Pre-launch in real estate sector refers to those properties or inventories which a developer plans to develop in near future. They would spread the word to gather investors and buyers for an unconstructed property. Usually, they would buy the land and raise funds while they start building the property.
In all upcoming locations such as Noida, Noida Extension, Gurgaon, Sohna and other parts of the country developers are coming with this option. One can find almost all eminent developers, building their projects in such locations.
Though investing or buying home in pre-launch would be a great deal however a few things that one must watch out before booking are mentioned below:
- Developer Brand: A good developer’s pre-launch project, would always draw everyone’s attention. They are more likely to adhere to the project timelines. This end of the day would ensure that you get what you were dreaming about while investing in the project.
- Choose Wisely: One must evaluate the project and other competitive options before finalizing. This would include researching on the covered area, layout plans, facilities and other aspects of the project. A comparison of the same would always get you the best deal.
- Paper work: This is a very crucial point. Unlike other properties on resale, this property is yet to be constructed. Thus always ensure that you get the paper work from the developer rather than a deed from the broker.
- Payments: It is always advisable to make payments wisely and legally. As a suggestion, it would be best to avoid any kind of cash payments to ensure a smooth possession once the project is built.
- Expect delays: Keeping in mind the trends in real estate market, one should expect delays in the project completion. It could be for various reasons however it is definitely not a panic situation. It is best to be planned for the delays. Always read the property documents and find out about the penalty clauses in the event of delays from the developer’s side.
- Price: The price is usually a big factor for investors and home buyers. In a pre-launch stage, the prices of the inventory could be 20-30% lesser than that of a launched one. Though it is a very important factor, one must not rush into a decision.
- Offers: Pre-launches would always offer you with great deals. They could range from free car parking, free club membership, inaugural discounts, etc. It would be wise to evaluate and then take decision rather than hasting into signing off the deal.
In line with the above points, pre-launch projects are always a good deal. It may feel that a lot of homework is involved in making the decision however it is for the safety of your own investment. Alternatively, a trusted and smart broker would always be a plus point in such a scenario. Kolabro, offers brokers with a trusted real estate broker to broker network. By downloading the Kolabro app, the broker would be able to offer you different options. Not only options, would be able to able to share the best possible deals.