder background and quality of construction, 1st advantage price difference plus u get some additional time to save some money for additional expenses for expenses registration,maintenance charges interior cost
Hi thanks for the info. I've a query.
In 2-3 years I'm planning to buy a flat in BLR near to Manyata Tech Park. My father is saying that search for a very old individual house and buy with land. Then we demolish that house and rebuild by own. I'm not sure how to find this kind of property. Any suggestions would be helpful. Thank you.
And now that gap between ready to move in and under construction flat is gone high..as much as 10-15% percent
TDS is not a charge.. rather you deduct and deposit in sellers PAN account
One point missed: in case of under construction flats you get to choose the "premium" units, which is not the case with ready to move-in.
1) If you are an investor (means you are fully self funding the purchase) then under construction is good. Capital appreciation plus rental yield will be great for them.
2) 90% of the people take home loan and are end users. For them it’s better to buy ready-to-move and cover up the opportunity cost.
🚨Most dreaded decision: End user going in for an under construction property and is living on rent presently..! Double whammy on cost plus possession delay nightmares!
Please give information about this in Mumbai context as well.. Will be more helpful.
Is it good to move in flat for a reputed builder in high rise apartments. Any impact of uds or something
Could the team also shed some light on what happens to the flat owners where the flets are built on leased land?
I think you need to do better ground work before stating numbers as they can mislead people. There's no way gap between ready to move in vs under construction property is 3-5% in Bangalore, I have bought two under construction properties in Noida in last 3 years and I live in Bangalore hence I know both the markets. Difference is quite easily 15-20% and in some cases if you can get a good deal as an early buyer, difference can be upto 25-30% as well.
Additionally, payment plan for under construction properties is very different and much more convenient, hence you can choose to increase your EMIs over time with different milestones of construction completion. Not the best option from interest perspective, but certainly would ease out EMI load and later once you have better income, you can pay back the loan much faster. In today's world salaries can easily double in 3-4 years, your EMIs will not.
Can you pls explain the 3rd emi option what do you mean at the time of disbursement
Why don’t you’ll start a podcast? I think it would be amazing to hear your and other learning thoughts.
I think the price range mentioned here due to a shortage of units demand is very high. I think u can make another video
Hi Wint Wealth Team,
Requesting you to please make a Video on Buying and Renting a Flat in Hyderabad.
It will help us alot.
Thank You for all your wonderful videos.
Thanks for the suggestion Ajay, we will try to make a video on buying and renting in Hyderabad soon, btw few videos of startups from Hyderabad coming in few days.
please make a list of good developers in mumbai
and buying process in mumbai
awesome video. Please help me on this query -
Recently I took home loan for under construction property from HDFC bank. First disbursement done in Aug and first EMI paid on Sept. Since this is under construction property - partial disbursement happened and next disbursement happened once the builder send me the notice.
Now, I want to pay some part payment of the outstanding loan I took in the first disbursement. HDFC guy telling me I can't do it as I need further loan amount. I asked them where it is written in loan agreement and they told such thing don't mention in the loan agreement copy. Please clarify if this is true or how to handle this ?
why you elaborate on additional taxes and stamp duty on resale flat
Is there a video by Wint that lists down the best new construction properties in Bangalore based on your research? If not, can you make one?
People who has limited knowledge of Finance or doesn't do much analysis go for ready to move flats
Another case where under construction is better option is when you are buying second house, where you are not in a hurry of moving into the newly purchased house and can wait.
Your information is completely wrong, come to Bengaluru, the gap between under construction and ready to move in has increased from 10-15% to 25-30% at least, post pandemic and specially for flats by reputed builders, people are earning profits by selling under construction flats within a year or so.
@shivam111ism I was also gonna mention the same thing, come once to Bengaluru and discuss this topic
Very helpful
Thanks, glad you liked it
Customization is irrelevant for mivan constructions
@wint : Is it advisable to buy standalone building appartment in Bangalore with Land as A khata but no OC n CC in good location?? Is OC n rera registry necessary and if not avail is it advisable to buy??
Make a video on flats buying in Pune especially Baner Balewadi and kharadi area
Well I see apartments that are sold out before construction in Bangalore!
What they did not cover -
1) Under Construction property has 5% GST, Ready to Move in does not
2) Under Construction- You get your choice of apartment, Ready to Move in, you buy what is remaining
3) I personally suggest an apartment that is In a Stage where the delivery is within 1 year, you get to walk thru the completed structure, get an actual idea of how the apartment is, trust me, highly designed model apartments and the finished apartment are very different to look at
Point 1 was definitely covered in the video
5:50 it was mentioned, u made your opinion without watching the video
Please ask the sellers to keep the house clean before recording the video
In my opinion first stay in for rent for sometime then if you really liked it then go buy it...
Please suggest good consultant to purchase property
As a recent father who relocated to the Bay Area a couple of years ago, I'm contemplating buying a single-family home. However, given the exorbitant real estate prices at present, I'm uncertain if it's wise to proceed with the purchase. Should I consider investing in stocks for the time being and await a potential correction in the housing market? I've heard that Nvidia and AMD are solid investment options.
it’s a personal decision, but according to Forbes, housing activities will remain stagnant for the most part of the year, so maybe hold off a little.
well you could put a downpayment on a home and as well diversify as much as you can into Ai and pharm. stocks like Pfizer and JnJ.
Certain Ai companies are rumoured to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.
this is all new to me, where do I find a fiduciary, can you recommend any?
Talk about flat and count rent of luxury villa wow👍 4:36
Sir from which appartment you got 48 l house is there any house is there for sell
Should we buy a property which is not government registered?
very nice video
Thanks
Such a nice flat in 48 L. Which location is this?
@Wint Wealth
Is it fine to buy resale flat in bangalore (10-12 yrs old) as compared to new homes as approximately 35% price gap comes up. So is it a wise decision to buy a resale flat which is in good location??
You will see our guest interview with Krishna(Home owner of 3bhk flat), he bought a 15 year old flat at a cheaper price but he did his due diligence by checking all the papers, construction quality.
So do take help of experts for quality and documents checks.
When you make anything on property, always mentioned that it doesn't apply to Mumbai. Same property topic need 2 vidoes, one for mumbai, one for rest of India.
Work till 50yrs by then buy a plot some 50 60km away from city then build a home, our parents used to do it and they had better quality of life, we are just complicating things by buying costly and very small flats and suffering rest of life. If u want to buy a small flat which is costly, it is better to rent a small flat rather than buying it
Thank you for the video. Can you please confirm if GST is applicable for Ready to Move in flats ? Several Builders in Andhra Pradesh are charging GST for ready to move in flats
No, GST is not applicable on ready to move in property
Please make a video on planning of buying a house in Mumbai.
Yes, we will be covering Mumbai soon
Background music is decreasing the seriousness of this video
Ready to move in is the way to go. If you are buying an under construction flat, you are playing with fire.
No customization these days due to Mivan construction
rera will help?
Better buy ready to move or resale property..
Ready to move having very very limited options. For resale depends on luck the unit you get.
I am going for under construction property , the builder said RERA is not applicable because he himself invested the amount from his own, further he said the property has oc oc and cc and SBI home loan. Kindly inform shall i buy this proerty
Do not buy any property that is not listed under RERA
Hi sir 1rk home available sir
What about the resale value of a 15 year old apartment? Even though its a well built and strong
No one who can afford house on land buys apartments. Its not a matter of choice but compulsion! Flats are cheaper and more affordable that's why salary class prefers it...
Not only affordability....Residential Societies are always more secured and comes with a lot of amenities and facilities which are top priority considering the busy life style that people live today
What is the lifespan of a flat and what happens after that??
Redevelopment. Existing owners get new flat and builder adds more flat for profit.
@@ankurhotnot ohh great. For example builder will make it a 60 storey building by demolishing a 30 storey building. And i guess builder won't be alive at that moment, so I believe his family members will do that.
@@satishsahoo3424 not family members. An apartment is owned by 200+ families. Majority need to approve. Then it goes to bidding between builders. Etc etc...just search about redevelopment on UA-cam.
@@ankurhotnot in worst case scenario, 1 family out of 200+ did not approve as their financial condition is not well to bear the expenditure of redevelopment. What would happen in that case, this is just simple query out of so many.
@@satishsahoo3424 once the building collapse , they will agree 🤣
For 5% will still go prefer Under construction the choice of your flat, not dumped ones..
Sobha dream acres ?
Under construction is always bad considering how expensive houses are. You need to stay on rent till the possession. Even getting the flat 2 or 3 years later can be bad as you will loose a lot of money. Many flats aren't given even after 10 or 15 years. Many projects are stalled.
Many people aren't happy with the final construction.
Have to choose such a building where we will get possession in the next one year. It means construction should have been completed beyond 60-70 %
@@Researchwell814 that's definitely good. But a society that's already formed is better.
Going for a society that's a little old like 5 to 7 years is the best I guess. You have everything.
😊
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Rera is toothless in Bangalore
No powers.Always a best option to buy ready to move in flats else suffer.
Thats cause politicians are in bed with builders
Isko 48lakh mai kaha mila
Who are the A-class builders? how to identity them.
Not now in 2023 July !
I started to lookout for a flat and the builders (specially their marketing teams) are driving me mad. 😂
And everyone is saying there is no decrease in rates or demand during or after covid. Not sure what to do here.
Also I don't want to start paying EMIs from now for under construction units (and also pay rent to greedy landlords who can and will increase rhe rents..) and then get the house at 2027. How to go through this?
Depending on the city you live in,
@@axel3895 - Bangalore.
@Abinash you can look for the resale flats.
Buy a plot of land, appreciates over time, when you are ready, build the home. Flats are like chidiya ka ghosla IMHO.
Presently you buy a land in Bangalore and tell me...
@@Sivakumar-tl5wp 🤣
@@nitromedia1670 Bro really - as a first home buyer they are making head ache - so costly in bangalore
Bro, I already bought a land and waited for 3 years to start building. When I started the building I come to know that the property is in dispute and there are many people like me. Now I am happily going to court on every date and my lawyer us feeling blessed because of me as I would provide him the steady income for next 15-20 years. 😐
@@abhyk11 Enjoy😊
Dont sell Fake real estate stories about Bangalore.
In navi mumbai the logic is totally opposite...You just search in navi mumbai ....Builders is every area are charging extremely high for new flats that are just ok ok in development....Simple flats price is very high. .......Middle class person cant even think of buing it....
Same builders selling luxirious flats in at peanut cost in areas where there are prisons nerby & places where illigeal activities happen . .
Its like all tapori and illegal activity ppl are getting luxurious flats at peanut cost & middle class cant even buy simple flat...
.
Poyzon Kya bakta hey
@@aaegatomondi Yes...Sach hai ye....
Looks like wint had now moved to being a UA-cam channel after SEBI’s rule changes which essentially precludes them issuing new bonds to retail consumers😂
Could you give a source for this? Found nothing like that on simple google search
@@karansejwar3287 you can check for the circular on Registration and regulatory framework for Online Bond Platform Providers.
circular reference: SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2022/154. It was issued on 14th Nov 2022.
😂
GST on Flats..!!? loot people as much as possible in every possible way.
Builder had already paid GST on the construction material, then why again?
It's better to build your own house 😂
Pls buy a new mic, very bad voice,, low volume
U r wrong
We have tots of choice for under-construction property but very less choices for floor and facing of flats for ready to move flat
Creators should research before making this video. They have very basic understanding :P
Unsolved flat are myth in Bangalore.. after COVID under construction 22-23 increased by 35-45%
Where 23-24 price still higher but no inventor
Where I would suggest people to wait for when this real estate development cycle over at 26-27
Huge supply will come is best time to buy
Till invest in somewhere in 3-4yrs get some 15% cag .. easily buy flat at good price
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