Bangalore homebuyers target under construction than ready to move property options, as prices are increasing

Bangalore real estate market is seeing a sharp increase in real estate prices in growing IT hubs like Whitefield and Sarjapur Road. Many buyers are in worry about whether to invest in under construction homes or to invest in ready to move in homes.

Discussions on social media platforms highlighted the confusion of buyers who have savings of Rs. 40 lakh who aim to buy a home with a budget of Rs. 1.3 crores.  The buyer aims for a 3BHK flat near IT hubs like Varthur or Sarjapur Road. As prices have been increasing over the last year, real estate flats that are ready for delivery within one year are demanding a premium price.

It results in paying a high amount than what the property is actually worth. So, buyers are now in search of under construction real estate properties. Buyers are now selecting flats from Tier 2 and 3 builders which will cost Rs.1.3 Crores for a 3 BHK flat.

Many buyers agree that under construction homes from reputed builders offer better profit. As it has payment schemes in phases, buyers will have the choice to select their desired units. Upcoming projects like Prestige Evergreen in Whitefield, Bangalore, have luxury flats that are priced at a low range and have high growth potential too.

Strictly sticking to Tier 1 builders for under construction housing units is the best choice. It is because they will not deny delivery even if there is a delay.

Advantages of ready to move homes

Buying ready to move homes has the certainty of ownership. But these housing units are coming at a high cost. They need a lump sum of outflows and loan needs. Also, the EMIs are starting right away. They offer limited growth potential than other ongoing projects.

Bangalore’s property prices in east and south east corridors have increased by 15 to 30% in the last 3 years. It is driven by the IT sector demand. So, under construction homes promise low pricing but carry risks. But, ready to move homes promise security at a premium price.