Pre-Launch for maximum benefit to own a house
Try a Pre-launch scheme
If you are looking for a home of your own in a good locality with all modern amenities you should look for schemes offered by builders or housing boards which provide you good opportunities to get a home according to your pocket and needs. If you can find a good builder offering a flat in his Pre-launching scheme that can save you a further 20-30% amount but you should be very careful while dealing with such builders.
As matter of fact real estate sector has played a very important role in our country in providing homes to needy ones and development of this country. The customers have been immensely benefited y the housing projects started by different states and private sectors. Now, some of the builders offer pre launch offers to their customers which have certain risks but if the reputation of the builder is good in the market the deal could be beneficial up to 30% in some cases. If the consumer check details of builder carefully he can certainly find out if the deal is genuine or not.
Why Pre-launch scheme
It is a two way question, for a consumer’s point of view it gives him an opportunity to book a home himself at lesser price and for builders it is an experiment to see the viability of their project that shows the demand of the property in that particular area. Besides the builder saves on high bank interests and lots of declarations needed while applying for loans. In addition, one should not forget the status of the property because different government authorities have not yet approved most such properties. Therefore you should go for such Pre-launch home schemes if you are capable to take risk involved with such schemes, however most people who check credentials of builders in detail do not regret their decisions and save good money.
Do you now
That some of the properties, which may cost @ Rs 3000-4000/Sq ft at the time of launching of a project can be obtained at as low as Rs 800-1200/Sq ft at initial stages and that too paying only 10-20% of the total cost of the home. That is big deal but has as big risk as well. I have taken such risks thrice out of which two were fine while the third failed, however I was able to recover my initial investment. There is another benefit while you opt for a pre-launch scheme that while you book a home in one such scheme there is no mediator in between you and builder and you contact directly with builders to remain in touch with them to know exact position of progress.
One more big positive point for you if you book at pre-launching time is that the whole location is lying in front of you to select as per your own sweet will. Keep a finger on the layout and location is yours. The builder may try to make a bargain on this point telling you that this was premium location of his project but if you stay firm, he shall have to give-up so another big advantage for you. Most people try to book two in place one property as the rate of appreciation gets so good that if you can wait for some time before you sell the other one, your apartments costs you almost nothing. Most corporate executives do it as common practice in groups so that they can pressurize builders collectively and take best deals in the bargain.
Pre launch and its reality
Pre-launch is more of a business for people who can take big risk, as the pre-launch projects are the ones, which have not yet approved or started their construction but are in initial stages. Actually most builders do it for fund raising purpose to finance their project therefore offer consumers good discounts on their deals. These pre-launch schemes gives a consumer full right of ownership on the property or even if he wants to sell it any time during the project is still not completed to any one taking full advantage of increased rates of the property but that is only possible if the promoters are genuine and project is going on well.
However you should look at below mentioned points
* According to statuary rules a builder can sell his property only after construction work is over and house is in a position where customer can shift to stay in there. Also all the formalities related to construction, NOC, fittings, electrification, water management, registration etc completed. Therefore a Pre- launch is an oral agreement and has no legal value as such but an agreement in between a builder and a customer.
* There is no proper or clear layout of the property at the time of pre-launch but only a piece of land neither any other detail is available at the time of such contracts therefore the risk factors of such properties lye entirely with customers. The only guarantee of such properties is builder’s reputation and his market value.
* Some of the builders cancel their projects at a later stage if the viability of the project is not found satisfactory, such builders take their own time refunding your money and that is the worst part of the deal.
* You should demand for as many documents as possible to keep your case solid
* You must pay through crossed cheques to make your deal legal
Finally
I would suggest you to invest in a property where other projects are in progress because other projects are your minimum guarantee that the property where you plan to investment is not located in disputed zone. As there are too many cases of builders acquiring land from dubious sources and try to bring in as many customers to make their property popular to take full advantage. The best way to avoid such deals is to go for the past projects of that particular builder and check the land use and proprietary rights of land before finalizing a pre-launch deal, after all this is your dream home that matters most.
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